Startup dating salon
Since business is seasonal and it takes time to get established, Fantetti recommends at least six months of capital in the bank in the beginning.
It’s virtually impossible for startups to qualify for business loans, however, so entrepreneurs usually rely on family, friends and personal loans. Once you’ve been in business at least a year, you can try banks and credit unions, but standards are strict, and application and funding can take weeks or months.
But, she adds, “make sure they support you in your business and continue to be an ally to push you to the next level.” A shocking number of potential salon owners launch without a business plan, says Kevin Ruane, president and CEO of Castleton Capital.
His company owns Quest Resources, which specializes in equipment financing for salons.
He recommends creating a plan under the guidance of an accountant and attorney.
Minus significant cash, you’ll need outside financing.
The average salon in America has six operators and is 1,200 square feet, Fantetti says, but this can vary.
“There are a lot of pieces and parts that really need to be thought through and organized before you open your doors,” says Elizabeth Fantetti of the Professional Beauty Association.With chair rentals, stylists are independent contractors who carry their own insurance.Jarman says that’s ideal if you’re teaming up with a few friends to run a small operation.“Your success will be predicated on the fact that you come with a plan,” he says.
Outline not just business needs, but also your brand identity and marketing strategy.
Will you open a salon from scratch, buy an established salon or purchase a franchise?