Salons or Beauty Parlours traditionally have been run by Women. It is only in the recent times that large chains like Lakme Salon and Enrich have entered into the market. The Beauty industry is growing at a rate of 28% per annum and is estimated at 1.89lakh crore by 2025. We women are more inclined towards beauty. And the Salon business seems to be the easiest and safest business to be in.
But here the main point is to treat it like a business. So, what are the things one should focus on?
Just because you have done the required beauty certification does not allow you to start a business. Getting started with something new is the hardest thing, but with the right preparation and planning, we can do it easily.
Do the followings:
- Before doing anything sit down and think why you want to start your business. Who is your target audience and what problem are you going to solve for you client?
- Have a robust business plan for your salon. With the help of a business plan, you can create a roadmap and understand how you will move further with it. Include important factors while creating your salon business plan: your available funds, monthly charges for rent and other expenses, products to use, target customers, and how to reach them.
- The next part is your location. Don’t start it in your house because it is convenient. Find location where people will be able to see your Salon, like in a market place or anywhere there is good foot fall. It should also have a good parking arrangement as well.
- If you are going to run the Salon alone then you will be stuck. So, I suggest you have at least one assistant who will run the Salon when you are unable to attend.
- One of the most important features of having a profitable business is that you need a constant supply of new clients. You must look at marketing as a expense but an investment in your business. You must have a good marketing plan and good plan to retain your clients because at any given point of time 20% of your clients leave you.
- Always have an exit plan. How much money do you want to retire with? It is a must because if that is in place we know the road we are taking and follow the path.
The modern salon industry offers considerable opportunity to generate real wealth for Women and Investors. The idea is to develop your business on the talents of your team and not depend on one person.
-Ratna Kulkarni, Profitability Coach for Salon and Spa Owners
