Starting and Achieving Sales and Success in a Hair and Body SalonNovember 12, 2019As unfortunate as it is, the barriers to entry in the modern business environment keep on growing stronger. In fact, one out of three small businesses collapses within two years of inception. While some eventualities are either completely irreversible or unforeseen, others can be maneuvered to suit your purpose. With the ever increasing hype about beauty and anti-aging products through stylized magazine cover models and the entertainment industry, the market for hair and body salons is booming. There is no better way to venture into this arena teeming with opportunities, than to create a space which offers people the looks they want which is in effect carving out the personalities they want to be. Beauty is not as much about concealing apparent faults as becoming and embracing the best ‘You’ you can be. This is why people are ready to spend blindly on salon services because it is not an expense but rather an investment in personality growth and self-actualization! A hair and body salon is also a lucrative investment opportunity because as long as humanity will survive on this planet, the need for enhancing one’s personal appearance will persist. Your body is subject to wear at the hands of the environment. In order to restore the natural bounce and luster to your hair and revitalize your skin with a natural glow, people will need to seek a salon. This has been a trend in place since time immemorial and will stay till the last human survives! Revenue rate is bound to increase 3.2% every year and hit $58.7 billion in 2019. There has also been an upward increase in industry profits which peaked from 1.9% in 2009 to 5.7% in 2014. Service providers in the industry will reach 1.3 million in 2019 and it is observed that these statistics are going to be a green signal for new entrants who are willing to benefit by the promising returns. Realizing this niche, establishing a wholesome salon that offers services ranging from hair treatments to body-intensive procedures is an excellent business opportunity. However, like every move made in a game you’re playing for the first time, there are also certain things to keep in mind before grasping at the first opportunity and launching a salon right away. Location Everything you invest in, from acquiring the location to making it appealing will be counted as your fixed costs and will deliver great returns down the line! You might have to wait a little longer to see if a suitable place is up for rent. A good location at the center of the city will make you more visible to a wider audience and of course, be good for business in the long run. However, such a location will definitely come at a hefty down payment and higher monthly rent. Even though this will come as the biggest dent in your available capital, don’t forget that location is probably the single most important factor in determining sales, revenue boosts and better customer reviews for your business. An ideal place for a beauty salon will be where there’s a high volume of pedestrian traffic and it offers ease of commute as well. An equally well-established salon operating in a low-key area with rare commotion is definitely not going to make as much profit. Self-assessment While a hair and body salon is an excellent business opportunity with promising returns, having an aesthetic flair to execute the idea flawlessly is not part of the deal. Even though business acumen and risk-taking behavior is crucial to the venture, someone who is simply well-versed in the business aspect of it cannot solely handle internal affairs. For that you need expert knowledge of what goes on in the cosmetic industry and how to best deliver it in your services. This is where self-assessment comes in. One should evaluate their own skill set and then proceed. If you have what it takes to run a salon or are willing to learn, it is extremely important to refresh or hone your knowledge and skills with a beauty training course. If there is absolutely no chance of you learning it or acquiring a learnt skill in this arena, it is best to hire a professional who would run the business as your employee and see to its internal affairs. Slowly But Surely One problem that small businesses or infant ventures face is lack of funds. Even though there are several attractive loans available to young entrants in the industry, businesses tend to misallocate resources and are left penniless, unexpectedly. This is why it is important to spend prudently and make decisions made on wisdom and analysis instead of impulse. It is crucial to not buy all available products on the rack and empty the entire electrical appliance department of a retail shop for your salon. Machines as well as high-value branded products cost a lot! It is not advised to buy all at once but rather to build on what you have gradually. Even though gleaming new hair appliances and that smell of fresh out-of-the-box products might make a salon look appealing, this is not all that clients are looking for. It takes a while before the staff gets familiar with how the flashy new appliances work. It is best to wait on buying equipment that is heavy on the budget until there is an absolute necessity. Promotions As challenging as it is to set up a new business in the market, it is equally painstaking to secure a base of dependable and loyal customers. Even with a business that is well-equipped, well-located and well-trained, all the stakes lie in the court of the customer. If there are no buyers, who are we selling our services to? To reel in fresh customers and retain old ones, promotional marketing is the key. This is especially significant in the introductory phase of the business which is also the peak time for the salon to launch attractive deals. Gift vouchers like ‘buy 1 service, get 1 free’ and ‘refer to a friend and avail free services’ are extremely popular among clients. This is also a crucial time for business development by encouraging and utilizing feedback. Perfecting here would mean eliminating any and all chances of bad reviews. Hence it is the time for the salon to make a place for itself in the market and anchor into the grounds firmly by retaining and welcoming as many customers as possible. The wider the customer base, greater the sales and higher the profits for the salon! Salon Income Booster is an online platform offering key insight to new hair and body salons in to get through the initial business phase and establish their presence in the industry. They provide tips to boost revenues, offer marketing solutions, assist with management troubles, and make suggestions on enhancing retail displays, merchandising, and customer base. If you want to become the owner of the most sought after hair and body salon in the industry, we are here to help you get there.