Skilled management and stylists with extensive industry experience.
Central New York, attracting a diverse clientele.
As a small business aspiring to make a big impact, Curl Me Crazy is organized in a streamlined hierarchy that encourages both individual accountability and collaborative teamwork. At the top is Alex Taylor, the owner and manager, whose vision and tenacity guide all aspects of the business. With a decade of experience in hairstyling and a certification in business management, Alex is instrumental in navigating the industry trends, financial management, customer service, and the overall running of the salon. Supporting Alex is Assistant Manager, Jamie Lee. With five years of salon experience, Jamie's role involves overseeing day-to-day operations, scheduling, and client relationship management. The salon also has a lead stylist, Chris Morgan, who brings creative flair with his distinguished hair designs and eight years of industry experience.
Curl Me Crazy currently operates with a team of ten individuals, including the management. The staffing needs are slated to grow as the business expands. We envision hiring three more full-time stylists, a full-time receptionist, and two part-time assistants by the end of year two. All future hires will be local to minimize commute times and to support the local economy.
The company operates with a robust human resources policy that encompasses competitive compensation, clear protocols for performance reviews, open communications, and opportunities for career development. We strive to create a positive work environment that values mutual respect, diversity, and an enduring commitment to our clients' satisfaction. Our practices abide by all employment laws and regulations, ensuring an equitable work environment.
At present, Curl Me Crazy does not engage external advisors or consultants. However, we continue to reassess this as we grow. We consider the integration of an Advisory Board consisting of experienced individuals from different industry backgrounds for strategic guidance, is a long-term possibility.
In conclusion, Curl Me Crazy leverages a focused organizational structure that's calibrated for efficiency, success, and growth. Backed by a dedicated team, clear HR policies, and a commitment to hiring local talent, we are confident to meet the set business targets and emerge as a popular name in the salon industry.
Curl Me Crazy is a forward-thinking hair salon business strategically situated in the heart of New York. Our services primarily include customized haircuts, bespoke coloring services, advanced hairstyling as per the latest trends, and a variety of hair care products. We specialize in delivering personal attention to each client and working with them to create a unique hairstyle that aligns with their personal style and needs.
Our competitive edge in the market stems from the exceptional array of innovative services we offer, coupled with our high-level skills and meaningful client-stylist relationships. Unlike many of our competitors, every client at Curl Me Crazy receives a detailed consultation before any services are performed. This consultation, during which stylists understand client's lifestyle, hair texture, faces structure, and personal style, helps us create customized, flattering looks that can be easily recreated by clients at home.
Curl Me Crazy is currently in its first year of operations but has shown promising growth thus far. Backed by a solid business plan and a feasible financial model, we aim to break even by the end of the first year and gradually increase our revenue by 15-20% per year over the next three years.
Regarding intellectual property, we have registered the salon’s brand name – "Curl Me Crazy" - as a trademark to protect it from unauthorized use. We also respect copyright laws and use only licensed or custom-created music in our salon.
The production process for our hair services can be divided into four main stages: consultation, recommendation, execution, and homecare advice. Each stage is meticulously carried out by our certified and experienced stylists who strive to exceed client expectations.
At Curl Me Crazy, we recognize the importance of using high-quality professional hair care products to deliver brilliant results. We source our products from reliable suppliers who offer eco-friendly and cruelty-free products. We have established relationships with three main suppliers - L'Oréal Professionnel , Redken, and Aveda - to ensure a consistent supply of the highest quality hair care products.
In conclusion, Curl Me Crazy is a dedicated hair salon business with a focus on building a reputation as the destination for personalized and creative hair care services. With our defined path for growth and commitment to service excellence, we are geared up to make a difference in the hair salon industry.
Marketing Strategy
Riding on the back of digital advertising, Curl Me Crazy will deploy a well-strategized digital marketing campaign majorly on Instagram and Facebook due to their wide user-base and marketplace feature. These platforms will be utilized for showcasing our work, including before and after transformations, tutorials, products, and reviews.
Sales Strategy
Our sales strategy is centered on relationship marketing. We will nurture strong relationships with our customers by understanding their preferences and delivering personalized service each time they visit our center.
To guide this process, we are investing in the deployment of a Customer Relationship Management (CRM) system for managing appointments, custodial of customer records and preferences, recall mechanism, and tracking client visit frequency.
Training would be provided for all staff members to comprehend our personalized approach towards sales and ensure uniformity across the team.
Pricing Strategy
Our pricing will be positioned at a medium-high level. We will aim to deliver a premium service experience, maintaining quality at all times to match our pricing. To ensure our services are accessible to varied customers, we will also introduce various bundles and packages, which will offer cost savings to the customers.
Distribution Channels
The primary distribution channel for our service delivery will be our salon. In addition to walk-in customers, we will offer an online appointment feature on our webpage and app. We will also explore partnerships with other beauty service apps, extending our reach.
Promotion and Advertising
Initial promotional activities will be concentrated on drawing customers to our salon. We will offer a 20% discount for first-time customers and a referral program that provides a 10% discount if an existing customer refers a new one. Advertising would be carried out through local newspapers, digital platforms, and billboard promotions.
Customer Service Policies
We operate on a 'Customer First' principle. Our front desk will be trained to address customer needs proactively and promptly. For any service-related complaints, we will offer a free corrective service or a service voucher as a remedy. We will also solicit customer feedback after each appointment to understand opportunities for improvement. Our aim is to drive customer satisfaction, retention, and word-of-mouth referrals.
Curl Me Crazy is poised to disrupt the hair salon industry by seamlessly blending high-quality, personalized services with an innovative operational workflow. Our primary objective is to offer trendy, creative hairstyles for young adults and professionals in a welcoming, relaxed, and efficiently run environment.
In conclusion, Curl Me Crazy's solid operations plan is designed to facilitate smooth daily operations and exceptional customer satisfaction, spelling out sure success for the salon in the challenging hair industry.
At Curl Me Crazy, financial integrity is as important as the creative hairstyles we conjure. This section will outline our financial projections, including sales forecast, profit and loss projection, cash flow forecast, balance sheet projection, break-even analysis, and key financial assumptions.
In conclusion, with the projected revenue growth and controlled operational costs, Curl Me Crazy is all set to carve a space for itself in the competitive hair salon market while maintaining financial sustainability.
Curl Me Crazy anticipates several potential risks in its journey to being an accomplished hair salon business. However, we also have several mitigation strategies and contingency plans developed to navigate them successfully.
Understanding that risks are inevitable, Curl Me Crazy has in place a robust contingency plan covering all facets of our business. We will establish an emergency fund to cushion against unexpected fiscal challenges, stay connected with the up-to-the-minute industry trends and pivots to keep our business relevant, and most importantly, keep our business model flexible and adaptable based on evolving circumstances.
Our insurance forecast includes extensive coverages that include liability insurance, covering bodily injuries or property damage, workers' compensation insurance to cover medical treatment and disability in case of an employee injury, and property insurance to cover any damage to our business property, lastly, business interruption insurance to cover lost income and continue operating expenses in the event of a disaster causing business disruption.
In the legal area, we will engage with a law firm to guide on all legal compliances required for our salon business. Legal considerations include complying with health and safety laws, employment laws, licensing laws, and applicable tax laws.
In conclusion, while risks are an integral part and parcel of any business, Curl Me Crazy is committed to effectively managing and mitigating any potential pitfalls that may arise along our path. Our comprehensive risk analysis, best practice mitigation strategies, contingency plans, and an all-embracing insurance cover ensure that we stand resilient in the face of any challenge.
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 5,000 entrepreneurs and salon owners create business plans to start and grow their hair salons. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a hair salon business plan template step-by-step so you can create your plan today.
Download our Ultimate Salon Business Plan Template here >
A successful salon business plan provides a snapshot of your salon as it stands today, and lays out your growth plan for the next five years. It explains your business objectives and goals as the salon owner and your strategy for reaching them. It also requires you to conduct market research to support your plans. Your business plan is the roadmap to your salon’s success and growth.
If you’re looking to start a salon or grow your existing salon you need a business plan. A successful business plan will help you raise funding, if needed, and plan out the salon’s growth in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.
With regards to funding, the main sources of funding for a salon business include bank loans and angel investors. With regards to bank loans, lending institutions will want to review your salon business plan and gain confidence that you will be able to repay your business loan payments including interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional business plan. Such a plan will give them the confidence that you can successfully and professionally operate a salon business.
The second most common form of funding for a salon is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan.
How to write a business plan for your salon.
A hair salon business plan outline should include the 10 sections as follows:
Company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.
Your executive summary details an introduction to your salon business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of hair salon you are operating and the status; for example, are you a startup, do you have a hair salon with existing clients and revenues that you would like to grow, or are you operating a chain of hair salons.
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the hair salon industry. Discuss the type of hair salon you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your hair salon’s marketing strategies. Identify the key members of your team. And offer an overview of your financial plan.
In your company description, you will detail the type of hair salon you are operating.
For example, you might operate one of the following types:
In addition to explaining the type of hair salon you operate, the Company Analysis section of your business plan needs to provide background on your business.
Include answers to question such as:
In your industry analysis, you need to provide an overview of the hair salon business.
While this may seem unnecessary, it serves multiple purposes.
First, researching the hair salon industry educates you. It helps you understand the market in which you are operating.
Secondly, a thorough market analysis can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards a new type of hair or hair service, it would be helpful to ensure your plan included offering such services.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the hair salon industry research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your hair salon business plan:
The customer analysis section of your hair salon plan must detail the local clients you serve and/or expect to serve.
