How to start a hair salon business

Business Tips - June 23, 2022

At Moniepoint we believe that every business with the right support has what it takes to give you a successful and comfortable life and the hair salon business is no different. You provide an essential service that people need! With 15.4 million people living in a city like Lagos, that’s almost 16 million heads that at one point in time would walk into a salon needing you to do your magic.  Starting a hair salon business can give you the life you dream of.  You just need to know how to start, grow and stand out. Let’s help you get started.

You’re going to need some capital 

Starting a hair salon business can cost a lot of money. This isn’t to scare you. It’s to let you know that if your idea of the perfect salon is out of your budget, you can get started with a smaller one until you work your way there. You can make a lot of money in no time – depending on how hard you work, how well you’re delivering great service to your clients and also how prime your location is. Your next step after making this money isn’t to pack all your savings and go and get a shop, no! Won’t you eat? With your new source of income from your small hair salon, you can request for a good loan that would help you own that big salon that you’ve wanted all along. So don’t wait till you have plenty of money before you start. Get the essentials and do your best. 

Location, location, location!

As we just mentioned, something that you need to make sure your hair salon business is a success is finding the perfect location. The secret to a great hair salon location is finding a nice residential neighbourhood. People expect to spend hours in a hair salon. They would be drawn to you if you are just within walking distance because they know they can get there anytime and be back home in minutes as well. You can choose to set up your shop in high income areas and be among people who are willing to pay you fairly for your services with the added possibility of a tip just for great service. Your only worry is the rent. Our advice as always is to start in a mixed-income area and grow your business until paying the rent in a more expensive neighbourhood becomes an easy expense. Don’t spend all your money on rent! 

What type of salon are you?

Hair salons offer many business opportunities other than hair styling. You can help your clients with hair fixing to give them healthier hair, you can wash and treat their hair to save them from any hair infections and you can even sell wigs that you can prepare right in your salon. But that’s not even half of it! A standard hair salon usually offers a pedicure and manicure service. These services not only bring more money to your business but also more clients. Why? Because if someone came in and they weren’t interested in getting their hair styled, you can always offer to help them with a nice relaxing hair wash. The more services you offer, the bigger your business would grow. That brings us to our next step.

Hire some help 

Your hair salon is up and running and you have clients trooping every hour of every day. How do you manage if three people came in all asking for you to attend to them? Do you listen to one and send the others away? Of course not! If you can’t attend to every customer that comes in, you are not only losing money but also the chance to build a relationship with that customer. You need to hire people who might not be as skilled as you but can comfortably do the job, are hardworking and are also ready to grow with your business. Like everything, start small and as your business grows you’ll be surrounded by professionals who can put money in your pocket even when you’re not around. 

Time to grow 

The hair salon business is a special one because it not only depends on how well you do the job. If you walked for ten minutes from your salon, chances are you’ll see another salon just like yours. You have a duty one to stand out and be special. How do you do that? By being creative! You can hire a barber and give the women coming into your salon the chance to take a different direction with their hair. You could also offer hair dyeing services and give these women a bright and colourful new look to go with their new cut. Don’t just limit yourself to women though. Men’s hair needs love too, and I’m not talking just nice cuts. From braids to dreadlocks, you can help them with new hairstyles that they can proudly show off. With these extra services, you can bet that people would walk past your competition and straight to your salon. Your next and final job is to build strong relationships. That is the best way to market your business. Let people be the ones to sell your business to their friends and families by doing a great job on their heads that would make people ask for your location. 

Like any business, for it to be successful you need some level of guidance to make sure you don’t make mistakes that could rob you of your dreams or the joy of doing your business. With Moniepoint, not only do you get access to experts who are ready to offer 24/7 assistance with whatever problem your business faces but you also get the tools you need to grow your business. Open a Moniepoint business account today and get all you need to create a business you’d be proud to call your own by clicking here!

Share This Post!

No Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: