5 Things to keep in mind before starting up a hair styling business
Hair styling is the most sought-after of all services in the beauty industry. There has always been a demand for it despite the changes in trends over the years. The influence of the film industry keeps the hair salon business on its toes as it will always introduce new trends and fashion for people to follow. Given this constant influx of interest towards this specialisation, there is no doubt that hair styling as a profession has a lot of potential and can be very rewarding. But before you can begin your own business, you need to have certain knowledge of it to get you going in the right direction. Here are some guidelines to help you craft your styling business.
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It goes without saying that training is a must. If you’ve only just realised that you have the skills to style people’s hair, now would be a good time to work on it. You can either apply for a job at a small, independent salon for training, or you could enrol in hair styling courses to build a more credible and reliable training background. There are many established hair salons that have training institutions where once trained, you will also have an employment opportunity. Bblunt academy, Jawed Habib academy, and Shahnaz Husain’s Women’s World International are some of them. This is the best way to gain experience in the field, which is a crucial prerequisite to starting your own business.
What your investments will look like
A low investment of about Rs 40,000 is sufficient if you’re starting out of your home. But a commercial space, which you will need eventually, will cost significantly higher. Once you have a rented space, you will need to first address the interiors. Your investments into a well thought out interior design will be worth it as for a salon, an aesthetic appeal is very important. It has a large influence on your customer’s opinions.
An important factor to consider while planning your finances is the water supply. A hair salon cannot function without a constant water supply, so ensure that your rented space has good access to clean water and factor in the capital required to sustain such a supply.
Good quality equipment is a must because their functioning will directly affect your customer’s satisfaction. So don’t compromise on these if your budget’s low. In fact, your equipment must get the highest priority in your budget because they have no replacements. Wholesale dealers like Indiamart provide salon equipment in sets so you don’t have to hunt for them individually.
Business identity and registrations
An independent hair salon will need LLP or OCP registration under the Companies Act, 2003. Limited Liability Partnership is required when you’re starting out with a partnership with another person and One Person Company, when you’re the sole proprietor. This type of business identity will make your salon a midsize company, thereby giving you access to loans and other resources of the market.
You will need a trademark registration to establish and protect your brand name. As your salon grows in size, you will also need to consider insurance policies for your employees which are a must for an employee number that exceeds 10. You will also need to comply with health and safety regulations
Choosing a location
A salon business will have a lot of competition because there are now many independent parlours that have cropped up. It’s easy to find two to three beauty salons within a two-kilometre radius of any point, in any area. But most of these will be providing a variety of services along with hair styling, making your single service, unique. Specialisations are always appealing as they imply more experience in that particular field. But even if your business isn’t affected by the competition, it is still important to select a location that makes your salon the only accessible one for the area. Residential areas are the better choice because for most of your customers, convenience from easy accessibility will be the deciding factor.
Always pay attention to your customers
A hair salon business involves direct interaction with your customers at all times. They tend to have very specific needs, so you need to be experienced enough to understand those needs and deliver accordingly. Because your business involves direct interactions with them, it is all the more important to maintain courtesy. A lot of salons lose customers because of bad customer service or simply because of an arrogant and judgemental staff. Your customers’ opinions are the only publicity you’ll need, so be sure to maintain that.
If you have the skill and the experience to fortify it, establishing yourself will not be too difficult. It’s a lucrative business and the only way to maintain it that way is to keep your customers happy. Nothing else matters in any business at the end of the day.