The following are examples of customer segments: college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of hair salon you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing efforts than teens.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most salons primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
Don’t you wish there was a faster, easier way to finish your hair salon business plan?
With Growthink’s Ultimate Salon Business Plan Template you can finish your plan in just 8 hours or less!
Your competitive analysis should identify your indirect and direct competitors and then focus on the latter.
Direct competitors are other hair salons in the local community.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes other local businesses that sell products such as hair dye, hair treatments, or styling products. You need to mention such competition to show you understand that not everyone in your target market frequents a hair salon on a regular basis or at all.
With regards to direct competition, you want to detail the other local businesses with which you compete. Most likely, your direct competitors will be hair salons located close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to stand outside your competitors’ locations and ask customers as they leave what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a hair salon business plan, your marketing plan should include the following:
In the product section you should reiterate the type of hair salon that you documented in your Company Analysis. Then, detail the specific hair services you will be offering.
Document your pricing strategy and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the service menu you will offer and their prices.
Place refers to the location of your hair salon. Document your location and mention how the location will impact your success. For example, is your hair salon located next to a heavily populated office building, or gym, etc. Discuss how your location might provide a steady stream of new clients.
Here you will document how you will drive new clients to your location(s) and the loyalty programs you will implement to keep your loyal clientele. The following are some promotional methods you might consider:
Also think about your hair salon’s Unique Selling Proposition (USP), which should answer why customers should choose your salon over others. Make sure your USP is reflected in your marketing.
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your hair salon such as serving customers, inventory management, keeping the hair salon clean, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new salon.
To demonstrate your hair salon’s ability to succeed as a business, a strong salon management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in the hair salon business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in salons and/or successfully running retail and small businesses.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 20 customers per day or 50? Will your average price point be $50 or $100? How much revenue do you expect to make each year? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your hair salon, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most salon owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a massive $100,000 hair salon contract to provide hair salon services to their employees. Let’s assume the contract would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for supplies, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180 day period, you could run out of money.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a hair salon:
Financial planning is about getting the numbers right to create a compelling and valuable hair salon business plan and, therefore, increases the chances of a successful launch of your new salon. The “right” type of numbers depends on who you are targeting the plan at. Consider the different needs of investors and lenders and what they want out of the financial section of your business plan.
The numbers that investors want to see are realistic, but conservative, projections that still show a return that they feel is required by the level of risk they will take on by investing and by the opportunities to use their money elsewhere that they will give up (their opportunity risk). You lower the risk that investors feel they are taking on by showing proof of the management team’s experience, well-thought out marketing and operations plans, a quantifiable customer target market with demonstrated needs that the products and services of your salon will fulfill, and a competitive landscape which presents an opportunity for your business to steal some market share from the current players. Within the financial section, you support this lower risk by explaining your future revenue assumptions in a way that shows a gradual build up to profitability and a rationale for how the number of customers you expect is reasonable.
For some businesses, the return required by investors is only fully realized in the event of the sale of the business. However, an investor in a salon with modest dreams of being a local leader and an ongoing concern may show significant investor return through dividends paid out as the cash becomes available. For most investors, the return must be significantly greater than that of a safe investment like certificates of deposit or treasury bonds or mutual funds. Investors personally interested in your success (like family or friends) may not require as high of a annual return, while professional investors will be serious about a high return.
Lenders are most interested in the safe return of their principal with interest over time, and will not care so much about the absolute value of the company, beyond the value of its assets which can be seized and liquidated in the case of a loan default. To show lenders the numbers they want to see, the financial plan shows the business becoming cash flow positive relatively quickly to allow for these payments to begin, and for this situation to continue throughout the years after that point. Lenders will be interested in the value of assets that are being purchased (such as equipment, salon inventory, and real estate) and cautious lenders will want these assets to act as collateral and to limit their loan to this amount, unless personal assets are also offered as collateral. Lenders will share many of the same concerns as investors – that the rest of the plan is well-thought out, that financial assumptions are reasonable and conservative, and that the management team has the experience to lead.
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your hair salon’s design blueprint or location lease.
You can download our hair salon business plan pdf . Our sample hair salon business plan would also be a helpful resource for writing your own business plan.
Putting together a business plan for your hair salon will improve your company’s chances of success. The process of developing your plan will help you better understand your local market, your competition, and your customers. You will also gain a marketing strategy to better attract and serve customers, an operations plan to focus your efforts, and financial projections that give you business goals to strive for and keep your company focused.
Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.
Click here to see how our professional business plan consultants can create your business plan for you.
Expert business plan and financial models
Creating a comprehensive business plan is crucial for launching and running a successful beauty salon. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your salon’s identity, navigate the competitive market, and secure funding for growth.
This article not only breaks down the critical components of a beauty salon business plan, but also provides an example of a business plan to help you craft your own.
Whether you’re an experienced entrepreneur or new to the beauty industry, this guide, complete with a business plan example, lays the groundwork for turning your beauty salon concept into reality. Let’s dive in!
Our beauty salon business plan is designed with clarity and thoroughness, addressing all crucial aspects needed for a comprehensive business plan. It details the salon’s operations, strategic approach, market environment, competitive landscape, management team, and financial projections.
Fully editable 30+ slides Powerpoint presentation business plan template.
Download an expert-built 30+ slides Powerpoint business plan template
The Executive Summary serves as an introduction to your beauty salon’s business plan, providing a succinct overview of your salon and the variety of beauty services it offers. This section should outline your salon’s market positioning, the comprehensive range of beauty treatments and services provided, its location, size, and a brief on operational practices.
Additionally, this section should assess how your beauty salon positions itself within the local market. It should enumerate the number of direct competitors in the vicinity, identify these competitors, and emphasize your salon’s unique selling points that set it apart.
It’s also essential to include details about the management and co-founding team, specifying their roles and how they contribute to the salon’s operational and strategic goals. Lastly, a summary of the financial projections, highlighting expected revenue and profit margins over a 5-year period, should be incorporated to outline the financial plan of your beauty salon.
A concise and informative business overview is pivotal. It introduces essential details like the salon’s name, location, and a snapshot of its daily operations.
These details set the stage for your salon, framing its unique characteristics. A unique selling proposition (USP) distinguishes your salon. Whether focusing on premium organic products, specialized skincare treatments, or personalized client experiences, the USP should stand out in your executive summary, encapsulating your salon’s unique value proposition .
Example: In the US beauty salon industry valued at $57 billion, experiencing a 7.0% CAGR, “Radiance Beauty Haven,” located in the heart of Vibrant City Heights, occupies a spacious 2,500 square feet area on Oak Street. We specialize in a myriad of premium beauty services, including haircare, skincare, nail artistry, makeup, and spa therapies. Our USP lies in providing customized beauty solutions with a focus on organic, cruelty-free products, offering clients a holistic and rejuvenating experience.
Understanding the market size , growth trends, and industry dynamics is crucial. This section should highlight the potential of the local beauty and wellness market, supported by relevant data such as market value and growth rates. Discussing trends, such as the rising demand for natural beauty products or holistic wellness therapies, sheds light on the evolving landscape and your salon’s positioning within it.
Equally important is outlining the competitive landscape. Identify key competitors and elucidate how your salon distinguishes itself within this framework. Whether through specialized services, exceptional customer care, or innovative beauty techniques, this section showcases how your salon stands out amidst the competition.
Example: In the local beauty and wellness market of Vibrant City Heights, valued at $8 million annually with a 10% growth rate, Radiance Beauty Haven stands out by emphasizing organic, cruelty-free beauty products and personalized wellness experiences. Amidst competition, our commitment to holistic beauty practices positions us as the preferred choice for clients seeking a revitalizing and natural approach to beauty care.
The expertise and background of your management team are significant assets. Highlight the qualifications and experiences of key team members in your executive summary.
This could include your salon manager’s extensive experience in beauty service management or your marketing director’s specialized skills in client engagement. Demonstrating the team’s proficiency builds credibility and assures potential investors and partners of your salon’s capacity for success.
Example: At Radiance Beauty Haven, Emma Johnson, with a decade of experience in beauty service management and business development, leads the team. Supported by a roster of skilled beauty professionals and wellness experts, each dedicated to curating luxurious and personalized client experiences, the salon promises expertise and excellence in every service.
A concise overview of your financial goals and projections is crucial. Summarize revenue targets, profit margins, and anticipated growth trajectories, offering a clear picture of your salon’s financial trajectory.
Example: Radiance Beauty Haven aims for a projected revenue of $700,000 within its first year, targeting a 20% net profit margin. Investment in premium beauty equipment and a strategic focus on personalized client experiences, complemented by a robust marketing strategy aimed at wellness enthusiasts, drive anticipated growth and profitability within the local market.
For a Beauty Salon, the Business Overview section is structured into 2 slides:
Illustrate the ambiance and layout of your beauty salon, highlighting features that create a welcoming and luxurious experience for clients. Discuss the salon’s strategic location, emphasizing how its accessibility and the surrounding area contribute to attracting your target market . Mention the benefits of your chosen location, such as high foot traffic or nearby complementary businesses.
Explain the variety of beauty treatments and services your salon offers, including facials, manicures/pedicures, makeup, waxing, and more specialized services. Provide an overview of your pricing structure , showing how it aligns with the quality of services and the expectations of your clientele. Also, introduce any special offers, memberships, or loyalty programs designed to retain customers and enhance their experience at your salon.
In the Market Overview of your beauty salon business plan, initially address the overall size of the beauty salon industry and its prospects for growth. This provides a foundational understanding of the market’s scale and potential for expansion.
