| I've said it before and I'll say it again (with thanks to the | | | | good solid understanding of your business plan and |
| inimitable J. Woden): 'Failure to prepare is preparing to | | | | other current salon management topics such as having |
| fail.' For most things in life you need a plan - you | | | | good salon management software and so on. |
| wouldn't drive your car somewhere new without a | | | | I would never go into business without one. It doesn't |
| road directory, so avoid heading into uncharted financial | | | | make sense to stare risk in the eye without a plan of |
| territory without a business plan. | | | | action. It helps you set goals, determine the turnover |
| When I decided to open my first salon I was flat broke, | | | | necessary to make a profit, better understand financial |
| in debt and had nothing but a great business idea. The | | | | systems and procedures, assess your marketing |
| bank turned down my first loan application and, | | | | needs and establish operational strategies that get you |
| because my parents were far from wealthy, my | | | | where you want to go. |
| father approached his boss for a loan on my behalf. It | | | | At times, putting a business plan together can be the |
| was then, at the age of 20, that I learned the | | | | most annoying and frustrating activity you've ever |
| importance of a structured business plan. My father's | | | | undertaken. It will stretch your imagination and test your |
| boss made me put my idea down on paper. At the | | | | commitment and motivation. I'll warn you in advance, if |
| time I thought this was lame but, as it turned out, he did | | | | you don't feel fed up and frustrated at some stage of |
| me the biggest favour of all time. | | | | the process, then you're not going about it properly. If |
| To succeed in stating a salon, you need a PLAN. It's | | | | and when it happens, say to yourself: 'It's dangerous |
| your blueprint, a step-by-step guide to fully | | | | when things always go the way I want, because then |
| understanding everything it takes to put your business | | | | I'm not being challenged.' The upside is, you'll have to |
| together, track its growth and ensure its survival. Many | | | | take an objective look at your business concept, |
| stylist's and therapist's devote too much time to | | | | assess its (and your) strengths and weaknesses and |
| thinking about (and discussing) their amazing salon or | | | | recognise the challenges you're likely to face in the |
| spa concept, while too few bother with the formality | | | | future and might otherwise have overlooked! |
| of a business plan. | | | | Tip bit: |
| And a plan is absolutely vital if you're seeking finance. | | | | Don't employ someone to write your beauty salon plan' |
| No lender (repeat: NO lender) will give you money | | | | it's your vision, nobody knows it better than you, and |
| without evidence that you've done the research and | | | | preparing your plan will be a valuable learning |
| know what you're doing - and that's a carefully | | | | experience. This is not the time to be lazy. By all |
| constructed, well-written business plan. Lenders will | | | | means ask a coach or mentor to assist you, but only if |
| interpret your hair salon management skills first with a | | | | they have the necessary experience. |