How Much Does It Cost To Set Up A Salon Lofts?

Sweeping through different localities searching for the right beauty and hair salon can be arduous and time-consuming. An easy way out is to seek recommendations from family and friends. You can spare your efforts by doing quick research focusing on elements such as the salon locations, salon services, salon amenities, and beauty salon prices. Salon lofts typically feature open design concepts incorporating styling chairs, hairdryers, shampoo bowl, stylist station, and much more. Because of its successful business model, Salon lofts enjoy high ratings when it comes to management, culture, work-life balance, and pay and benefits. Visit Salon Lofts official website to learn more about its business model. If you want to set up a salon lofts, here is a complete breakdown of the startup cost:

The initial, one-time cost of setting up a business

The initial cost of opening a salon must cover important aspects such as professional certification, business license, physical location, salon equipment, initial supplies, and initial inventory.  Most states require stylists to hold a cosmetology license or other approved certification. The certification cost will vary depending on the specialty. For business licenses and permits, the cost depends on the jurisdiction where the business is set up.

According to Saloon Business Boss, the entire cost of setting up the salon can range from $15,000 to $100,000. Critical equipment needed to run the business includes clippers, scissors, and shampooing stations. The list of initial supplies will feature perm rods, shampoos, sanitizers, towels, among other items. For insurance purposes, salon businesses can spend less than $1000 annually. Other expenses include legal and consultation fees, signage, website setup, and operating cash. The website setup cost can be factored in the marketing budget.

Recurring And Ongoing Business Expenditure

The salon will require recurring costs and expenses paid to run smoothly. These include wages, lease payments, utilities, and equipment lease payments. Also featured are marketing costs, staff uniforms, and cleaning services payments. The utility bills for a full-fledged salon can range from $60 to $5000 monthly. That amount may rise if more energy-supping equipment such as lighted décor and big screen TV is used. The business owner must also make serious efforts to keep the business clean in order to generate a positive image and ensure compliance with local health and safety guidelines.  A portion of expenditure should be set aside to cater to laundry services, mops, bleach, and other cleaning supplies.

Salons may consider hiring commercial cleaning services, which normally set charges per visit. Investment in staff uniforms should not be overlooked as it can go a long way to add an element of flair to the dress code.  The amount of money needed to cover wages will vary depending on the business model and employee contract. Marketing is a crucial cog for the success of any business. The salon needs to set aside some money for social advertising, broadcasting, and online marketing. Email marketing cost falls on the lower end of the spectrum, while a robust advertising solution can add up to thousands of dollars. The business also needs cash on hand to run the business smoothly from the very first day.

How To Run A Salon Business Successfully

Running a successful salon begins with laying a firm foundation while leaving some space for error and the unknown. You start by creating a salon business plan with detailed objectives on organizing and running the business. Also, remember to find an ideal location to set up the business, as this can mean the difference between success and failure. It is essential to look at your target market when choosing a business location. Setting business in an area with the right demographic can quickly raise foot traffic and create more business opportunities, which means increased business and high profitability. Familiarization with local laws and regulations is vital in entrenching the business within the law.

Common licenses and permits for starting a salon include salon licenses, cosmetic licenses, Employer Identification Numbers (EIN), and OSHA requirements. Research shows running a targeted marketing approach is effective in attracting customers. As part of low-cost marketing, salon owners can use free-to-enter social media platforms to showcase services and create positive buzz about the business. If you are running short on finances, consider borrowing low-rate loans like SBA loans, Micro-loans, and alternative lenders. The business can also enjoy tremendous success by embracing technology, investing in quality products, emphasizing cleanliness, and ensuring staff is continuously trained.