5 Steps to Become an Independent Suite Owner After Graduation
Ally H. a TSPA Appleton Alumni. She has made her career as a hardworking hairstylist in the Fox Valley first starting out in a local salon then moving her career to renting a suite!
Graduating from cosmetology school can be exciting, but might you also wonder about becoming an independent suite owner? Many of the steps to becoming a suite owner mimic starting a small business, but you still have to follow some salon-specific steps. Here’s how to get started.
The first thing you need to do is write a business plan. Identify your customer base, acquisition channels, suppliers, cost structures, and more. See if there’s a need for another salon in your area. Check for nearby areas that might demand your services and create your business plan according to that area. When deciding on a business plan there are many things to consider:
To get your suite/chair up and running, you’ll need to know how much you need to start your business. Call a few salons and ask for suite or chair rentals to get a ballpark of your expenses. Gather a number of estimates on costs of supplies, operational costs, and other miscellaneous expenses that may be necessary to keep your particular suite/chair afloat. Don’t forget about things like marketing, backbar, tools that were provided to you while you were in school, social media management, product sales rep, and so forth. You want to take this time to measure pricing for services to ensure they are competitive to surrounding salons’ pricing structure.
Remember to get all the paperwork done once you have everything you’ll need to rent your suite. For example, here are some things you’ll need to file for:
Once you have your location set up, you need to start marketing. Tell your old clients about your new endeavor and offer special discounts for them and their referrals. Create a website or social media presence to invest in social ads to get the word out there. Consider local advertising to get those in the area to know about your new business. The more you can get the word out there, the better.
5. Know Your Worth!
It is important that you don’t undercharge for your services at your brand-new, salon suite/chair rental prices. Just because you are opening a new business, doesn’t mean your services and time are any less valuable. First, make a list of all your expenses, and estimate your average costs per month. Second, make a list of your intended services. Consider average pricing in your area (its important to spend a good deal of time researching the rates around the area and find the prices that feel right to you), your most popular services, how booked you plan to be, and the clientele you are looking to attract – then decide on pricing based on those and your expenses. You want to ensure you are receiving enough profits to make your new venture is worth your time and effort.
If you are interested in learning more about how to start your journey at The Salon Professional Academy in Appleton and put your dreams first..
Contact Michaela in Admissions today!