Hello, My name is Chloe! I am a very booked up hair stylist in MA. I love my boss, & my salon. I feel like other than adding IBE & bumping up my prices there’s not a lot more room to make money. Lately, I’ve been thinking about opening my own shop. It probably won’t be for another year or two. I just want to get the ball rolling. Any advice on things I should do to get in the best place possible to do that? I appreciate all the input!
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Honestly I just did this. I put my 30 days in before even looking for a place. I just woke up, new I needed something different and was sick of not doing what I need to do and just go for it. Kenz actually sent me a beautiful quote. Stop shrinking to fit places you’ve outgrown. It’s all fallen together amazingly and we just opened up! I don’t know what your plans are but we are doing it in steps. We just opened up a salon suite and are putting all of our proceeds from product sales into a private business account. We are using it to build up the capital to open our own salon with employees in the next few years.
I’d start with looking into suites personally, and I’d have at least $5-10 thousand to open it. I used square capital and it was the best money I ever spent
Also def find a bomb accountant
It’s hard being commissioned and doing extensions especially if you paid out of pocket for your education! I ended up moving into my own suite!
Thankyou for the advice! I’m definitely going to save up some more money. Get a better business plan. Maybe even take some classes to help me out. I have a lot of weddings booked for next summer so hopefully it’s a good amount to do it. There’s a vacant salon steps from my house but it’s not for sale. I’ve had my eye on it since I bought my place!
If you know how much you will need when the time comes, apply for an equipment loan to outfit your space no matter how big or small. Interest rates are 3-4% and requires you have 25% of the total needed amount which means they lend 75%. Just a thought to consider.
That’s a much better deal than square capital
I know bc my banker told me to do this and the interest is tax deductible bc of the type of loan 🤓
Kinda crying inside right now 😭😂😭😂
I actually didn’t have anything saved. Not great advice but it worked out for me luckily I needed minimal color since I do a lot of extensions. I had about two weeks after I signed my lease until I had to start paying rent so I used my commission paychecks to buy my supplies and only had to put about 600 on credit for furniture. Voila! Going on your own is nerve wracking but what I was spending a week in commission i could have paid for a month at a suite! No brainer and the freedom is great. Endless room to grow.