Next, explore recent trends within the industry, such as the increasing consumer preference for holistic beauty treatments, the demand for eco-friendly and natural beauty products, and the rise of personalized beauty services. For example, point out the growing popularity of bespoke skincare routines and treatments that cater to individual skin concerns, as well as the shift towards sustainable practices in beauty care.
A competitive analysis is not just a tool for gauging the position of your beauty salon in the market and its key competitors; it’s also a fundamental component of your business plan.
This analysis helps in identifying your beauty salon’s unique selling points, essential for differentiating your business in a competitive market.
In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.
The initial phase involves identifying and mapping out competitors within the vicinity of your beauty salon. Consider various establishments, such as hair salons, spas, nail studios, and wellness centers, as your primary competitors. For instance, if your salon specializes in organic skincare treatments, your direct competitors might include nearby spas known for their natural therapies, as well as upscale salons offering similar services. Additionally, explore indirect competitors such as makeup stores or mobile beauty services that might cater to overlapping clientele.
Utilize online tools like Google Maps, Yelp, or social media platforms to gain insights into competitor distribution and customer reviews. Reviews often provide valuable information about competitors’ strengths and weaknesses . For instance, if several reviews highlight the exceptional customer service and expertise at “Glow Spa & Beauty,” this signifies a key strength of your competitor, influencing customer preferences.
Analyzing competitors’ strategies encompasses various dimensions:
Define your beauty salon’s unique value proposition . It could be specializing in bespoke bridal makeovers, offering exclusive organic hair treatments, or providing niche services like permanent makeup artistry that distinguish your salon.
Identify gaps in the market through client feedback and industry trends. For instance, an increasing demand for sustainable beauty products might present an opportunity if competitors are yet to cater extensively to eco-conscious consumers.
Tailor your salon’s offerings and ambiance according to your location. A salon situated in a cosmopolitan area might focus on avant-garde trends and express services. At the same time, one in a suburban locale might emphasize a relaxing, family-friendly environment to cater to a different demographic.
First, undertake a SWOT analysis for the beauty salon, identifying Strengths (such as a diverse range of beauty treatments and experienced beauticians), Weaknesses (like substantial ongoing costs or intense local competition), Opportunities (for instance, an increasing interest in self-care and beauty services), and Threats (such as economic downturns impacting discretionary spending).
Next, craft a marketing strategy that describes ways to attract and retain customers through targeted advertising, special introductory offers, active engagement on social media platforms, and participation in community events.
These channels are vital for building brand awareness and engaging potential clients.
In addition to marketing, various sales strategies can enhance customer satisfaction and maximize revenue for a beauty salon.
Finally, map out a comprehensive timeline that highlights essential milestones for the beauty salon’s launch, promotional campaigns, customer growth, and plans for scaling the business, ensuring that the salon advances with strategic intent and defined objectives.
The Management section focuses on the beauty salon’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the salon towards its financial and operational goals.
For your beauty salon business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.
The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your beauty salon’s approach to securing funding, managing cash flow, and achieving breakeven.
This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.
For your beauty salon business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).
Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds
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A great business plan is essential for any successful business. Whether you're launching a new venture or growing an existing one, having a well-thought-out plan gives you the roadmap and clarity to make smart decisions.
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Written by Dave Lavinsky
You’ve come to the right place to create your beauty salon business plan.
We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their beauty salons.
Below is a salon business plan example to help you create your own beauty salon business plan.
Business overview.
Major Lengths Beauty Salon is a newly established hair and beauty bar located in Glendale, Arizona that is founded by Jenna Diaz, a local hair stylist and aesthetician that has worked in the industry for over 15 years. Jenna’s knowledge in hair, nail, and facial trends have made her a popular stylist in the community. As her client list continues to grow, Jenna realizes that it’s time for her to open up her own salon.
Major Lengths Beauty Salon will be located in Glendale’s upscale district in a 5,000 square foot retail space. The area is highly trafficked with middle to high income residents who spend on luxury items such as cars, clothes, jewelry.
The beauty salon will offer haircuts and treatments, facials, manicures, and pedicures. Major Lengths will also carry a large selection of hair and beauty products that will be available for purchase. Jenna will have a loyalty program where the top clients will receive discounts on their service as a thank you for remaining loyal and referring other potential clients to the salon.
The following are the services that Major Lengths Beauty Salon will provide:
Major Lengths Beauty Salon will target the male and female adult population of Glendale, although the majority of clientele will be women. They will be middle to high income and working in a variety of industries, such as medical, legal, business, education, or other white collar professions. The salon will target stay at home mothers as well who enjoy a day of pampering.
Major Lengths Beauty Salon will be owned and operated by Jenna Diaz, a local Arizona hair stylist and aesthetician. Her years of experience and in the industry have allowed her to meet the following talented individuals.
Jenna has recruited a talented nail technician and aesthetician from her previous salon to join her at Major Lengths. Jenna regards them as the best in the industry and knows that their quality of work is up to her high standards. They also have a loyal and large list of clients that will likely follow them to the new salon.
While the three of them will be in charge of their respective department, Jenna will be the head manager to oversee the entire operation of the beauty salon.
Major Lengths Beauty Salon will be able to achieve success by offering the following competitive advantages:
Major Lengths Beauty Salon is seeking $100,000 in debt financing to open the beauty salon. The funding will be dedicated towards securing the retail space and purchasing the salon furniture, equipment, decorations, opening inventory, and working capital. The breakout of the funding is below:
The following graph below outlines the pro forma financial projections for Major Lengths Beauty Salon.
Who is major lengths beauty salon.
Major Lengths Beauty Salon is a newly established hair and beauty bar located in Glendale, Arizona. The company is founded by Jenna Diaz, a local hair stylist and aesthetician that has dedicated her career to making women look and feel their best. Throughout her years in the beauty industry, Jenna gained extensive knowledge in hair, nail, and facial trends as well as how to give exceptional customer service to all of her clients. Jenna realizes that men and women invest a lot of time and money into their appearance and she takes extra care to ensure her clients not only feel special, but walk away with their desired result.
Major Lengths Beauty Salon will be located in Glendale’s upscale district in a 5,000 square foot retail space. The area is highly trafficked with middle to high income residents who spend on luxury items such as cars, clothes, jewelry. Some of Arizona’s most expensive homes are within a 15-mile radius from the location. The salon will be decorated with a contemporary style, have modern furnishings, and include a welcoming waiting and reception area, large hair styling room, and separate areas for facials and nail services.
Major Lengths is owned and operated by Jenna Diaz, a local hair stylist and aesthetician who has made her career working in the beauty industry for the past 15 years in Glendale. She has gained extensive knowledge through her continuing education and industry seminars. Jenna has a long list of loyal clientele who will follow her to her new salon. Aside from her beauty salon knowledge and expertise, Jenna has taken local business courses to learn salon management and leading a small team of stylists, manicurists, and aestheticians.
Since incorporation, Major Lengths Beauty Salon has achieved the following milestones:
The following will be the services Major Lengths Beauty Salon will provide:
The Beauty Salon industry is expected to increase in size by 2.5% over the next five years. Demand for industry services mirrors broader economic performance, as economic growth boosts consumer spending on personal care products and services. Specifically, new products and services have favorably contributed to industry revenue growth over the majority of the past five years.
Online platforms such as Instagram and Facebook have provided a convenient and low-cost marketing strategy for many stylists and technicians to garner new clientele. Higher service prices and increased consumer spending on high-margin merchandise and services have also fueled revenue growth, as operators capitalize on rising per capita disposable income. Continued growth in household income over the outlook period is expected to drive consumer spending and boost demand for premium personal care services. Moreover, equipped with larger budgets, consumers will likely continue to favor professional salon products and services, such as hair coloring services, over less expensive alternatives sold at drugstores and supermarkets. Environmental sustainability concerns are expected to become more prevalent over the next five years, leading salons to offer a wider array of eco-friendly products that appeal to trending consumer preferences. Specifically, nontoxic products will likely benefit industry revenue, staff and patrons. This growing niche will likely drive hair salon revenue over the coming years.
Demographic profile of target market.
The precise demographics for Glendale, Arizona are:
Total Population | 130,250 |
---|---|
Male | 51.40% |
Female | 48.60% |
15 to 19 years | 10.60% |
20 to 24 years | 16.30% |
25 to 29 years | 21.90% |
30 to 34 years | 25.40% |
Household Income $50,000 to $74,999 | 3.50% |
Household Income $75,000 to $99,999 | 11.50% |
Household Income $100,000 to $124,999 | 17.40% |
Household Income $125,000 to $149,999 | 20.50% |
Household Income $150,000 to $199,999 | 21.60% |
Household Income $200,000 or more | 25.50% |
Major Lengths Beauty Salon will primarily target the following customer profiles:
Direct and indirect competitors.
Major Lengths Beauty Salon will face competition from other companies with similar business profiles. A description of each competitor company is below.
Hair Xtreme is located on the west side of Glendale and is owned by a local hair stylist with over 30 years of experience. Hair Xtreme specializes in haircuts and hair coloring services as well as hair color correction. The owner is also certified in Balayage highlighting by the prestigious L’oreal SOHO Academy. Hair Xtreme Beauty Salon was established to create a higher level of service in the Glendale community and has amassed a large clientele. The salon is regarded as the go-to salon for anyone looking for extreme color or haircut transformation. The pricing of services are on the higher end of the spectrum and caters to the community in the middle to higher income range.
Hair Xtreme Beauty Salon’s full list of services include haircuts, balayage, ombre, highlights, color retouch, hair treatments, and special occasion styles. The salon is open Tuesday through Saturday and is by appointment only.
