For many beauty-industry professionals, owning a salon is a dream come true. If you’ve got the styling skills and the capital needed to start your business, you’re already halfway there. However, just like with any other industry, opening your own business can be challenging, and it comes with a lot of tasks and responsibilities to complete.
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The Industry
Beauty is a $400 billion industry – from cosmetics and skincare to hair and nail salons. The average woman spends about $44 per haircut, with some services like double-processes and color corrections exceeding $350 per visit. The average woman who gets her nails done every two weeks spends about $1,345 a year on her manis and pedis. If you’ve got some creative flair and a passion for beauty, you may want to open your own salon because it’s undeniably lucrative. Unlike hairdressers who rent a chair from an already existing salon, salon owners have the ability to take their finances into their own hands.
Salon owners can work in a variety of beauty fields. Estheticians work in skincare and perform everything from laser hair removal to aromatherapy, wraps and body masks. Those working in cosmetology work in salons where they cut, color and style hair. This includes specialized treatments like hair relaxing, perms and extensions. Others choose to work in salons that specialize in manicures and pedicures, along with services like acrylic tips and press-on nails. Many nail salons also have estheticians on board who do hair removals such as eyebrow threading and waxing.
Potential Growth
The beauty industry has long been touted as recession-proof because enough people are always going to want a professional haircut or their body waxed. The Bureau of Labor Statistics estimates that the cosmetology industry is growing at a rate of 13 percent year-over-year.
Although Beauty Salon Ownership is a great business to be in, you do have to work harder to make profit than if you were a stylist renting a booth, simply it boils down to the cost of overhead. But, with the right combination of sales and cost management, you can increase profit.
Thinking about putting your beauty skills to the test and opening your own salon? Make sure you book a 1 hour consultation with me first!
Cathi Schilson
Owner / Manager
One Xi Salon
1500 Elizabeth Avenue, West Palm Beach, FL 33401
Email: onexisalon@gmail.com
You can find me at LinkedIn! Click Here
