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June 27, 2013

Putting Together a Beauty Salon Business Plan

For someone that enjoys working with customers and likes to improve someone’s appearance, becoming a cosmetologist or pursuing a career in the beauty industry could be a great option.  While being a beautician can be a great career, some beauticians may decide that they ultimately want to own their own salon.  In order to open their own salon, it would be a good idea to first create a detailed business plan.

The Basic of a Beauty Salon Business Plan

A good beauty salon business plan will contain several different elements, which will help to ensure that the business plan is reasonable and easy to follow.

Capital Needs and Sources

When starting your own beauty salon and creating a business plan, the first thing that you will have to outline is what your capital needs and sources will be.  Opening your own salon will require you to spend a lot of money on improvements to the space, equipment, licenses, and plenty of other items.

You should first outline what all of these expenses will be and when they will have to be paid.  After that, you should figure out where you will be able to get money from, including personal savings, investments from friends or family, and even a loan from a bank.

Marketing Plan

Another important aspect of any business plan for a new salon is the marketing plan.  Once you have received the capital that you need to open a business, it will be time to start marketing the business to ensure that you have customers as soon as your doors open.  When putting the marketing plan together, it should outline how many referrals and customers that you will be able to bring from your previous employer and where you will be able to advertise that a new salon is opening up.

Income Projections

Another very important part of any business plan is to project the income that you expect to earn during the first few years of the business.  You will have to be able to project how many clients that you will expect during the first few years, what your revenues will be, and what expenses you will incur.

This can be a challenging task as many of the income sources and expenses will be unknown.  However, this will allow you to first start thinking of ways that you could operate more efficiently from a financial perspective.

Employees

Another important part of any new business plan is when you will be bringing in new employees to work for you. While you could start the salon providing only your own personal services, eventually you will need to hire several other stylists and office workers to help you maximize revenues and stay organized.

It will be important to include an idea for how you will train these employees and how they will impact your income projections.

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