The Complete Package is not only a hair and nail salon in Glendale, but also provides massage treatment, eyelash extensions, and body treatments. The salon is moderately priced and leans to be more affordable to target the population who doesn’t spend lavishly on beauty services, but also occasionally like to get pampered. Owned and operated by a mother and daughter team of hair stylists, The Complete Package is located in a small retail shopping center in the middle of the city. The salon has been in operation for over 20 years and was founded by Kate Beneducci. She was able to bring The Complete Package into operation due to her experience and background in cosmetics, marketing, and management. Every single stylist is a certified cosmetologist and are all required to attend a mandatory training every year to learn the latest techniques.
The Complete Package’s full list of salon services include hair, makeup, eyelash extensions, and nails. The full list of spa services include waxing, facials, microdermabrasion, massage, and body treatments. The salon regularly posts promotions to increase customer loyalty. The Complete Package is open daily by appointment and is able to take walk-ins Friday through Sunday.
Fringe Beauty Salon and Spa is located on the west side of Glendale, Arizona and was established in 2013 as a premier beauty salon. Fringe caters to the higher income clientele and their pricing is the most expensive in town. The owner relocated to Glendale to start her own beauty salon after working in the beauty industry in New York and Los Angeles for many years. She did hair and salon services for many celebrities and has been known to be the stylist for awards shows such as the Emmys and Oscars.
As a Glendale native, she relocated to her hometown to provide a higher quality of salon services to the community. The full list of services for Fringe Beauty Salon include haircuts, hair treatments, hair color, balayage, ombre, special occasion, manicures, pedicures, massage, facials, eyelash extensions, waxing, and makeup.
With a luxury atmosphere and relaxing spa environment, Fringe Beauty Salon and Spa is frequently booked for those wanting a full day of pampering.
Major Lengths Beauty Salon will be able to offer the following advantages over their competition:
Brand & value proposition.
Major Lengths Beauty Salon will offer the unique value proposition to its clientele:
The promotions strategy for Major Lengths Beauty Salon is as follows:
Website/SEO Marketing
Major Lengths Beauty Salon has hired an advertising firm to develop their branding image and logo. They will also develop the hair salon’s website. The website will include a full list of services, pricing, and pictures. The advertising company will also manage the company’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Glendale beauty salon” or “beauty salon near me”, Major Lengths Beauty Salon will be listed at the top of the search results.
Word of Mouth/Referrals
Jenna Diaz has a long list of loyal clients that have been with her for decades. They will follow her to the new salon and will receive additional clients from their referrals.
Social Media
Once the branding and logo is finalized, Jenna will use social media to her advantage and create social media business pages on all of the popular social media platforms. She will commit to posting daily to increase the list of followers and use it to regularly engage with customers.
Print Advertising
Major Lengths Beauty Salon will invest in professionally designed print ads to display in local magazines and hand out flyers to local businesses.
The pricing of Major Lengths Beauty Salon will be moderate and on par with competitors so customers feel they receive value when purchasing their salon services.
The following will be the operations plan for Major Lengths Beauty Salon.
Operation Functions:
Major Lengths Beauty Salon will have the following milestones complete in the next six months.
8/1/202X – Finalize retail space for beauty salon
8/15/202X – Begin build-out of beauty salon to include stylist stations, facial and massage rooms, and nail service area
9/1/202X – Order opening inventory
9/15/202X – Begin marketing campaign
9/22/202X – Hire staff of hair stylists, nail technicians, massage therapists, and aestheticians
10/1/202X – Major Lengths Beauty Salon Grand Opening Event
Major Lengths Beauty Salon will be owned and operated by Jenna Diaz, a local Arizona hair stylist and aesthetician. Jenna has made an impressive career helping women achieve their desired look and feel. As an Arizona native, Jenna has attended the local beauty college and attends industry trade shows and training seminars annually. She has amassed a large and loyal clientele and has even done hair treatments, cuts, and facials for local celebrities and sports personalities. Jenna is committed to establishing a beauty salon in her hometown of Glendale and making it a place where the women and men flock to when they want the latest hairstyle, manicure, or facial.
While the three of them will be in charge of their respective department, Jenna will be the head manager to oversee the entire operation of the beauty salon. She will also outsource a third party insurance company, CPA, and attorney to take care of her insurance, legal obligations, and tax filings. Jenna will also employ a part time bookkeeper to handle her day to day accounting and payroll of staff.
Key revenue & costs.
The revenue drivers for Major Lengths Beauty Salon are the sales from hair services, nail services, massages and facials.
The cost drivers will be the overhead costs required to staff the beauty salon. The expenses will be the payroll cost, rent, utilities, salon inventory, and marketing materials.
Major Lengths Beauty Salon is seeking $100,000 in debt financing to open the beauty salon. The funding will be dedicated towards securing the retail space and purchasing the salon furniture, equipment, decorations, opening inventory, and working capital. Jenna will need to allocate funds for the first three months of payroll and operating expenses as well as spend approximately on branding and marketing. The breakout of the funding is below:
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
Income statement.
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
Expenses & Costs | ||||||
Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
LIABILITIES & EQUITY | ||||||
Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | ||||||
Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
CASH FLOW FROM INVESTMENTS | ||||||
Investment | ($180,950) | $0 | $0 | $0 | $0 | |
Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
CASH FLOW FROM FINANCING | ||||||
Cash from equity | $0 | $0 | $0 | $0 | $0 | |
Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
What is a beauty salon business plan.
A beauty salon business plan is a plan to start and/or grow your beauty salon. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your beauty salon business plan using our Beauty Salon Business Plan Template here .
There are a number of different kinds of beauty salons, some examples include: Beauty salon focusing strictly on hair styling, beauty salon offering hair removal services, skin care services, nail services, tanning services, or massage services, and beauty salon offering products.
Beauty salons are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for a business plan for a beauty salon or a hair salon business plan.
If you’re looking to start a beauty salon business or grow your existing salon business, you need a business plan. A hair salon business plan template will help you raise funding, if needed, and plan out the growth of your beauty salon in order to improve your chances of success. Your salon business plan is a living document that should be updated annually as your company grows and changes.
You can download our free beauty salon business plan template PDF here . This is a sample beauty salon business plan template you can use in PDF format.
Our easy-to-use template is designed to help you create a professional and effective business plan for your salon. With a clear and simple format, you can create a solid plan to impress your lenders and other stakeholders!
Are you looking to start a salon business, but don't know where to begin? Look no further than our free salon business plan template. Our easy-to-use format is designed to help you create a professional and effective business plan in no time.
With our template, you can develop a detailed roadmap for success that will impress potential investors and stakeholders. The template includes sections for executive summary, market analysis, competitive analysis, marketing and sales strategies, and financial projections. Each section is clearly labeled and provides prompts and examples to guide you through the process.
Our salon business plan template is not only easy to use, but it is also customizable to your unique business needs. You can add or remove sections as needed and adjust the prompts to fit your specific business goals. With our template, you can create a personalized plan that aligns with your vision and sets you up for success.
In addition to the template itself, we also offer helpful resources to guide you through the planning process. Our website includes articles and guides on topics such as conducting market research, developing a marketing plan, and creating financial projections. With our comprehensive resources and customizable template, you'll have everything you need to create a successful salon business plan.
Don't let the idea of creating a business plan overwhelm you. Our salon business plan template makes the process simple and stress-free. With its clear and concise format and customizable prompts, you can create a professional and effective plan in no time. Download our free template today and get started on your journey to salon business success.
Q: Why do I need a salon business plan?
A: A salon business plan is essential to securing funding and setting yourself up for success. It provides a detailed roadmap for your business, outlines your financial projections, and helps you identify potential challenges and opportunities.
A: A salon business plan is a living document that should be referred to regularly as you work to grow your business. Use it to track your progress, adjust your strategies, and set new goals as you meet your previous ones. But the primary use of business plans are to outline your gameplan in order to earn the confidence of potential funders.
A: To make your salon business plan stand out, focus on providing clear and concise information, including market research, competitive analysis, and financial projections. Additionally, highlight what sets your salon apart from the competition and make sure to convey your passion and enthusiasm for the business.
A: Determining your financial projections requires a thorough understanding of your expenses and revenue potential. This may involve researching industry benchmarks, analyzing your market, and forecasting your sales and expenses over a certain period. You can use this salon financial projection template to make the process easy and accurate.
A: Yes, with the help of our salon business plan template, you can easily create a professional and effective plan on your own. Our template provides customizable prompts and examples to guide you through the process, and our website offers additional resources to support your planning efforts.
Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.
Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.
Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.
Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.
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Start your own hair and beauty salon business plan
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.
There is a need for a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at an acceptable price/value relationship.
We plan to supply services and products that enhance our clients’ physical appearance and mental relaxation.
We will be targeting male and female clients who are fashion conscious and have disposable income. Our clients are mostly women, but we will make sure to include men who fit the criteria as well
There are a number of salons like ours, but they are mainly in the very high income parts of MyTown and surrounding areas. We do not intend to compete with these so called “Day Spas.” We wish to offer a middle ground for those clients who can’t quite afford those high-end luxury salons.
Trend Setters will, upon commencement of operations, sell a wide range of beauty services and products. We will provide quality hair, nail, and skin services, along with top lines of beauty products. What will set Trend Setters apart from the competition is our commitment to providing all of these services in one convenient location.
The forecast shows small profits leveling out in the third year. We believe this is realistic, even conservative. Of course we will be watching actual results on a monthly basis, and revising the forecast as necessary.
Financing needed.
We plan on needing $60K owner’s investment and getting a $50K vendor financing to purchase equipment.
Starting costs include $50K cash cushion, $9K starting expenses before launch, and $53K tangible assets at launch.
Problem worth solving.
There is a demand for high fashion haircuts, manicures, and pedicures at reasonable prices. Men and women should not need to sacrifice their essentials to get a treatment that makes them feel good about themselves.
Trend Setters is a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at a reasonable price/value relationship. We will also maintain a friendly, fair, and creative work environment, which respects diversity, ideas, and hard work.
Market size & segments.
The market is our town, middle class, mostly women, so largely moms, working moms, and singles.
We’re not doing formal market research because we know this market pretty well and we’re comfortable with market prospects in our town. We’ve been in this business for decades now. If we execute right, our customers will come in as we bring in our beauticians and barbers.
We’re well aware of a lot of competition, existing salons, all over town. We are not going to try to compete with the expensive spa salons around, with visibly fancy locations; and we are going to look nicer and price above the less fashionable strip mall and in-home options.
We’re not pretending to be unique. We intend to bring in loyal customers because we are good people, easy to work with, good at what we do, friendly, and helpful.
Trend Setters wants to set itself apart from other beauty salons that may offer only one or two types of services. Having come from such a salon, Curley has realized, from talking with her clients, that they desire all of the services that we are proposing, but they remain frustrated because they must get their hair done at one place, and nails done at another. Although the focus of Trend Setters is hair services, we do wish to offer our clients the convenience of these other services in one location.
There are a number of salons like ours, but they are mainly in the very high-income parts of MyTown and surrounding areas. We do not intend to compete with these so-called "Day Spas." We wish to offer a middle ground for those clients who can’t quite afford those high-end luxury salons.
Our business atmosphere will be a relaxing one where clients can kick back and be pampered. Soft drinks will be offered to clients as they enter for service. Televisions will be located in the waiting and hair-drying area.
The keys to success in our business are:
Marketing plan.
We anticipate regular steady social media presence, in Facebook and Twitter. Our experience has shown that social media is the best advertising for this type of business. We will, however, run specials occasionally. We will also ask clients for social media referrals, and reward them with discounted or free services depending on the number of clients they bring. We will also offer discounts to the new clients who have been referred.
We expect income to increase steadily over the next three years, as the reputation of the salon, its stylists and services become apparent to the general public. Second year revenues also anticipate the addition of one new stylist.
The salon will be located in a retail strip mall at 1234 Stylish Road, MyTown. The salon will utilize 1,540 square feet. The location is strategically situated on one of the busiest streets in MyTown. It is a high profile area, with easy access from all parts of town.
Milestones table.
Milestone | Due Date | |
---|---|---|
Sept 14, 2018 | ||
Sept 24, 2018 | ||
Oct 01, 2018 | ||
Nov 12, 2018 | ||
Nov 30, 2018 |
The key metrics that will make this business a success is:
Curley Comb, co-owner with Roller Comb, Jr., co founded and co own this llc
Curley Comb, co-owner with Roller Comb, Jr., her husband, has worked in a prestigious, upscale salon in MyTown, Texas for the past two years. Curley has created a large client following through hard work and dedication. Curley, and her talented team of beauticians, has what it takes to make this venture an extremely successful one. We expect our growing reputation to lead to new clients and beauticians to support our anticipated growth.
FY2019 | FY2020 | FY2021 | |
---|---|---|---|
Stylist 1 | $52,242 | $54,000 | $54,000 |
Barber | $49,440 | $54,000 | $54,000 |
Stylist 2 (0.78) | $19,200 | $60,000 | $60,000 |
Owner | $60,000 | $75,000 | $93,750 |
Receptionist | $30,000 | $31,500 | $33,075 |
Totals | $210,882 | $274,500 | $294,825 |
Key assumptions.
Expenses by month, net profit (or loss) by year, use of funds.
We estimate initial purchase of $50,000 in equipment plus $1,000 for starting inventory and $2,000 for other current assets (supplies mostly) and $9,000 in initial loss for expenses incurred before launch. These include legal, location fix-up, early marketing expenses, branding, logo, and social media.
We also estimate needing $50,000 cash cushion when we start.
Total starting costs, therefore, are $9K in expenses plus $103,000 in assets including $53,000 tangible assets and $50,000 cash in the bank.
We anticipate $60,000 in owner investment from owner savings, which shows up as paid-in capital in the initial balance; plus a 5-year $50,000 vendor/manufacturer loan to finance initial equipment.
FY2019 | FY2020 | FY2021 | |
---|---|---|---|
Revenue | $336,570 | $427,600 | $437,600 |
Direct Costs | $146,214 | $200,400 | $200,400 |
Gross Margin | $190,356 | $227,200 | $237,200 |
Gross Margin % | 57% | 53% | 54% |
Operating Expenses | |||
Salaries & Wages | $90,000 | $106,500 | $126,825 |
Employee Related Expenses | $13,500 | $15,975 | $19,024 |
Rent | $18,000 | $30,000 | $33,000 |
Marketing | $6,731 | $8,552 | $8,752 |
Amortization of Other Current Assets | $0 | $0 | $0 |
Total Operating Expenses | $128,231 | $161,027 | $187,601 |
Operating Income | $62,124 | $66,173 | $49,600 |
Interest Incurred | $1,832 | $1,457 | $1,065 |
Depreciation and Amortization | $10,000 | $10,000 | $10,000 |
Gain or Loss from Sale of Assets | |||
Income Taxes | $5,029 | $5,472 | $3,853 |
Total Expenses | $291,307 | $378,355 | $402,920 |
Net Profit | $45,263 | $49,245 | $34,680 |
Net Profit/Sales | 13% | 12% | 8% |
Starting Balances | FY2019 | FY2020 | FY2021 | |
---|---|---|---|---|
Cash | $50,000 | $87,971 | $107,163 | $91,584 |
Accounts Receivable | $0 | $0 | $0 | |
Inventory | $1,000 | $1,000 | $1,000 | $1,000 |
Other Current Assets | $2,000 | $2,000 | $2,000 | $2,000 |
Total Current Assets | $53,000 | $90,971 | $110,163 | $94,584 |
Long-Term Assets | $50,000 | $50,000 | $50,000 | $50,000 |
Accumulated Depreciation | ($10,000) | ($20,000) | ($30,000) | |
Total Long-Term Assets | $50,000 | $40,000 | $30,000 | $20,000 |
Total Assets | $103,000 | $130,971 | $140,163 | $114,584 |
Accounts Payable | $2,000 | $1,395 | $1,906 | $2,040 |
Income Taxes Payable | $2,341 | $1,372 | $966 | |
Sales Taxes Payable | $192 | $192 | $192 | |
Short-Term Debt | $9,220 | $9,595 | $9,986 | $10,393 |
Prepaid Revenue | ||||
Total Current Liabilities | $11,220 | $13,523 | $13,457 | $13,591 |
Long-Term Debt | $40,780 | $31,185 | $21,198 | $10,805 |
Long-Term Liabilities | $40,780 | $31,185 | $21,198 | $10,805 |
Total Liabilities | $52,000 | $44,708 | $34,655 | $24,396 |
Paid-In Capital | $60,000 | $60,000 | $60,000 | $60,000 |
Retained Earnings | ($9,000) | ($19,000) | ($3,737) | ($4,492) |
Earnings | $45,263 | $49,244 | $34,681 | |
Total Owner’s Equity | $51,000 | $86,263 | $105,508 | $90,188 |
Total Liabilities & Equity | $103,000 | $130,971 | $140,163 | $114,584 |
FY2019 | FY2020 | FY2021 | |
---|---|---|---|
Net Cash Flow from Operations | |||
Net Profit | $45,263 | $49,245 | $34,680 |
Depreciation & Amortization | $10,000 | $10,000 | $10,000 |
Change in Accounts Receivable | $0 | $0 | $0 |
Change in Inventory | $0 | $0 | $0 |
Change in Accounts Payable | ($605) | $511 | $133 |
Change in Income Tax Payable | $2,341 | ($969) | ($406) |
Change in Sales Tax Payable | $192 | $0 | $0 |
Change in Prepaid Revenue | |||
Net Cash Flow from Operations | $57,191 | $58,787 | $44,408 |
Investing & Financing | |||
Assets Purchased or Sold | |||
Net Cash from Investing | |||
Investments Received | |||
Dividends & Distributions | ($10,000) | ($30,000) | ($50,000) |
Change in Short-Term Debt | $376 | $391 | $407 |
Change in Long-Term Debt | ($9,595) | ($9,986) | ($10,393) |
Net Cash from Financing | ($19,220) | ($39,595) | ($59,986) |
Cash at Beginning of Period | $50,000 | $87,971 | $107,163 |
Net Change in Cash | $37,971 | $19,191 | ($15,578) |
Cash at End of Period | $87,971 | $107,163 | $91,584 |
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Prepared by: [Sender.FirstName] [Sender.LastName] [Sender.Company]
Prepared for: [Client.FirstName] [Client.LastName] [Client.Company]
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In order to fulfill the vision in this salon business plan, we will require (amount) in capital which will be allocated roughly according to the following table:
Amount | Use of Capital |
---|---|
| |
| |
If our beauty salon is fully capitalized, we hope to be profitable by (time period).
