Create A Salon Business Plan That Rocks!
A salon business plan is a very important first step before you start your beauty business. It doesn't matter if you're planning to start your business in the future or if you are already in business.
Create your plan now or plan to fail. Just like a couple getting ready to get married and take a honeymoon, it is imperative that you have a plan.
This usually frightens most people, but it is way easier than you think. For starters it does not have to be all long and elaborate.
Here is a simple daily, weekly, monthly, and yearly personal salon/stylist business plan:
Daily Plan
* Determine the number of customers you plan to service a day.
* Determine how much products you are going to retail a day.
* How much time will you spend reading and product research, staying in shape, and spiritual time?
* How much time will you spend with personal relationships, the husband or wife and kids?
* Determine how much time with social, pleasure, or leisure time.
Weekly Salon Business Plan
* Bookkeeping
* Personal development
* Taking Classes
* Buying Supplies
* Keep inventory
* Deposit and track daily receipts
* Make sure you are advertising
* Create a marketing plan to get new customers
Monthly Plan
* Pay your bills
* See or talk to your Accountant
* Create Monthly promotions for your business
* Stay in touch with clients by email or send out birthday cards for a personal touch
* Attend continuing education and industry trade shows
* Go over your monthly plans and future goals
Your Yearly Plan
* File your Federal and State taxes.
* Renew your licenses and continuing education requirements.
*Review your yearly goals to see it you've met them and set additional goals and plans for the years ahead.
Create A Detailed Salon Business Plan When Financing Is Needed.
Creating a detailed beauty salon business plan will give you a guideline to follow and will be essential if you need financing. The plans vary in terms of layout and formatting. Here are the items that are typically included.
Executive Summary
This is a basic summary of what your company does or will do. For example, you might cut and style hair, do manicures and pedicures, offer waxing services and do facials.
You may include other goals in this section, such as your desire to satisfy your customers and the measures you intend to take to ensure customer satisfaction.
Mission Statement
Mission statements have become customary but are still optional. Your statement doesn’t need to be complex. It is usually a short statement concerning what your company will be all about.
Company Profile
The company profile section is similar to the executive summary but goes into more detail about services and products.
The location or the planned location is typically included in this section, along with an explanation of why this location was chosen.
Financial Details
The financial details of a beauty salon business plan will be different for a company that has already started up than for a brand new company. In the case of an existing company, current expenses and income will go in one section.
Another section can be used to estimate costs of expansion and additional income created by the expansion.
Startup expenses are the main part of the financial details if you are just starting out. You will want to list the amount you will need to:
• Make a deposit on your office space or building
• Purchase assets such as barber’s chairs, waiting room seating and other equipment
• Cash you will need over the short term for salaries or unplanned expenses
The financial details are a very important part of your beauty salon business plan. You want to be as thorough as possible. Leaving out important details could keep you from getting financing.
For startups, you will also need to include a section that lists the amount of money you have to invest in the company and the amount you will need from investors.
For all businesses, liabilities and capital will need to be included in separate sections.
Liabilities include accounts payable and money owed to lenders. Capital includes cash on hand and existing equipment.
Sections concerning your training or experience, your competition and your marketing strategy should also be a part of your beauty salon business plan.
If you need help with planning, many online resources are available to assist you.
