Owning a hair salon has both benefits and drawbacks.
For someone that enjoys doing hair, owning a salon can seem like a professional dream come true. However, opening a salon takes hard work, perseverance and an innate knowledge of the beauty industry. There are pros and cons to salon ownership, and depending on the economy in which you operate, one might outweigh the other on most days.
Pro: Set Your Own Hours and Prices
Owning your salon allows you to set your hours and prices according to the community in which you live. If you find that while most salons are closed on Mondays, but the vast majority of your customers prefer to get their hair done on this day, you can open the salon. Moreover, you can be as competitive as you desire with your pricing, since you don't have to answer to anyone else.
Pro: Set Your Salon Apart With Innovative Stylists
Step outside the box creatively and come up with fun and funky styles that are exclusive to your salon. Moreover, hire stylists from a variety of different locales to provide your customers with something they can't get anywhere else in town. Consider former celebrity stylists, if you can afford them, or even someone that has just graduated from a top cosmetology school and is experienced in new hair techniques.
Con: Startup Costs
The cost to start a salon can be extensive, depending on how many stylists you choose to start with, the size of the space and the type of products you stock. In fact, the cost of opening a salon is the most common thing that stands in the way of ownership for many aspiring salon owners. The best way to combat this is through a bank loan or gift from family and friends.
Con: Heavy Responsibility
Once you own a salon, the responsibility to make it successful rests on your shoulders. Your clients and stylists depend on you to be open and fully operational. This can be a heavy weight to bear as the owner; many times, you may find that you have to work later, harder and more efficiently than everyone around you just to make it.
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