If you are currently working in a hair salon, but are seriously dreaming of owning one, this article spells it all out for you, the pros and cons of both approaches. We are Salon & Spa Galleria, leading the way in the Greater Fort Worth area with twenty-two salon suite rental agencies. Call us at 817-917-1416 for more information and to arrange for a personal tour of our luxury salon suites.
Now, though, let’s get down to the nitty gritty of ownership vs working as an employee.
The pros of owning a hair salon.
The greatest pro in this category, by far, is the fact that, as an owner, you keep 100% of your profits. The sky is the limit, figuratively speaking, of course. You are in control of your financial future, and that is a very, very big deal for the salon owners we deal with daily.
Secondly, also a big deal, are the tax benefits of owning a business. Come tax time, you will have more tax deductions than you thought was possible.
Third, you determine how much you work and how much free time you have. You, in fact, determine your hours, the days you are open for business, what services you provide, and what products you sell. You set the tone for your company. You establish your vision and make it a reality. In every possible way, you are the captain of your ship, and that is exciting indeed.
The cons of owning a hair salon.
We will begin this section by saying this: not everyone is owner material. For some, the pressures of owning a business are too unsettling. Some people function better as employees, and not owners, and that’s just the way the world goes round . . . and it is perfectly fine if you are one of those people. Not everyone can be an owner; not everyone should be an owner.
Secondly, there are some liability issues which must be addressed as a business owner. If a customer gets hurt in your shop, you better be protected by a good insurance policy. If you own the building, what are your liabilities, and what about those building improvements which will inevitably need to be addressed?
Finally, in order to really make good money as a business owner, you are facing long, hard hours, and the pressure that means for your family; it means feeling, at times isolated from the world, and it means no safety net in case you don’t make it.
Harsh but true words!
The pros and cons of working as an employee.
Okay, let’s look at the flip side of the coin. The pros of being an employee in a beauty salon are the lack of pressure. You go to work, you do your job, you go home, and you receive a weekly wage. There are no heavy decisions to make, it is a stable industry so you will always have a job and, as an independent contractor, you have certain tax deductions you can take in April.
The cons can be summed up this way: once you have reached the top of the pay scale, your wages have basically flat-lined. You will never make “good money” working in a hair salon owned by someone else. That’s just the reality of the industry, folks, and it is not likely to change anytime soon.
Plus, you are always going to wonder “what if I had taken the chance and gone into business for myself,” and the wouldsa, shouldas, and couldas of life will keep you up many a night during your lifetime.
A final word about Salon & Spa Galleria
If you are made of the right stuff, Salon & Spa Galleria has the best salon suite rental opportunity in Fort Worth. Call us and ask us about rental rates (starting at $75 per week), and the boatload of amenities included in that low rental price.