Starting your own business is a big deal. Get excited, but don’t forget to do the math and make sure you have all of your ducks in a row. Preparation is key!
What will my start-up costs look like? Here is a list of a typical start up for a salon suite owner:
- Security Deposit
- State Board and Business Licensing
- Extra furniture and personal decor
- Marketing Collateral
- Back bar and retail
- Tools and Equipment
- Renters/Liability Insurance
- Weekly Rent
- Business Phone
- Client Management and Payment Processing
What will my weekly/monthly/quarterly expenses look like? Here is a list of your typical weekly/monthly expenses:
- Rent
- Laundry
- Supplies
- Credit Card Fees
- Accountant Fees
- Phone Bill
- Money set aside for taxes
How do I pay myself?
We suggest you find an accountant or tax prep app to assist you with your taxes and paying yourself first. If you need financial education information you can also reach out to the corporate office.
What do I charge?
Rule of thumb: DO NOT LOWER YOUR PRICES! You don’t want to sell yourself short out of fear that you will lose your clients. Express excitement about your new endeavor and expect loyalty. Calculate your expenses and what you want your revenue to be and start there with pricing your services and products.
Do I need to have a large client list?
Typically, we prefer a beauty professional who has a client list. This shows you have developed relationships with your clients and they are also loyal to you. Relationship building is key to ensure you remain in contact with them when you make the big move.
Will I have any type of support for my business?
Yes, your Concierge will be able to provide or connect you with educational workshops and webinars geared towards business building, financial wellness, social media, and more!
