How to Make a Salon Business Plan (With Template)
Published March 25, 2022
Bear in mind that you are not required to find a sample salon business plan identical to yours. The details will vary whether you’re establishing a fancy, full-service salon in a big city or a community barbershop. However, the fundamentals of the strategy will remain the same.
Are you preparing a hair salon business plan to get loans? Is your primary objective to set a clear path for growth? You’ll want to modify and tailor it to fit your type of business in either case.
Naturally, you’ll go into your personal resources and solicit funds from family and friends, but if that capital is insufficient, consider a loan from your local bank or the Small Business Administration (SBA). However, to qualify for a loan, you’ll need a good business plan.
What is a Business Plan
A business plan is a formal description of the business’s goals. It explains why the goals are attainable and describe a strategy for achieving them. Additionally, this document offers background information on the individual, team, or organization working to accomplish those goals. Along with being necessary for obtaining a business loan, a good business plan provides the framework for operating or improving your organization and establishing a long-term strategy.
Each salon is unique. If, for example, you rent space to independent hairstylists rather than hiring employees, your salon business plan template will be different. Do your financial forecasts and conduct enough market study to have a solid strategy for success.
What to Include in a Salon Business Plan
Your hair salon business plan does not have to be hundreds of pages long; keep it as brief as possible. You’ll almost certainly want to include the following sections:
- Executive summary
- Business Target
- Company summary
- Why the salon will start
- How the salon will start
- Products and services
- Marketing analysis
- Market trends
- Marketing segmentation
- Business target
- Products and services pricing
- Marketing strategy
- Competitive analysis
- Sales strategy
- Monthly sales
- Yearly sales
- Sales forecast
- Management team
- Financial plan
- Break-even analysis
- Projected profit and loss
- Yearly profit
- Gross monthly margin
- Gross yearly margin
- Projected cash flow
- Projected balance sheet
- Business ratios
One of the characteristics that differentiate a salon business plan from other service-based company plans is the possibility of offering a variety of products and services.
Perhaps you’ll sell hair care products, beard oil, cosmetics, and other beauty products in addition to haircuts, manicures, and massages. If that is the case, include those ideas for promoting and selling products to customers in order to maximize the value of each appointment you book.
Things to Consider
Always include both qualitative and quantitative objectives in each section. Indicate any potential barriers along the process and how you intend to overcome them. Keep your information brief and, whenever possible and/or suitable, incorporate visuals. As the last point, don’t be embarrassed to ask for assistance.
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About The Author
Krizzia Paolyn, is an SEO Specialist and author. She also holds a bachelor’s degree in Psychology. She started her career as a content writer for various digital magazines and renowned publications. It has always been her passion to share her voice, and at the same time, to encourage others to share their voices as well.