[Sender.Company] will be owned and run by [Sender.FirstName] [Sender.LastName] in the (intended area of business operations). Our mission is to serve the (area) population with premium services including (for a hair salon, services could include cuts, colors, blowouts, styles, etc. but gear these services to the specific type of salon) and more. [Sender.Company] is seeking funding in order to (describe the purpose of desired funds i.e. build or rent a facility, buy salon equipment, hire staff, etc.).
Target market.
Our clientele is made up largely of (families, working professionals, high-income households, etc.) and we intend to cater to this market by (write down the specific strategies geared towards this target market).
Our competition is made up of minimal/many salon businesses with the most significant competitors including (names of main competitors) . We plan to win customers from our competitors by offering (describe differentiating factors you plan to use to outshine your competition i.e. more services, better prices, nicer salon facilities, etc.).
[Sender.Company] will take advantage of targeted marketing strategies to win customers from our competitors and build our brand. These strategies include (describe some of the specific strategies that you intend to use for salon marketing).
[Sender.Company] will offer its clients a range of premium services including (describe various services) . We will also sell a variety of products such as (describe types of products).
Beauty salons require a consistent supply of materials to operate effectively, and these supplies include (describe supplies). We have established relationships with various suppliers and have negotiated rates for these necessary items giving us pricing assurances for the foreseeable future.
[Sender.Company] intends to hire (number) of staff and have (number) chairs operating. Our hours of operations will be from (describe days and hours the salon will be open).
All of our staff will be fully licensed and compliant with local and regional regulations. In (area) salon staff are required to have (describe specific licensing required) , and this will be a hiring requirement for our personnel.
We expect our monthly outlay of expenses to approximate to the following:
[Sender.Company] will be run primarily by [Sender.FirstName] [Sender.LastName] who has extensive industry experience and is fully equipped to run a salon business. (Go into additional detail here).
(Add more biographies for other business owners or key management personnel here)
[Sender.FirstName] [Sender.LastName]
[Sender.Company]
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If you want to start a salon business, including a hair salon or beauty salon, or expand your current salon, you need a business plan.
The following salon business plan template gives you the key elements to include in a winning business plan. It can be used to create a beauty salon business plan, a hair salon business plan, a salon suite business plan or a plan for any other type of salon.
You can download our Beauty Salon business plan template (including a full, customizable financial model) to your computer here.
The sample business plan template below will help you write a business plan for your own beauty or hair salon business.
Business overview.
[Company Name], located at [insert location here] is a brand-new, upscale hair salon focusing on providing high-quality, full-service hair care to the surrounding community. Our product and service lines fit nicely with the prevailing tastes and preferences of the local area – middle class suburbanites want quality hair care, but don’t want to pay luxury prices for it.
Products and Services
[Company Name]will provide relationship-oriented haircutting services for all ages and both genders. Haircutters will focus on building long-term rapport with their clients and strive to deliver personalized beauty results for each individual.
All manner of special treatments will be available—including perms, extensions, coloring, and styling for special occasions (weddings, proms, etc.)
In addition to providing these services, [Company name] will also be a retailer of exclusive hair care products. Customers will find products at [Company name] that they won’t find in grocery stores.
Customer Focus
[Company Name] will primarily serve the residents within a 5 mile radius of our location. The demographics of these customers are as follows:
In addition to this prime adult demographic for an upscale hair salon, there are two large high schools and four middle schools in the area. Students, particularly girls, from these schools will be sure to patronize [Company Name] for special occasions.
Management Team
[Company Name]is led by [Founder’s Name] who has been in the hair care business for 20 years. While [Founder] has never run a hair salon himself, he has been cutting hair since age 15 and spent most of his adult life working as a stylist at several major salons.As such [Founder] has an in-depth knowledge of the salon business including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).
[Company Name] is uniquely qualified to succeed due to the following reasons:
[Company Name] is currently seeking $260,000 to launch.Specifically, these funds will be used as follows:
Topline projections over the next five years are as follows:
Financial Summary | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
---|---|---|---|---|---|
Revenue | $315,115 | $466,067 | $524,563 | $590,400 | $664,500 |
Total Expenses | $345,594 | $385,172 | $419,434 | $475,894 | $507,480 |
EBITDA | ($30,479) | $80,895 | $105,129 | $114,506 | $157,020 |
Depreciation | $20,840 | $20,840 | $20,840 | $20,840 | $20,840 |
EBIT | ($51,319) | $60,055 | $84,289 | $93,666 | $136,180 |
Interest | $16,822 | $14,719 | $12,617 | $10,514 | $8,411 |
PreTax Income | ($68,141) | $45,336 | $71,673 | $83,153 | $127,769 |
Income Tax Expense | $0 | $0 | $17,104 | $29,103 | $44,719 |
Net Income | ($68,141) | $45,336 | $54,569 | $54,049 | $83,050 |
Net Profit Margin | - | 10% | 10% | 9% | 12% |
Average customers/day | 26 | 29 | 32 | 36 | 41 |
You can download our Salon business plan template (including a full, customizable financial model) to your computer here.
[Company Name], located at [insert location here] is a new, upscale hair salon focusing on providing professional hair cut styles and services in an enjoyable environment. It will showcase a well-designed interior as well as a full-featured waiting area equipped with television screens and at-request refreshments. [The Company] also sells a variety of premium hair styling and hair care products which will be on display in the waiting room.
[Company Name] was founded by [Founder’s Name]. While [Founder’s Name] has been in the hair styling business for some time, it was in [month, year] that he decided to launch [Company Name]. Specifically, during this time, [Founder] took a trip to Fort Lauderdale, FL. During his trip, [Founder’s Name] frequented a hair salon that enjoyed tremendous success. After discussing the business at length with the owner of the salon, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.
Specifically, the customer demographics and competitive situations in the Fort Lauderdale location and in his hometown were so similar that he knew the business would work. After surveying the local population, [Founder’s name] went ahead and founded [company name].
Upon returning from Fort Lauderdale, surveying the local customer base, and finding a potential retail location, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].
The business is currently being run out of [Founder’s Name] home office, but once the lease on [Company Name]’s retail location is finalized, all operations will be run from there.
Since incorporation, the Company has achieved the following milestones:
Below are [Company Name]’sinitial service offerings and in-store products sold.
Hairstylists will be asked to perform the following services for both men and women:
Each appointment will include an initial hair assessment and suggestion phase where the stylist will discuss the customer’s hair and preferred hair style. There will then be a pre-cut hair wash with our in-store products, a haircut or coloring as appropriate, and finally a post-cut styling to our customer’s preferences.
[Company Name] will feature premium hair products in-store from these well established brands. It will continue to update its offering in order to provide the newest hair products to its customers.
Some of its featured brands will include:
Furthermore, the waiting area will have television screens and popular publications to make the wait for service more pleasurable. Toys and board games will also be on hand for children, as well as at-request refreshments which we will provide for free during the waiting period.
[Company Name] will develop a 2,500 square foot store whose key elements will include the following:
Below please find a rough sketch of the floor plan:
The retail location has 10 dedicated parking spots which should suffice even in peak hours.
[Company Name] plans to be open 6 days a week, from 10AM to 6PM. As demand dictates, we may extend or reduce our hours.
[Company Name] competes against small, individually owned hair salons and barber shops, and against major regional or national chains. There are over 450,000 registered salons in the United States, a figure that reflects the hair cutting needs of 300 million people.
The hair salon industry is a fragmented one, as the 50 largest companies only hold 15% of the market, which is estimated to grow to more than $35 billion in three years. This bodes well for [Company Name]; since there are no truly dominant competitors, barriers to entry are not as high as many other industries, and a start-up can expect to have success in this growing market. There is plenty of room in the industry particularly for well-placed local salons that cater to specific geographic and demographic customer niches. Smaller hair salons can easily develop loyal clienteles that enable them to compete and succeed against industry giants; in this industry, size does not necessarily mean an advantage, which bodes well for [Company name].
The largest competitor in the hair salon industry is Regis Corporation, which is affiliated with more than 8,000 locations across the continent. Their business model uses a combination of franchising and corporate ownership, along with several different brand names at different market positions. Regis tends to maintain central control of its higher-end locations, and franchise its discount haircutters.
The industry in which [Company Name] will compete is experiencing a number of different trends.
Market-level trends:
Firm-level trends:
Customer-level trends:
Demographic profile of target market.
[Company Name] will serve the residents of [company location] and the immediately surrounding areas as well as those who work in [company location].
The area we serve is populated mostly by the middle class; as a result, they have the means to pay for higher quality service, and are looking for a hair and beauty services somewhere between the deep discounters and the top-end luxury brands.
The precise demographics of the town in which our retail location resides is as follows:
Wilmette | Winnetka | |
---|---|---|
Total Population | 26,097 | 10,725 |
Square Miles | 6.89 | 3.96 |
Population Density | 3,789.20 | 2,710.80 |
Population Male | 48.04% | 48.84% |
Population Female | 51.96% | 51.16% |
Target Population by Age Group | ||
Age 18-24 | 3.68% | 3.52% |
Age 25-34 | 5.22% | 4.50% |
Age 35-44 | 13.80% | 13.91% |
Age 45-54 | 18.09% | 18.22% |
Target Population by Income | ||
Income $50,000 to $74,999 | 11.16% | 6.00% |
Income $75,000 to $99,999 | 10.91% | 4.41% |
Income $100,000 to $124,999 | 9.07% | 6.40% |
Income $125,000 to $149,999 | 9.95% | 8.02% |
Income $150,000 to $199,999 | 12.20% | 11.11% |
Income $200,000 and Over | 32.48% | 54.99% |
The Company will primarily target the following three customer segments:
Direct & indirect competitors.
