Support for your beauty salon business plan
Demand for hairdressing and beauty treatments has grown considerably in recent years , so opening a salon could be a shrewd move if you have the right business plan in place.
To help you with some of the practicalities of setting up a beauty business, we’ve put together this handy Tyl Talks guide.
Your beauty salon business plan
Getting a facial may be the perfect time to lie back and daydream, but opening a hair and beauty salon may also require a hard dose of reality. If you’re looking to write a beauty salon business plan but don’t know where to start, here are some tips for elements you might wish to include.
- An executive summary. A business plan can be an opportunity to attract investment, and your executive summary is a ‘shop window’ where you could sell the vision for your beauty salon in a snappy one-pager.
- Market research. Are there other salons that you wish to emulate? Showing that you’ve done your homework on competitors and your target market could help you kick-start your salon business.
- Info about your salon. Your beauty salon business plan could include information about your staff, the products and services you intend to offer, and some insight into your finances, such as your projected sales and costs.
Beauty salon name ideas
As Shakespeare nearly wrote, “What’s in a name? Would a beauty salon by another name smell as sweet?” Names are difficult, but most would agree that they matter, as first impressions count when it comes to setting up a beauty salon.
Here, we’ve put together a quick checklist of things to consider when shortlisting your beauty salon name ideas.
What words are associated with the industry?
It may be worth thinking about the expectations customers have when they set foot in a hair and/or beauty salon. What words are commonly associated with health, beauty and wellness brands? As places of relaxation, words like ‘indulgence’ and ‘elegance’ may be more appropriate that anything that implies discomfort or unpleasantness. So if you’re thinking of registering the ‘Smelly Salon’, you’ve still got time to reconsider.
Is it relevant to your audience?
Thinking about your ideal customer may be helpful when coming up with a business salon name idea. Do you want something that sounds sophisticated, which may imply an upmarket salon? Some salons use words from languages like French for a touch of ‘je ne sais quoi’. Alternatively, you could choose something modern and fun to appeal to a younger audience, perhaps with less disposable income.
Do you want to emphasise the locality in the name? Something meaningful to you? Or to highlight a particular product or service? Names can also be witty, bohemian, or environmentally conscious, so there is lots to consider when naming your beauty salon.
Does it roll off the tongue?
Saying a name aloud could help you decide if it’s snappy enough for your beauty salon. A name that’s short and easy to pronounce could make it easier for customers to spread the word and even pay over the telephone. You may also wish to consider whether a name is search-engine friendly ; not too similar to nearby competitors; and last but not least – spelt correctly. It might sound obvious, but there are plenty of apostrophe catastrophes out there.
How much does it cost to open a beauty salon?
It would be too simplistic to give one simple figure for how much it costs to open a beauty salon. Every business is different, and your costs may depend on staffing levels, your location and other factors like your pricing strategy. But here is a quick flavour of some of the typical beauty salon expenses.
- Salon equipment. Everything from chairs and mirrors to beauty beds and different shades of nail varnish will incur start-up costs when you open a salon.
- Licences. There are different fees payable to your local authority depending on the types of beauty treatments you plan to offer; for example, laser treatments may require a more expensive license and extra permissions. Your local authority may have an online resource for special treatment licensing – search on GOV.UK.
- Business rates. This is a form of tax on commercial properties, including beauty salons.
- Business taxes. You may be liable for Corporation Tax and potentially, you may need to submit a VAT return.
- Other business costs. Like any high street business, running a salon means paying for utilities, insurance, and other costs like managing a payroll.
Taking payments in your salon
Of course, the best laid beauty salon business plans could go to waste if you’re unable to take payments. Tyl’s card machines – from portable and countertop devices to the all-in-one Clover Flex – provide a range of options for salons of all shapes and sizes (fees and eligibility criteria apply).
Here are some lovely comments from salon owners we’re delighted to call our customers.
“With the Tyl system you receive payments the next business day which has been crucial for our cash flowas we look to recover from the pandemic”.
Donna McArthur
Founder of Boveda Hair and Beauty Company
“Tyl by NatWest is simple, affordable and modern. I also love the portal.”
Lawson Bliss
Owner/stylist, Bliss & Bliss Hair Salon
Disclaimer
This has been prepared by Tyl by NatWest for informational purposes only and should not be treated as advice or a recommendation. There may be other considerations relevant to you and your business so you should undertake your own independent research.
Tyl by NatWest makes no representation, warranty, undertaking or assurance (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided.
Tyl by NatWest accepts no liability for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.