Diversify Your Small Business: Beyond the Basics
When it comes to growing your small business, there are a few strategies to consider. You can create a targeted marketing plan, for example, or learn a different skill set to attract new clientele. But, perhaps one of the most effective strategies is diversification.
For chair or booth renters, diversifying can be a real power move that will launch your business into new & profitable territories.
In this article, we’ll provide 8 steps for how chair renters can diversify and transition their service offerings to move into your own location, build your clientele & make more money.
Step 1: Check Your Money Situation
It’s important to keep a close eye on your finances and understand your current financial situation. This includes knowing your credit score, savings and other assets that can be used for financing. Also, always keep track of your income & expenses and set aside funds for unexpected costs.
Step 2: Create a Business Plan
Develop a detailed business plan/strategy that outlines goals, services, marketing strategies, target market & projected income. This plan can help serve as a roadmap for business growth and success.
Step 3: Secure the Bag
Determine how much money you will need to start & run your salon. This could include costs for renting or purchasing a space, renovations, equipment, marketing, and initial operating expenses. You can explore options like personal savings, bank loans, grants, or finding investors.
Step 4: Find an Ideal Spot
Research potential locations for your salon. Consider factors like foot traffic, competition, and the preferences of your target market. You might also want to consider an area where there's demand for the additional services you plan to offer. For example, opening a nail/lash bar near a hair salon would be a prime spot to set up shop because of the type of patrons & audience you’re trying to attract. An ideal option for a small business owner is renting a salon suite, like the ones that Salons by JC offer. They’re committed to helping you provide an exceptional client experience at every touchpoint, which lends itself to your retention & overall success. Click here to learn more about suite options!
Step 5: Get Official
Register your business, obtain any necessary licenses/permits, and insurance. Consult legal and financial experts to ensure you are complying with all local and state regulations.
Step 6: Make it Your Space
Depending on your chosen location, you may need to renovate or design your salon space. Invest in high-quality salon equipment & supplies needed for your services and create an atmosphere that has an inviting vibe. It should also be an environment that is aesthetically pleasing and is in alignment with your brand.
Step 7: Diversify Your Services
Since you’re looking to diversify your business, consider expanding your services beyond haircare. You could offer nail services, lash extensions, and start to sell beauty products. This can attract a wider range of customers and increase revenue streams.
Step 8: Be a Showoff
Develop a comprehensive marketing strategy to promote your new services and products. Utilize both online & offline marketing channels, including social media, a professional website, local advertising, and partnerships with complementary businesses.
Going from being a salon chair renter to owning your own salon business through diversification involves careful planning, financial management, and business development. Having a capable business management tool, like Vagaro, can help as it provides a full suite (see what we did there?) of features that support every step of your business journey.
You don’t have to go it alone. By choosing wisely and teaming up with others who care about your success, like Salons by JC & Vagaro, you can stay focused on delivering the best value to your clients while building a successful & thriving business. Reach out today!