5 Reasons Why a Salon Might Be Your Path to Financial Success
Small-business owners have always been an important part of local and regional economies all over the country. These savvy businesspeople have provided a wide array of goods and services to local consumers for decades and that hasn’t changed, even as we’ve moved toward different ways of doing business.
However, while you can pretty much shop for just anything online there are still hands-on services that require consumers to engage with a local business. Whether this a doctor’s office or a car repair shop there are still plenty of businesses that demand person to person contact and this isn’t changing anytime soon.
One of the most enduring and most iconic of these is the beauty salon. While the business of personal care has changed over the years to provide other services such as nail care and skin treatments, the hair care industry has changed only through innovative technology and vastly improved science. However, at the end of the day it’s still about having a person in a salon chair and making them feel beautiful.
Whether you’re a stylist or an entrepreneur looking for a sound business investment, these are five reasons why opening a salon might be a better choice than many other types of businesses.
1. The Salon Industry Is Thriving
While some small businesses have struggled over the last few years due to economic downturns, the salon industry is one that has remained relatively stable. An average of $20 billion is spent per year on salon services and products in the United States.
Even when people are forced to eliminate luxury items from their personal budgets, hair care expenses rarely are cut. The fact is that many people consider hair care to be a necessity and will continue to keep that service as a priority. This means steady profits and business stability.
2. Highly Trained Professionals Are Readily Available
The way that hair stylists are trained today is vastly different than it was even a decade ago. It’s no longer a matter of simply cutting hair; stylists today need to know a number of techniques and skills to be competitive and are eager to work.
Hiring staff for a salon is a simple task. Just by advertising salon owners find themselves with a number of qualified candidates looking for a position in a salon. If you are a stylist you’ll know who is a right fit for your business and how they can be an effective part of your team.
3. Business Technology Keeps Things Simple
Technology for small businesses has grown by leaps and bounds in the digital age and managing all aspects of that business is easier than ever. Software, smartphone apps, and other tools are readily available to make most aspects of running your business a smooth and simple process for you and your clients.
Innovative salon software POS systems are now in place to make payments a breeze for your clients and accounting a simple task for you. Managing inventory, working on payroll, and other financial aspects are easily handled with a variety of tools available.
4. Salon Services Are More Abundant Than Ever
Salon services today go way beyond a simple haircut and blow-dry. High-tech coloring techniques, state-of-the-art hair extensions, and high-end products are now the norm at many salons and these services are not inexpensive. Plus, if your salon also offers spa or nail services you’ve increased earning potential in a big way.
Know your clientele well and offer services you know will appeal to them and that they will happily pay for. Not only does this increase your revenue but you’ll build a loyal client base as well.
5. Marketing Is Easier Than Ever
It used to be that small businesses struggled with marketing and drawing attention to their business within the community. Today things are vastly different. Marketing tools like targeted Facebook ads can bring a great deal of focus to your business. A smartly designed website with regularly updated content and clever SEO tools can help put your business at the top of the highly coveted Google search.
Of course being active in your community is good for business as well. Attend local fundraisers, donate services, and represent your brand with pride.
Creative hair stylists and savvy businesspeople have a lot to gain from opening a salon. People will always pay for high-quality salon services and tapping into that market has great potential for success.