There’s always a risk when opening your own business. Is the industry you’re going in to stable? If there’s one industry that never seems to lose steam, it’s the beauty industry! Everyone needs haircuts, and grooming is a self-care treat that consumers just love. It’s been proven that even during a recession the beauty industry continues bringing in money, completely unaffected. It’s no wonder why so many people are opening their own salons. There are a lot of things to consider when opening your own business, but here are five that you should focus on.

1. Gain Experience

Before you even begin to dream of your own salon, you should have some relevant industry. Cosmetology school is a great place to start! However, you don’t have to be a stylist yourself to get an understanding of the ins and outs of a salon. Most beauty schools need receptionists, along with salons and barbershops. It can also be beneficial to find a mentor or a person who has knowledge of the beauty industry. They can answer any questions you might have, and give you insight into owning a salon.

2. Create a Business Plan

A business plan helps everyone involved have a clear idea of the end goal. How are you going to make money? What type of customers do you want to attract? Who will be handling the day-to-day duties? How will the finances be managed? All these questions and much more should be answered and have a solution within your business plan. There are software programs that can help keep your team members on the same page, tracking objectives and key results so you measure results at the end of the quarter. When you have a clear business plan, and all your employees working together towards your ambitious goals, everything will run a lot smoother.

3. Laws and Permits

Laws vary depending on the area you live, and the type of salon you want to open. For example, if you want to open a salon that offers facials and massages, the licensing is different than if the salon only did haircuts. Not only do you need to consider local laws, but you need to abide by the state laws as well. You can consult your local government, or hire a business attorney (if you have the funds) if you aren’t sure of what the exact requirements are.

4. Marketing

There are a lot of things that can fall into this category, such as market research and scoping out the local competition. In your business plan, you should’ve defined your target audience. At this stage, now you should develop a plan to attract them to your business. What is your company strategy for getting them in your chairs instead of your competitors? Find a way to stand out from the other salons and barbershops in your area! Comb their social media, and see what’s working for them. Create your own social media accounts and develop a grand opening promotion. And of course, don’t forget the website!

5. Charge What You’re Worth

Prices really vary on the person performing the services, and the location of your salon. If you’re in a higher-end neighborhood, prices are expected to be more costly than if you were in a middle-class area. It can be difficult to nail down prices for your services, especially if you’re just starting out as a stylist. Do some research and get an idea of what a person with your skill level and experience charges for their services. After that, consider your own skills carefully and determine a price from that, and not based on what other salons are charging.

Opening a salon is a huge undertaking, and can quickly become overwhelming. Cosmetology is something that everyone can appreciate, and everyone could use a new cut and color from time to time! With a clear goal, and plan set in place, you will get your own dream salon up and running before you know it.