Whether you plan to open a single establishment or a franchise, a salon business can be very profitable. However, not just any business plan template can be used, as a salon is a service that requires a particular level of detail to be communicated in the business plan.
The introduction of your salon business plan should definitely contain information about how your salon plans to focus on the satisfaction of the customer. This means covering such things as the products your salon plans to use, the experience of the personnel you will hire, and the environment the customer will experience while at your place of business.
Your mission statement will communicate to potential investors just what your salon will offer your customers. This part of the business plan should clearly communicate why your customers will want to keep coming back to your salon.
The mission statement should also include a piece for the investor that explains how you plan to grow. Then, it’s a good idea to make a statement about your requirement for funds in order to meet your business’s anticipated growth. Your investors will also want to know how you will pay the money back. This could be done via company assets, cash flow or another source.
In this section, answer the questions your investors will ask about the location of your salon: the neighbourhood in which it will be located, and why you chose that particular location. Next, you must detail the numbers involved. How much of your start-up capital will be used toward the design of your business? How much capital will you invest, and how much will you borrow? Any and all information of this kind should be supported with graphs and tables so that this information can be assimilated in less time.
What sorts of packages will you offer to your clients? For example, you may wish to offer a cut and style with a free product consultation. Having a variety of packages like this in your business plan will make it look more attractive to investors. However, you must ensure that each package offers the best value.
What is your strategy for staying ahead of your competition? This is the section where you detail the skills of your team, the level and quality of your customer service and how you will go about ensuring the satisfaction of your clientele. Do some recognisance on your competition. Determine what you will provide that they do not, and then detail how you plan to go about offering these to your clients.
Marketing and Promotion
How do you plan to market your salon? This will be another crucial element of your business plan. Figure out what works for salons in general, and then scale it to the size of your operation. Whether you plan to use a brochure, social media or the local newspaper, a plan needs to be set out for every marketing method you plan to use.
Your salon’s financial plan will give you a clear view of not only your budget, but how much you are spending on products. You will have to calculate all of your costs, which can be a daunting task. However, it is well worth the effort, as this portion of your business plan can help you avoid major financial loss or bankruptcy.
In addition to the above sections, you will need to set milestones and make forecasts about your sales and revenue. You will also need to communicate more about the team you plan to have working in your salon.
Although much help is available in the way of templates for businesses, it’s important that your business plan be as unique as your salon business will be.