Before mapping out your finances and securing funding, you'll want to consider what, exactly, you need funding for. Here are some common salon setup costs for aspiring owners:
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Licenses and permits: To open a salon, you'll need a
business license and any permits required in your area.
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Premises: You'll have to find a place to either rent
or buy or build. If you choose to pay a monthly lease, you'll likely have to
provide a security deposit upfront.
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Payroll: This involves salaries or wages for the employees you hire, and all the associated benefits you choose to offer.
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Salon equipment: A salon requires a ton of equipment, like beauty supplies, sinks, chairs and hair dryers. You may also need a POS system, computer, telephone and more.
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Inventory: If you plan to sell cosmetics or other products, you'll want to stock up on your inventory before opening.
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Taxes: To legally cover your business, you'll want to set aside money for the initial tax costs.
These are just some of the many costs of opening a salon. Keep a
checklist of possible salon expenses so you know what to account for
when acquiring funding.
