Writing a Beauty Salon Business Plan For Your Future
Very few people choosing to go to cosmetology school envision themselves writing a beauty salon business plan. Creativity and a love for making others beautiful are the motivations that first gets many people to cosmetology school. Once in the profession, a certain number of individuals have a vision for having their own salon.
Owning Your Own Beauty Salon Business
Owning your own business is the American dream. While most entrepreneurs work harder than if the had a traditional job, they treasure the sense of freedom and pride of having their own business. It is important to realize, however, that being own your own has real risks and challenges. That makes planning an essential part of any new business.
The Business Side to Beauty
As a graduate of Evergreen Beauty College, you will be ahead of the game in learning the business of a salon. You will already have been trained in marketing, customer development, and retail. You will also have had discussions concerning potential strategic models for building your business. In fact, more than 200 Evergreen graduates have made the leap and opened their own shops and spas.
It’s All in the Details
The idea of putting a business plan together is intimidating to some people. It is a lot of work, but it is work that can change your future. A business plan is essential if you are going to seek a loan or investors to provide money for your start up. The process of going through the details and issues that are discussed in business plans is important. The work will prepare you for the many challenges of running your salon. Most importantly, proper planning can eliminate some of the surprises that are a part of running a small business.
The Pieces of the Plan – Seven Essential Components
There is no one standard format for a business plan. You can find many books and resources online for assistance in finalizing your plan. Regardless of your format, the business plan will need to address seven key areas of business. These areas include:
- Strategic. Define the mission and positioning of your salon.
- Corporate. Explain the legal status of your business as acorporation, LLC or sole proprietorship. Provide a detailed discussion of your management team, even if it is just you to start.
- Marketing. Show plans for how you are going to advertise your business and get customers.
- Product. Detail a listing of all the products and services your salon will offer.
- Operations. Explain how your salon will function on a day-to-day basis.
- Administration. Tell how you will handle personnel and administrative needs.
- Finance. Produce a summary of how you think the salon will perform financially and how much working capital you need for the business.
There are many trained people than can help you with putting together your beauty salon business plan. The process will help you decide if running your own salon is the direction you want to pursue.