There is absolutely no doubt that renting a hair salon booth is a great business opportunity, but that opportunity will be lost unless the person renting the salon suite has some basic business knowledge.
What do you need to know before leasing a salon suite?
Read on and we’ll tell you, and you can call us at 9817) 823-7105 for more information. We are Salon & Spa Galleria, salon studio providers in the Fort Worth area, and we have the answers you need.
Basic business knowledge you will need
We begin with a basic knowledge of budgeting. There is no quicker path to financial ruin than to have no operating budget. An addendum to that: once you have an operating budget you need to stick with it.
Don’t have budget experience? There are local workshops you can attend where you can learn basic budgeting. This is a game-changer, so you need to do it sooner rather than later and then, as mentioned earlier, you need to treat your budget like it is the Holy Bible. Be realistic, not hopeful, when predicting revenue your first couple years. Be realistic about expenses and then add 10% to them as a safeguard against inflation. Take into account everything you are going to face, including taxes.
Learn about local, state, and Federal taxes.
As an independent contractor/business owner, you are in charge of setting money aside for taxes, for computing them, and for paying them. This is not something you put off until later. It has been our experience that The Tax Man is easy to work with, and in fact almost flexible, until he isn’t. In other words, tax folks will work with newcomers. It is in their best interest to make sure you have knowledge and that you succeed . . . but mess with them and they will bring the hammer down.
Learn about guerilla marketing
Small independent business owners rarely have a large marketing budget. They are always looking for creative ways to “get the world out” about their business.
You need to do the same. How are you going to attract customers on a small budget? Guerilla marketing will teach you to find creative marketing methods which do not cost much, if anything.
Learn and earn!
Network and learn social media
Both of these techniques are invaluable for attracting customers and establishing a reliable base; neither is expensive. Take the time to become proficient in both.
And contact us with your questions!
We are Salon and Spa Galleria, with nine locations in the Greater Fort Worth area. We have helped talented professionals, like you, to fulfill their dreams in our luxury salon suites. The same opportunities are waiting for you in whatever city you live in. Salon booth rental has been around long enough now that there is a track record for you to learn from. It is a successful business plan, one which will work for you; just make sure you have the basic business knowledge going in so you have a fighting chance at success.
Salon and Spa Galleria Fort Worth . . . we make dreams happen!
For a leasing agent, call 817-917-1416 or 817-823-7105.
To reach our concierges call 972-691-7300.
Our family of independent operators all have their own numbers. Please contact them directly.
Call soon to find out more about our move in specials and to become part of the Salon and Spa Galleria Family.