Every employed hair stylists’ dream to be the next Tracey Cunningham, Marie Robinson, or Mark Townsend. Once they’ve mustered up enough experience, skills, certificates, money, and courage, beauty salon employees can make the transition from being a paid worker to a business owner.
Opening a Beauty Salon
If opening your own beauty salon is included in your future plans, there are various ways for you to do so. First, you can consider a franchise. You can pay money upfront for the privilege of opening a branch of an already established salon. With this option, you have the advantage of using someone else’s established name which gives you instant reputation. In addition, you leverage the franchise’s resources, including advertising campaigns.
Another option would be to buy an existing salon from someone who is retiring from the business or has plans of closing it.
The last route would be to open your own salon using your own money, relying on your hard work and the support of other people, including your new staff.
Costs and Financing Options
The start-up cost for opening a beauty salon can be quite overwhelming, with your shop or premises eating up the bulk of your initial outlay and overhead costs. Equipment, inventory, and payroll make up the rest of the typical overhead expenses.
One of the biggest worries of budding hair salon owners is getting the money they need to open and sustain their shop before they obtain the sufficient profits. This is where the right beauty salon finance option can help them.
Securing a loan from a bank or other types of financial institutions is the traditional way of getting the money you need to open your shop. But if you are only looking for financing for equipment or supplies, you can opt for asset financing.
With asset finance solutions, you will have access to different pieces of equipment and new technologies your beauty salon needs without compromising cash flow. This financing option can be used for the acquisition of both brand new and second-hand assets and even as a mechanism for releasing value from those you already own.
To get the most out of asset financing, make sure you choose a trustworthy company that provides this service. The company should be one that offers a variety of payment options and is known for their flexibility and reasonable charges or rates. With their help, your dream of owning and running your own beauty salon can becomes a reality.
Understand more about asset financing for new beauty salons and the benefits it offers by talking with one of our account managers.