The following retailers are located within a 5 mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Joe’s Beauty Salon
Joe’s Beauty Salon is the town’s most popular beauty salon and has been in business for 32 years. Joe’s offers a wide array of services that you would expect from a beauty salon.
Besides offering hair cuts, Joe’s also offers nail services such as manicures and pedicures. In fact, over 60% of Joe’s revenue comes from services targeted at women outside of hair services. In addition, Joe’s does not offer its customers premium salon products.
For example, they only offer 2 types of regular hair gels and 4 types of shampoos. This puts Joe’s in direct competition with the local pharmacy and grocery stores that also carry these mainstream products. [Company Name], on the other hand, offers numerous options for exclusive products that are not yet available in [Town’s Name].
LUX CUTS has been in business for 5 years. LUX CUTSoffers an extremely high-end hair service, with introductory prices of $120 per hair cut.
However, LUX CUTS will primarily be targeting a different customer segment from [Company Name], focusing on the households with an income in the top 10% of the city.
Furthermore, [Company Name] offers many of the services and products that LUX CUTS offers, but at a fraction of the price, such as:
Freddie’s Fast Hair Salon
Freddie’s Fast Hair Salonis located four stores down the road from [Company Name]. Freddy’s has been in business for the past 3 years and enjoys great success, primarily due to its prime location.
Freddy’s business offers inexpensive hair cuts and focuses on volume over quality. It also has a large customer base comprised of children between the ages of 5 to 13.
[Company Name] has several advantages over Freddy’s Fast Hair Salon including:
While we expect that Freddy’s Fast Hair Salon will continue to thrive based on its location and customer relationships, we expect that more and more customers will frequent [Company Name] based on the high-quality service it provides.
Joe's | LUX | Freddy's | |
---|---|---|---|
Women's Cut | $30-$40 | $40-$50 | $60-$70 |
Women's Color | $60-$70 | $70-$80 | $80-$90 |
Men's Cut | $20-$25 | $30-$35 | $40-$45 |
Highlights | $65-$75 | $80-$90 | $85-$90 |
[Company Name] enjoys several advantages over its competitors. These advantages include:
[Company name] seeks to position itself as a respectable, upper-middle-market competitor in the hair salon market. Customers can expect to receive professional hair care from familiar haircutters for a price somewhere between discount chains and luxury establishments.
The [Company Name] brand will focus on the Company’s unique value proposition:
[Company Name] expects its target market to be individuals working and/or living within a 5-mile radius of its location. [The Company’s] promotions strategy to reach these individuals includes:
Local Publications
[Company name] will announce its opening several weeks in advance through publicity pieces in multiple local newspapers and publications. Regular advertisements will run to maintain exposure to relevant markets. Community newspapers, school publications, youth sports programs, and similar channels will be a major promotion effort.
Major Publications
We will make careful use of advertising in selected larger publications. [Publication or newspaper name] has a circulation of xyz and we can expect to reach a wider geographic region of customers on a limited basis. Advertisements with major publications will be used selectively, based on cost effectiveness. These ads will include discount coupons so that response to the ads can be tracked.
Community Events/Organizations
[Company name] will promote itself by distributing marketing materials and participating in local community events, such as school fairs, local festivals, homeowner associations, or sporting events. Since mothers are often heavily involved in such things, we will not only reach the lucrative audience of adult women but also potentially their families by extension.
Commute Advertising
We will drive attention toward [Company name] by hiring workers to hold signs alongside [route or highway]. Advertising on heavily traveled commute routes are an opportunity to alert large numbers of working individuals with disposable income of our opening.
Customer Loyalty Programs
[Company name] will create a winning customer loyalty program to keep its best clients coming back again and again. When not actively providing services to customers in the store, our professionals and other employees will make periodic, regular phone calls to customers. These phone calls will (a) ensure that customers are satisfied with their hair treatment, and (b) remind customers after a certain period of time has passed that they might want a new haircut. Long-term customers will have the opportunity to participate in the loyalty program, and referrals will be rewarded as well.
Direct Mail
[Company Name] will blanket neighborhoods surrounding its locations with direct mail pieces. These pieces will provide general information on [Company Name], offer discounts and/or provide other inducements for people to visit the salon.
Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell customers about new events, products and more.
Pre-Opening Events
Before opening the store, [Company Name] will organize pre-opening events designed for prospective customers, local merchants and press contacts. These events will create buzz and awareness for [Company Name] in the area.
[Company Name]’s pricing will be moderate so customers feel they receive great value when patronizing the salon. The anticipated price point for a standard hair treatment is $35, in exchange for which a customer can expect to receive personalized attention during and after their visit. The customer can expect to receive quality hair care from a familiar haircutter, for a more affordable price than what they pay at an ultra-premium salon.
Functional roles.
[Company name] will carry out its day-to-day operations primarily on an appointment basis. Walk-in clients will be served by the earliest available hairstylist, but priority will be given to clients who called ahead. In the meantime, waiting customers can divert themselves in the lounge, which features television and current popular magazines. The Company intends to employ [X] hairstylists and [A] assistants during peak hours and [Y] hairstylists and [B] assistants during off-peak hours. [Company name] anticipates having [Z] customers on a weekly basis.
In order to execute on [Company Name]’s business model, the Company needs to perform several functions. As a hair salon, the majority of employees will assist in up selling customers in addition to the primary functions as hair cutters and specialists (coloring, perms, etc). [Company name] anticipates using the services of X employees, divided into the following roles.
Service Functions
Administrative Functions
Miscellaneous
[Company name]’s long term goal is to become the dominant provider of hair care and related services and products in the [city] area. We seek to the standard by which other providers are judged.
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
Date | Milestone |
---|---|
[Date 1] | Finalize lease agreement |
[Date 2] | Design and build out [Company Name] |
[Date 3] | Hire and train initial staff |
[Date 4] | Kickoff of promotional campaign |
[Date 5] | Launch [Company Name] |
[Date 6] | Reach break-even |
Management team members.
[Company Name]is led by [Founder’s Name] who has been in the hair salon business for 20 years.
While [Founder] has never run a hair salon himself, he has extensive experience cutting, treating, and styling hair at major salons for the past 20 years. He began his career in [19xx] when he received a certification from [Hair Cutting School] and began work at [major chain], where he worked for X years.
[Founder] graduated from the University of ABC where he majored in Communications.
[Other person’s name] will serve as the customer service manager. He/she has extensive experience the hospitality industry.
[Founder] will serve as the store manager. In order to launch our salon, we need to hire the following personnel:
As dictated by demand and operational maturity, [Founder] will consider hiring the following personnel:
Revenue and cost drivers.
[Company Name]’s revenues will come primarily from the services rendered and secondarily from the sale of hair care products.
As with most services, labor expenses are the key cost drivers for hair salons. Hair stylists are paid through a combination of salaries and commission, rewarding them for performance and making hair stylists an active part in business retention and development.
The major cost drivers for the company’s operation will consist of:
Moreover, ongoing marketing expenditures and cost of good sold expenses are also notable cost drivers for [Company Name].
[Company Name] is seeking total funding of $260,000 of debt capital to launch its store. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.
Specifically, these funds will be used as follows:
The following table reflects the key revenue and cost assumptions made in the financial model.
Number of customers per day | Per location |
---|---|
Year 1 | 26 |
Year 2 | 29 |
Year 3 | 32 |
Year 4 | 36 |
Year 5 | 41 |
Haircut | $35 |
Hair Style | $60 |
Color | $40 |
Product Sales | $20 |
Annual Rent | $90,000 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
Expenses & Costs | ||||||
Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
LIABILITIES & EQUITY | ||||||
Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | |||||
Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
CASH FLOW FROM INVESTMENTS | |||||
Investment | ($246,450) | $0 | $0 | $0 | $0 |
Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
CASH FLOW FROM FINANCING | |||||
Cash from equity | $0 | $0 | $0 | $0 | $0 |
Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
SUMMARY | |||||
Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
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Our hair salon business plan package includes all you need to develop an investor-grade business plan with solid financials in record time. Our package includes a pre-written business plan in Word format as well as an automatic financial plan in Excel that you can easily customize. Just spend a couple of hours adapting these templates to your own hair salon project and you’re done. Check below the full details of what you will receive.
Our ready-made Hair Salon business plan template is in Word format and includes 23 pages. The document is divided into multiple sections. Each section contains the essential points that are necessary to effectively present your Hair Salon project. Each section and sub-section offers you a sample text that you can easily customize to make your business plan unique. Below is a small excerpt of your hair salon business plan in Word.
Our pre-populated financial model is in Excel format and includes multiples worksheets. You can easily edit the model’s inputs including changing costs and revenue assumptions to generate pro-forma financial forecasts including P&L, Cash flows and Balance Sheets. Below is a small extract of your hair salon financial plan in Excel.
Executive Summary: Our Hair Salon business plan template starts with a compelling Executive Summary. This key section is very important as it summarizes in 1 page your Hair Salon concept. It will introduce your business model, the key people behind the project as well as the unique selling proposition offered by your Hair Salon concept. This section will also mention how market conditions and consumer trends are favorable for launching your project.
The Problem Opportunity: Next, your ready-made Hair Salon business plan will list a number of problems experienced by your prospects in your target market and will show how this presents a unique opportunity for your Hair Salon business. These can include issues such as the lack of hair salons in a certain location, low or average quality of service offered by existing players, undifferentiated offering by current actors in the market…etc.
The Solution: This section explains how your Hair Salon will take advantage of the current problems in the market and will detail your innovative solutions.
