Opening your beauty salon is an exciting and thrilling experience. However, as with any other business venture, it is also one of the most expensive investments you can make. For this reason, you should first create a detailed plan, factoring in all your expenses, which include documentation, licensing, and even investment on beauty salon equipment and supplies.
Location is the first thing you have to sort out as you create a salon business plan. Many factors influence how much money you need, with the biggest determiners including the location and size of the salon. The amount greatly varies that you can open a beauty facility for as low as £3,000, or face an overall cost of as high as £35,000.
Repairs and Renovation
Keep in mind that the location is only one part of the equation. Aside from the lease or purchase price, you also have to factor in the necessary repairs or renovations of the place, the beauty salon equipment and products you need, licenses, insurance, permits and documents, advertising and marketing, and the monthly salary of your staff.
Creating a detailed inventory will give you a much clearer picture of how much you should prepare to pay before you can open the doors of your salon to the public.
Spend and Save?
A common mistake many soon-to-be salon owners make is trying to minimise their initial expenses by cutting back on equipment, tools, and supplies. While this may have a slight decreasing-effect on the capital they need, it makes things more expensive in the long run, when low-quality products will wear out far more easily, resulting in the need to replace them sooner.
As a final advice, if you intend to open a beauty salon, you should spend more on high-quality equipment at the very beginning. Doing this will save you from even more expenses in the future.