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Going into Business for Yourself

Going into Business for Yourself. Attitudes are contagious. Is yours worth catching?. Are you ready?. Think back to the goals you set when you first enrolled in cosmetology. Divide into 3 groups list the pros and cons of salon ownership

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Going into Business for Yourself

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  1. Going into Business for Yourself Attitudes are contagious. Is yours worth catching?

  2. Are you ready? • Think back to the goals you set when you first enrolled in cosmetology. • Divide into 3 groups • list the pros and cons of salon ownership • If you want to go into business for yourself you have basically two options: • Own a salon • Chair lease/renting a booth/chair rental

  3. Booth rental / Chair lease • Rent a station • Responsible for: • Own clientele • Supplies and inventory • Record keeping • Accounting • Tax liability

  4. Booth rental • Malpractice insurance • Insurance • Purchasing • Advertising • Advantages • Small initial investment • Minimal expenses • Be sure you have a large enough clientele to cover the costs of rent & supplies. Verify whether the regulatory agency requires a license for booth renting.

  5. Booth rental • Disadvantages • No paid days off • No sick leave • No paid vacations

  6. Opening your own salon • Research – Research – Research • Extensively before making any final decisions • Location – very important factor • Located near active business • Restaurants • Department stores • Specialized clothing stores • Supermarkets • Clients can stop for several purposes • Should reflect your target market • High traffic cuts down on advertising costs

  7. Opening your own Salon • Study the Area • Know area’s demographics • Size • Average income • Buying habits of population • Be visible • Clearly visible and eye catching • Signs easy to read

  8. Salon • Parking facilities • Must be convenient and well lighted • Consider near public transportation • Inform clients ahead of time if nearby parking requires payment • Competition • Avoid too much direct competition

  9. Salon • Business plan • Necessary to obtain and to provide a blueprint for future growth • General description • Personnel to be hired • Salaries & benefits • Operations plan/pricing structure • Expenses • Financial plan • Profit & loss statement

  10. Summary • Most individuals entering the field of cosmetology dream of owning their own salon one day. • A knowledge of business principles, bookkeeping, business laws, insurance, salesmanship and psychology is crucial for the successful salon owner.

  11. Summary • You will need to develop your leadership, control and sensitivity • Learn to plan, supervise, control, evaluate and, above all, be a team player • GOOD LUCK IN YOUR ADVENTURE • TOMORROW • REGULATIONS • SALON OPERATION

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