Are you planning on opening a salon? If so, your mind must be racing with all of the things you will need to check off your to-do list before you can officially open the doors to your new space and start taking clients.
At SALONORY, we understand that opening a salon takes a lot of work and can be costly.
Since there are so many i’s to dot and t’s to cross — especially when it comes to securing licensing and certificates for salons — we have created this article to help you open your salon, determine the cost and prepare for what’s to come.
Whether you’re feeling ready to embark on this journey or you’re feeling more overwhelmed than anything, SALONORY is here to walk you through the costs and steps of opening your salon.
After reading this article, you’ll have a better idea of how much it could cost you to open a salon, as well as the steps you need to take. From purchasing hair salon supplies to creating a business plan, these are all of the factors to consider as you plan for the costs of opening a salon.
Every salon and business is different, which means that opening costs can vary from salon to salon. However, we believe that salon owners should be prepared to set aside a minimum of $10,000. Salon entrepreneurs should be prepared to spend more or less based on other cost factors including the size of the salon, location, the amount of talent being hired and more.
To help you narrow in on what your particular opening costs may look like, we have included all of the potential costs and expenses you can expect to incur when you are opening a salon below.
The Expenses of Opening a Salon
Here is an extensive list of the kinds of expenses you should expect to take on when you open a salon.
1. Licenses, Certifications and Business Registration
In order to open a salon, you will need licenses and certifications. Requirements differ depending on your location and the kind of salon you’re opening, which means you should research your local and regional regulations. Also, don’t forget to register your business.
2. Renting or Buying a Space
Of course, your salon needs space to operate out of. Whether you decide to rent a hair salon booth space or buy your very own salon, you can expect upfront costs to secure the space and recurring monthly payments toward rent or a mortgage.
Whether you are renting or buying your salon space, renovations may be necessary. From small fixes and paint jobs to knocking out walls or redoing the plumbing, renovations can be costly. However, renovations could be necessary to make sure your space is poised for growth and accommodating enough for your clients and people.
4. Interior Design
After your space is secured and renovations are made, you will need to invest in strong interior design. Whether you hire interior designers or you design your salon yourself, investing in your salon’s look is an important part of creating an atmosphere where stylists want to work and clients want to visit.
When it comes time to invest in salon equipment, you will need to allocate most of your funds toward selecting high-quality furniture that will help you through your salon’s first few years in business.
6. Purchasing Salon Supplies, Products and Accessories
You will also need to fill your salon with supplies and products to equip your staff. Purchasing hair salon accessories and tools is an important step in making sure your salon is ready.
Before you open your doors, you will need to invest in quality and diverse staff. You will need to hire people who can not only meet the needs of the services you will be offering, but also talent that can go above and beyond. Make sure you’ve come up with a salon mission statement that you can share with potential employees during the interview process.
8. Investing in Digital Marketing
In order to have a strong internet presence, salons should make significant investments in digital marketing in order to stand out and attract clients. Whether you hire a marketing professional to handle your salon’s website and social media presence or you do it yourself, marketing isn’t something that you should be frugal with. Invest in a great website design and branding while also making sure your social media presence is up to par with other salons. Digital marketing also includes the money you will need to put behind digital advertising to acquire new clients when you first open your doors.
We hope this article has helped prepare you for all aspects of opening a salon and how you should budget. Good luck with your new venture!