Before you begin looking at hair salon suites for rent, unknown territory for many of you just starting out on this journey, we thought it would be helpful to point out some pitfalls, or mistakes, to avoid, based on our extensive experience in the salon suites rental business. We are Salon & Spa Galleria, serving the Greater Fort Worth Metro area with seventeen salon suites locations, and we invite you to call us at 972-691-7300 with any questions you might have about salon chair rental, salon booth rental, spa rental, or salon suite rental.
With that offer having been made, we now turn our attention to mistakes to avoid when looking at hair salon suites for rent.
The mistakes we will concentrate on in this article are the following:
- Not having a solid business plan
- Not having a complete knowledge of total costs
- Not having a mentor to guide you
- Not obtaining insurance
- Not having an accounting system in place
- Not having a solid customer base before starting
Let’s look at each of these in more detail.
Solid business plan for hair salon
What is a business plan? It is your guiding light as you run a business. It declares what your business is, how it will be run, what your goals are . . . and it is crucial for any start-up business. A business plan should guide every major decision you make. A business plan keeps you focused on your goals. If you don’t know how to write a business plan, there are many good online sources of information for you to check out.
Know total cost of hair salon suite rental
What is the total cost of that salon suite rental you like? We are talking about the costs over and above the mere rental fee i.e. insurance, utilities, products, supplies, decorating, WiFi. What will be the total monthly bill when all is paid; armed with that information, you will know how many monthly customers you need to stay afloat and eventually flourish in your business.
You need a mentor when considering hair salon suites for rent
People are not born knowing how to run a business. They are taught and trained, either in business school, or online courses, or a mentor. We strongly suggest you have an experienced mentor to help you in the early years. There is no need to reinvent the wheel; salon suite rentals have been available for a few years now. Certainly, hair salons have been in business for decades. Find an expert to help you follow their successful path.
Obtain insurance before renting a spa rental
Accidents happen, and accidents not covered by liability insurance can literally bankrupt your young business. Pay the money; get good liability insurance for your salon suite lease so you can conduct your business without fear.
Keep track of the numbers in a salon suites rental
Just like most people are not born knowing how to run a business, so too is it true that most people do not know accounting and taxes. We suggest you contact an accountant; if you cannot afford one, at the very least contact another mentor who has accounting experience.
Count on your regular customers to support you early on
You need customers, and you need them right out of the chute when you open your doors. You do not have time to “build” a business; bills are due in a month’s time. The best way to avoid this problem is to have a loyal customer base who will follow you to your new location. They are your bread and butter. They will keep your business solvent in the early months while your business grows. Treat them like they are special because they are.
A word about Salon & Spa Galleria
Locally owned and operated, seventeen convenient locations, and growing despite the poor economic downturn of recent years . . . Salon & Spa Galleria is always looking for talented beauty professionals in the Fort Worth area. Call us and ask us about our outstanding list of amenities.
