The Top 3 Things To Know Before Becoming A Salon Owner

14 years in the game and I have worn all the hats there are to wear in the beauty industry - except two (cosmetology student and commission stylist- the most consistent one is that of an owner. In this blog I share with you The Top 3 Things to Know Before Becoming a Salon Owner

I loved 85% of it 95% of the time - but I want to be honest and transparent!

Opening your own hair salon can seem like an exciting venture, but it's a big responsibility! Before taking the leap to salon ownership, here are the top 3 things you need to know:

#1 Understand the Financial Commitment

Opening a salon requires major upfront costs and ongoing expenses. Be prepared to invest $20,000 - $100,000 or more to get started. Factor in:

Salon lease/mortgage payments
Equipment like salon chairs and wash stations
Product inventory
Licensing and permits
Insurance policies
Marketing and advertising

Ongoing fixed costs like rent, utilities, employee wages, and more also add up quickly. Create a detailed business plan to estimate costs and operating expenses.

#2 Build Strong Business Management Skills

Owning a salon goes far beyond doing hair itself. You need business savvy to:

Manage inventory and tight cash flow
Track finances and taxes
Develop company policies
Hire, train, and manage staff
Market and attract new clientele
Comply with licensing and regulations

Take business management courses or recruit an experienced business partner. Strong business skills are mandatory for salon success.

#3 Expect Long Hours and Sacrifices (this is the reality especially until you have systems in place)

Running a salon demands huge time and energy commitments, especially in the early stages. Expect to work 50-60+ hours per week handling all managerial tasks and building your clientele. Be ready for challenges like:

Work/life balance sacrifices
Taking fewer clients while managing the business
Going periods without a paycheck initially
Adjusting your mindset from employee to owner

Know that salon ownership will become your lifestyle, not just a job. Make sure you're ready for the responsibility!

-----

Starting a salon is a rewarding but challenging endeavor. Approach it with eyes wide open by first understanding the key financial, managerial, and personal commitments involved.

At the Liquid Hair Institute, our community is here to support you every step of the way on your salon ownership journey - from business planning to execution.- I have done it, I get it- I even retired from it so Join us to access insights and mentorship to turn your salon dreams into reality by joining our free community!

💜 Peace, Love, & Slay,
Chrystal L. (she/her)
Founder of Liquid Hair Institute