Jarman says that’s ideal if you’re teaming up with a few friends to run a small operation.
But if you want to grow your salon, Jarman advises, do commission.
Is it a raw space requiring electric wiring and HVAC installation? Before signing, have a general contractor review the lease and space to estimate needs and costs.
Many new salon owners struggle to find financing to cover equipment, Ruane says.
Here are a few to get you started: Different salon types have vastly different business models.
Will you open a salon from scratch, buy an established salon or purchase a franchise?Jarman works with Sebastian, which has sent her to various business academies for salon professionals.But, she adds, “make sure they support you in your business and continue to be an ally to push you to the next level.” A shocking number of potential salon owners launch without a business plan, says Kevin Ruane, president and CEO of Castleton Capital.His company owns Quest Resources, which specializes in equipment financing for salons.“Your success will be predicated on the fact that you come with a plan,” he says.Carefully read leases for potential spaces to understand what is and isn’t included by the landlord.For example, Ruane says, will they provide tenant improvements or offer an allowance if you sign a five- or 10-year lease?Celebrity stylist Janine Jarman was 24 and fresh out of beauty school when she purchased a failing salon in Los Angeles in 2006.The owner had fallen on hard times, but the salon had a solid location with proper equipment.Seek strong business partners, whether it’s an investor or simply a strong mentor group, Fantetti says.“The most successful salons are those that have somebody who focuses on the day-to-day business,” she says, “and then another person who focuses more on the creative end of it.” Consider partnering with a product company or line.