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Outline not just business needs, but also your brand identity and marketing strategy.A business plan estimates costs so you know your financing needs.
Here are a few to get you started: Different salon types have vastly different business models.
Will you open a salon from scratch, buy an established salon or purchase a franchise?
“You can always pay debt down, but you can’t have $20,000 magically appear if you didn’t forecast and plan properly,” Ruane says.
He recommends creating a plan under the guidance of an accountant and attorney.
Minus significant cash, you’ll need outside financing.
Since business is seasonal and it takes time to get established, Fantetti recommends at least six months of capital in the bank in the beginning.Will you operate on commission or chair-rental model?With chair rentals, stylists are independent contractors who carry their own insurance.Jarman works with Sebastian, which has sent her to various business academies for salon professionals.But, she adds, “make sure they support you in your business and continue to be an ally to push you to the next level.” A shocking number of potential salon owners launch without a business plan, says Kevin Ruane, president and CEO of Castleton Capital.Businesses that have not taken the time to get the business plan right don’t succeed at the rates properly planned businesses do.Of course, a great business plan is also necessary to achieve funding for your business, but we recommend that all clients develop a good business plan – even if your salon will be self-funded.Optimus Business Plans is experienced in developing business plans for virtually all types of businesses, and we have worked extensively with salons.When starting a new salon, having a quality business plan in place is essential.It’s virtually impossible for startups to qualify for business loans, however, so entrepreneurs usually rely on family, friends and personal loans. Once you’ve been in business at least a year, you can try banks and credit unions, but standards are strict, and application and funding can take weeks or months.If you’re not succeeding with traditional lenders, consider online alternatives, where requirements are looser and funding is quicker.