Buying an established hair salon can give you a head start if you do your homework
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Are you thinking about purchasing an already established hair or nail salon? Existing salons already have stylists, technicians, a reputation and a strong client base, which makes purchasing one appear to be a great investment. Although an established salon may be a worthwhile business to buy, there are some possible drawbacks and obstacles for the purchaser. For example, there could be high turnover with a new owner and some salons may be in need of renovations or new salon equipment to stay operational.
But don&#;t worry! At Minerva Beauty, we are all about making sure you feel supported &#; whether you are purchasing an existing salon or renovating your own. That&#;s why we have assembled this guide that will uncover the benefits of purchasing an established beauty salon, as well as some of the steps you will need to take to ensure your investment pays off.
Purchasing an existing hair or nail salon isn&#;t cheap because of the many benefits the transaction comes with. But it&#;s important to enter into your talks with salon owners with a list of questions that will provide insight into exactly what you&#;re getting with your purchase. Here are six must-ask questions to prepare for your meetings with salon owners.
It&#;s important to know whether or not you will need to
invest in salon furniture
or if your purchase includes everything in the salon &#; as is. Compare the offer against your salon supply checklist to get an idea of how much you'll need to purchase.
When you buy an existing salon, it&#;s important to show that you care about the people who work there in order to avoid high turnover rates. By asking this question, you will also get a glimpse into the company culture.
You will want to make sure you understand the full financial scope of the business you are buying so you can develop a suitable business plan without getting surprised by any financial issues.
It&#;s important to know how your future community regards the salon you're purchasing. Is there a collaborative spirit or do businesses operate in silos? Is the neighborhood walkable, and is there convenient parking in the area?
You should know the kinds of clients the salon you&#;re interested in serves so you can continue meeting their demands as you plan to take over the salon. You also want to make sure this type of clientele aligns with your target market, too.
Establishing an online presence can be just as difficult as starting a salon from scratch, so it&#;s important to make sure you are getting your money&#;s worth from a digital aspect as well.
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With due diligence an existing salon can be a profitable investment
Don't just ask the current salon owner your list of questions and stop there. You'll need to thoroughly vet the business before you invest your hard-earned money, and that means putting in the legwork.
Search online for competing salons in your area, and read reviews of your potential new business as well as competitors. Talk to a realtor or business broker who knows the area well and ask about local trends. If possible, speak with the current employees (including support staff) and get their read on things.
Unless you're comfortable analyzing income statements, balance sheets, and cash flow statements, hire an accountant to help you understand the established salon's financial position and estimate ongoing costs. It's also wise to work with an attorney to help you minimize risk and protect your investment.
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Unless the salon was recently renovated, you'll likely want to make some updates
Buying an established salon comes with many upsides as opposed to starting a salon from scratch. Here is what a purchaser can expect to benefit from when purchasing an existing salon:
Established and loyal client list
A committed staff, from stylists to receptionists and more
A turnkey salon with equipment like
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high quality salon stations
and décor
Strong branding and reputation
Existing relationships with other community businesses
Strong inventory levels
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While the salon you&#;re about to purchase may come with all the necessary resources to remain operational, you will need to make a few purchases to freshen up the business and make the salon your own. At Minerva, we offer salon equipment financing options to help offset the initial investment. Here is your official checklist for salon tools, equipment and supplies to start your new ownership off right:
Keep reading: How to update your salon
Salon equipment and furniture are much more than mere functional items; they are the heartbeat of your salon's environment, setting the stage for the experiences that unfold within its walls. The right selection not only embodies the essence of professionalism and quality but also speaks volumes about your commitment to providing bespoke, high-quality services. These are the crucial roles that salon furniture plays in your space.
1 - Enhancing The Customer and Stylist Experience
Your salon furniture plays a crucial role in shaping the customer and stylist experience. Comfort is key; after all, clients and stylists alike may spend hours at a time in your chairs or at your styling stations. But it's not just about physical comfort. The right furniture can also create a welcoming ambiance, helping clients feel relaxed and pampered. Additionally, purposely built functional equipment can help improve stylist productivity and improve the overall working environment. From stylish reception desks and plush styling chairs to styling stations and shampoo units; every piece contributes to the overall experience.
2 - Crafting a Professional Image
Finally, let's talk about image. Your salon furniture isn't just functional - it's a reflection of your brand. High-quality, stylish pieces signal professionalism and taste. They show clients that you value quality and are committed to providing a top-notch experience. Remember, first impressions matter. With the right salon furniture, you can create a professional, polished image that sets your salon apart.
3 - Promoting Efficiency and Workflow
The layout and organization of your salon furniture and equipment can significantly affect the efficiency of your team. Styling stations, for instance, are considered the heart of a salon. They contain all the essentials&#;mirrors, styling chairs, work counters, and storage for tools. A well-designed styling station can streamline workflow, making it easier for your stylists to access their tools and products, reducing downtime, and increasing productivity.
4- Facilitating Staff Roles
The right furniture and equipment can help define the roles and responsibilities of staff in a salon. For example, creative consultants may need a dedicated space with specific furniture and tools to consult with clients effectively. Similarly, office managers may require a separate workspace with appropriate furniture and storage solutions to manage product inventory and other administrative tasks.
5 - Maximizing Space Efficiency
Versatile furniture and equipment can help maximize space efficiency within the salon. Multi-purpose pieces such as styling chairs with built-in storage or convertible treatment tables can adapt to various needs, making the most of your salon space. This adaptability can be especially useful in smaller salons or spas, where space is at a premium. Our guide on salon organization breaks down in more detail how to effectively organize your salon.
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