It’s safe to say there are lots of people who would love the opportunity to be their own boss! If you’re interested in a career in the beauty industry, one of the most popular options is salon ownership. Imagine the exciting possibilities of running your own salon! But, is it right for you? Before you take the plunge, let’s take a look at some of the pros and cons of being your own boss in the world of beauty.
Did someone say freedom?
The best part about salon ownership? That’s right—FREEDOM! As a salon owner, you have the final say on every detail of your space, so you’re able to bring your personal vision to life. It is pretty powerful to have control over the décor and style of the salon, the name on the door, and the services you offer. But, freedom can have a downside—TOTAL responsibility. As the owner, you’re in charge of recruiting, training, hiring, and firing of staff. You must manage employee disputes, track expenses, order inventory, and juggle customer service. Also, you will also have to keep your own clients feeling valued in your chair. Finding the balance between salon management and personal artistry is most important. That ability isn’t mastered overnight!
You have more direct control over your revenue stream as a salon owner. This can award you more fun, excitement, and a better quality of life. But, be cautious! You may have more money, but you’ll have more expenses you’ll need to apply it to. Your revenue will go towards a variety of expenses. These expenses can include furnishing or remodeling the salon, payroll, salon tools, utilities, cleaning services, marketing, insurance, and much more. Remember, as your business grows, so do your expenses. Budgeting and planning for your expenses should always be a top priority.
Creating a clear business model is key to your salon’s success. It will be one of the most painstaking tasks you’ll need to complete in the beginning. To get started, you have to ask yourself the following questions: How many stylists will your salon need to function and prosper? What is the largest number of stylists your space can accommodate? Will your stylists work on commission or will they rent their own booths from you? Renting salon chairs is a great way to earn extra cash to cover some overhead costs. This also ensures a fixed amount of monthly income. Independent stylists pay for their own supplies and manage their own schedules. You won’t be responsible for any of their day-to-day business functions or expenses. Sounds pretty great, right? Not so fast! Renting chairs can also be risky. You will be more of a “landlord” than a boss, and you’ll have less control over the stylist’s service standards. You may find your vision isn’t always executed as you intend. For a commission based salon, you’ll make up to 60% of your employees’ service dollars. But, you’ll put most of that money right back into the salon. This will include: retail goods, marketing, salon software, and general upkeep. But, you’ll have full ownership and creative control over your salon!
Like any business, being a salon owner has its ups and downs. But, with the right planning, becoming a successful salon owner is more than possible! If you’re ready to turn your passion into a career, check out the Cosmetology program at Sunstate Academy. Sunstate is proud to be a Redken Premier School! This means our students not only get hands-on training from instructors with real world experience, but they also get to learn current techniques using some of the best products out there! Contact us today to learn more or to schedule a tour of one of our campuses.