If you are starting a salon with Cosmo Salon Studios, it’s important to create an organized and actionable plan before you open the doors to your space.
Making a business plan for your salon will help you to set realistic goals, understand your unique niche, and come up with a plan to help you succeed. These are the components that you should include in your salon business plan.
State Your Business Goals
The first part of creating your salon business plan is establishing your business goals and determining a plan for how you will achieve them. Be specific about what you want to accomplish and set goals for the short-term and long-term future. For example, a concise short-term goal might be to use social media to increase your clientele by 20% in the next quarter. This statement identifies a numerical goal, how you will reach it, and when you want to accomplish it. Setting goals for your business plan will help you to hold yourself accountable, achieve your goals, and run a successful business.
Describe Your Products and Services
The next part of your salon business plan should detail the service you provide. Cosmo Salon Studios offers spaces for hair stylists, nail technicians, makeup artists and more. In your salon business plan, you will want to write about what you do, what you specialize in, and what makes you unique. For example, if you are a hair stylist that specializes in balayage, make sure you include that. Or if you are a makeup artist that mostly works with brides before their wedding, list that in your salon business plan.
In this section, you will also want to write about the products that you are using on your clients and selling in your salon. With Cosmo Salon Studios, you use and sell the retail products that you prefer, and keep 100% of whatever you sell. In this section, it is important to note what those products are, where you will purchase the products from, and how you plan to distribute the retail products.
Create a Marketing Strategy
Another important aspect of the salon business plan is the marketing strategy. In this section, address how you plan to promote your business and get new clients. At Cosmo, we care about your growth, which is why we recommend using social media to promote your business. You can post about your recent work, services you specialize in, and upcoming promotions you may be running. Whether it’s word of mouth referrals or paid advertising that drives your business, you should include that information in this section of your salon business plan.
Write Your Financial Summary
When it comes to starting a business, the finances are usually what people have the most questions about. In your salon business plan, you will want to detail your projected finances for the next three years. Include your expenses and how you plan to cover these fees. With Cosmo Salon Studios, we help you get up and running. We keep the costs low for you by providing you with the most expensive elements of running a salon such as the cabinetry, wash basin, styling chairs and more. In this section of the business plan, you will also want to give an estimate of the number of clients and revenue you are expecting within the next three years. Use your marketing strategy, business goals, and industry experience to come up with an accurate number.
- On the first page of your business plan, write a summary of each section. This will make it easier for an investor or business partner to quickly understand of your business.
- Stay realistic. It’s easy to become overly optimistic and set goals that may not be realistic. By setting practical goals, you are not only more likely to achieve them but you will be able to plan for future promotions and marketing strategies that way. Remember, this is the roadmap to your success, so by over or underestimating what you can achieve, you are only hurting yourself.
- Regularly review your salon business plan to ensure you are on track to meet your short-term and long-term goals. Adjust them accordingly and continue to set new goals and you grow.
Ready to start your own business with Cosmo Salon Studios? Contact us today to reserve your space.