How To Start A Hair Salon Business Plan

Based in Traverse City, Mich., George Lawrence has been writing professionally since 2009. An avid outdoorsman, Lawrence holds Bachelor of Arts degrees in both criminal justice and English from Michigan State University, as well as a Juris Doctor from the Thomas M.

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There’s no question that this beauty industry is huge.

The great thing about the hair salon is the customer retention opportunities.

Use it to lure investors, potential customers and clients.

Write an outline setting forth the major sections in all business plans.

As a woman, you only need 1 car, but you’ll need at least 3-4 haircuts a year, and if you’re like me, 3-4 color sessions a year! Hair salon owners can pay themselves a salary of upwards of $70,000 per year (depending on the state and city of course)!

That doesn’t even count the earning potential if you’re also styling hair in your salon…And then, there’s the potential of a hair salon being acquired… It’s a big industry, and with a lot of hard work and planning, you can grow this hair styling passion into a really great nest egg.If so, it may be a good time to consider opening your own hair salon.The beauty industry is expected to grow to billion by 2018 with no signs of slowing down.Some salons offer commissions; other salons lease space to stylists.Flesh out every intricate detail of your finances including what loans you need and how you intend to secure the loans.Section 1 typically focuses on the business and includes subsections for marketing, your competition, how you intend to manage the business, your hiring strategies and business insurance information.Section 2 covers the financial aspects of your business and includes loan applications, balance sheets, detailed budget projections for each month during your first year and quarterly budgets for the next three years.Consider working from a template to help you get started.BPlans.com, for example, offers a sample business plan for Hair and Beauty Salons.We’ve rallied up with the top local hair salon owners help to break down the steps to opening a hair salon business with topics ranging from beauty salon services to salon marketing plans, and of course the requirements to open a hair salon.Make sure you check out our opening a salon checklist on the right sidebar as a free download.

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