India is a country of multifarious opportunities for business. Looking at the urban metro crowd that wants to invest to look good and feel phenomenal, the plan for venturing into salon business would prove to be a rewarding idea. You can either start from scratch and build your own brand or enter into the salon world through a franchise route. Brands like Geetanjali, Affinity, Lakme and Toni&Guy offer great franchise opportunities.
Working with established brands offers a great platform and resource pool to work with but starting a standalone salon and then building it up bit by bit will take you on an entrepreneurial journey like never before.
So, if you are planning to taken on the salon world and create a mark for your brand, here are some of the best practices that you must adhere to and they are:
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- Conduct extensive market research
Market research is always a starting point of any venture. When it comes to salon business, you must be able to zero down to the kind of clientele you want to build, the products that they would prefer to use and the kind of services they would choose month on month. Furthermore, a thorough knowledge of your market competitors and current market trends would put you in the driver’s seat.
- Identify a suitable space for the salon
Once you know your target market, it is important you select a strategic location for your salon. Even if you have a great team and great services to offer, if the location is poorly chosen, your business will hit rock bottom due to the lack of visibility.
- Obtain Licences and permits
Well the market research also entails researching about local laws and regulations pertaining to starting a new venture. Some of the permits that you needs are ownership registration depending on your business model, PAN registration, MSME registration, Shops and Establishment License, GST registration, Trade License, Professional Tax License, and Trademark registration. The best way to accomplish this herculean task is to involve a professional legal advisor.
- Hire Efficient Staff
Manpower is the greatest of all resources and therefore, you make sure to put in a hiring plan that helps you identify and hire the best talents in the market. A well groomed and experienced staff can prove to be your greatest asset.
- Establish a steady sources of finances
Nothing is feasible without finances and salon business is definitely a very tricky business to run. Apart from whatever you are planning to pool in from your end, create a solid plan that will support you with equipment, staff payment and take care of multiple costs. Check with banks for Microloans and also SME financing programmes.
- Establish a connect with local equipment and product distributors
You need to create your own network of equipment and product distributors and wholesalers at local and national level. While you are searching for the right connect, look out for the customer support that is being promised and the price points of the product.
- Create a marketing plan
Your market plan would revolve around market penetration and visibility of your new venture. For that you need to ensure that your business gets listed in online directories. You can also partner with local businesses for greater reach and visibility. Create customer referral and loyalty incentives that make your existing customer feel special and cherished.
Last but not the least is to have a web page on popular social media handles where you can advertise the services offered and interact with your customers at a larger scale.