Mission & Vision: Your mission will explain in a couple of sentences your Hair Salon’s business ethos. In other words, it will summarize your unique value proposition and will explain how you are different than the competition. Your vision will explain the long-term plans for your Hair Salon concept. Are you planning to start with one branch today and expand to a multi-branch business model? Are you looking to transform your Hair Salon business into a franchise model?…etc.
Business Model: This section details your Hair Salon concept using the business model canvas method. In a visually appealing table, we will detail your Hair Salon’s key partners, activities, resources, value proposition, customer segments, customer relationship plan, marketing channels, cost structure and revenue streams.
Products & Services: Next, we will describe your various types of hair services including hair styling, hair coloring, hair treatments…etc. We will also provide information about your pricing by type of service.
Market Analysis: This important section describes the various market statistics and consumer trends in the Hair Salon industry and explains how they support your own salon concept. The purpose of this section is to show that the market conditions are favorable for launching your new Hair Salon.
Global Market Trends: In this sub-section of the market analysis, we will discuss the latest global market trends in the Hair Salon industry. We will look at the global industry size, growth rate, growth diving factors and consumer trends.
Local Market Trends: This sub-section explains the local market trends that are relevant to your specific Hair Salon business. It includes a market sizing section that estimates the total addressed market.
Target Customers: In this section, we will describe your various customer profiles by providing information about their demographics, behavior and purchasing habits.
Competitive Analysis: We will analyze key competitors active in your target market and provide insights about their strengths and weaknesses.
Competitive Advantages: After looking at the competitive landscape, we will then show how your Hair Salon is differentiating itself from the competition through a number of key advantages.
SWOT Analysis: This section features a 4-quadrant table with explanations about how your Hair Salon intends to leverage its key strengths, mitigate weaknesses, capture opportunities and thwart any future threats.
Marketing Plan : This chapter provides detailed information about your go-to-market strategy.
Branding & Awareness: We will describe in this sub-section your choice of key marketing channels to build branding and awareness.
Customer Acquisition: We will describe in this sub-section your choice of key marketing channels to acquire customers and increase sales.
Operating Plan: This chapter provides information about your Hair Salon’s opening hours, internal processes and describes the interactions between various key departments and teams.
Management Team: It is very important to present the key people behind your Hair Salon project and thus we have dedicated a section for this very purpose. It is also important to talk here about the founder’s vision, his past education and professional experience.
Hiring Plan: No business can succeed without having on board the right team. This section lists all the key positions you plan to hire with information about their salaries and expected start dates.
Key Milestones: To be able to launch and execute your Hair Salon project, you need to follow a set of actionable tasks with target deadlines. This section serves this purpose.
Financial Plan: Without a robust financial plan, your Hair Salon business plan would be an incomplete document. This important section provides crucial information about your pro-forma financial projections and shows that you have really done your homework. The data mentioned in this and the following sections will be provided by the dynamic Excel financial model accompanying your Hair Salon business plan.
Projected Revenue: This module shows your Hair Salon’s revenue projections over the next three years.
Projected Profit and Loss: This module shows your Hair Salon’s income statement (also called profit and loss statement) over the next three years. Your income statement includes detailed projections about your sales and expenses and shows how your Hair Salon’s revenue is converted into a net profit.
Projected Cash Flows: This module shows your Hair Salon’s cash flow projections over the next three years. The first year of operation is even detailed on a monthly basis. Your cash flow statement will detail the various cash inflows your Hair Salon will generate from its day to day operations and from funding sources, as well as the various cash outflows required to pay for operating expenses and business investments.
Projected Balance Sheet : This module shows your Hair Salon’s balance sheet projections over the next three years. The balance sheet will provide a summary of your Hair Salon’s short term and long term assets in addition to your short term and long term liabilities and capital.
Profitability Analysis: In this section, we will provide information about your gross margin, net margin and discuss the profitability of your Hair Salon business.
Funding Requirement: This module states the amount of funding your need to be able to comfortably launch your Hair Salon business. It also describes the planned allocation of the funds between Opex and Capex.
Conclusion : Finally, we will conclude your business plan by recapitulating the key points that make your Hair Salon project compelling and reiterate the rationale behind your business opportunity.
If you have any question regarding our ready-made Hair Salon business plan package, do not hesitate to contact us , we are here to help.
Put Your Cosmetology and Barbing Expertise to Good Use by Starting a Hair Salon, Nail Salon, or Beauty Salon! Start Planning for It Using Our Free Salon Business Templates on Template.net! They Feature a Complete Business Plan Outline, Including an Example Cover Page, Executive Summary, and Management Strategy. Download Now!
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Are you planning on starting your own cosmetology business? Or you want to revamp your hair and nail salon business venture? If yes, then you've come to the right site! Starting or improving your salon business can be tricky if you don't know what ropes and courses to take. We offer high-quality and professional templates, as well as ways on how you can improve your business strategies. Your salon and cosmetology business will surely reach its goals through a Salon Business Plan. We offer fully customizable and highly editable salon business plan templates , available for download through Google Docs , MS Word , and Apple Pages . Get yours now!
A salon business plan is a document that states in detail the business strategies, various data analysis, summaries, and statements which will be used to propel the salon business forward. It states the goals and mission of a certain salon business and on how these goals will be realized and put to action.
A beauty salon is an establishment where a hairdresser, beautician, or couturier conducts business. Beauty professionals and cosmetologists offer various pampering and enhancement services to people of all genders. There are different kinds of salons that cater to different services for nails, hair, makeup, among other services.
A salon should always innovate and keep up with the trends and new styles. To keep the salon business afloat, a business plan must be created to define the nature of business. If your aim is to create a complete and comprehensive business plan outline, read through the guide below.
Understanding the process of research will propel the salon business to greater heights. Even in small business ventures, a good amount of research will change and improve the ways of conducting business. Research must always be of high quality in order to produce knowledge, ways, and means applicable in the drafting of the salon business plan. Reading different materials from reliable online and offline sources to gather up verified and credible information is a good way to start.
The executive summary is the first vital part of the business plan. It offers a synopsis of your overall salon business plan and highlights the vital points you want to address in the rest of your document. In the executive summary, the company information, business description, mission, and vision statement must all be included. Add in also the competitive edge of the salon from its competitors. Every detail must be written clearly and concisely because it serves as an advance organizer for the overall plan .
Identify the people who will benefit from your beauty salon and pampering services. Conducting a target market analysis will help you identify the basic customer demographics, trends, and the newest and hottest styles. Identifying the trend means knowing what in or out in the industry. When you have done the survey with your target market, interpret the data then figure out ways on how to reach out to them.
Your business plan must include basic information about the competition. This part is important because it will encourage you to step up your game and strategies. People go to salons that are tried, tested, and trusted. Be the salon that will be the talk of the town, to draw in more eager salon patrons. A SWOT analysis (strengths, weaknesses, opportunities, and threats) must also be performed to determine the problems and identify possible solutions in the overall salon workflow.
The marketing strategy section should explain how your salon business will penetrate and appeal to the target market. Write in the details about how your company plans to introduce the desired image and branding strategy. The marketing and operations strategies must identify all the pertinent requirements in realizing the vision. A time table of scheduled events must also be added to map out all activities.
This part of the business plan involves the salon operator's financial capability and funds to put the planned strategies into action. The projected financial statement will assess the sales forecast, balance sheets , and cash flow analyses .
Hair salons provide everyone with services to clean, condition, strengthen, cut, style, and color their hair, anyway they like. Hairdressers or hair stylists are responsible to beautify people to transform their looks and boost their self-confidence. Opening a hair salon, just like any other business requires a lot of work to do to officially start your business. A business plan can help salon owners start their business or improve their existing business since it will help them raise funds or market their salon. Read the article to find out how to write a hair salon business plan .
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Even a hair salon needs a business plan to be successful in its operations. A business plan provides a preview of your hair salon currently and lays out your plan for the next five years or so of your business. It explains your business’ goals and your strategies to accomplish them. The business plan also includes market research and financial analysis to support your plans.
The first page of the business plan is the cover page. It should include your salon or spa name, address, owners’ names, phone numbers, email addresses, and all other contact information.
Add a table of contents for reference to the section of the business plan to make it more polished and organized.
This section is a synopsis of your business plan. It should include your company profile and goals over the next three to five years. Include 3-4 objectives that help you achieve your goals. The summary must not be more than a page long.
This section is where you describe your company and its history comprehensively. Here is some sample information you can include in your company description:
Your mission statement must encompass all elements of your salon operation including customer service, hiring and training staff, ordering inventory, merchandising retail, and marketing your business.
The next section is your management plan. It must identify your organizational, management, and staffing strategies.
This section is the market analysis. It must include the information of your information about these topics:
The marketing plan section should outline how your salon will be positioned in the market. Identify how your salon will appeal to your targeted clients and their individualized needs that you described in your market analysis section. Next is to set realistic objectives on how you will capture your target audience. This is how you will figure out how you can market your salon through merchandise, promotion, advertising, and public relations .
This part of the business plan is the most complicated to do but it is the most important part of the plan. For the financial plan , identify first how much capital you have to invest in the business. If your salon is just starting, list all expenses to secure your lease or ownership of your salon facility, the permits you obtained, renovations you did to improve the place, the equipment you bought and installed, materials and ingredients you bought, and everything you need to start your business. If you’re expanding or remodeling your facility, list all your expenses and at the same time make a statement on how this project can impact your business.
Include then all other financial information including your budget, profit and loss statement, break-even analysis, projected cash flow, projected balance sheet, and a business ratio. Justify how you came up with these projections and include your research data and resources. Be very clear about which data is actual and which is projected.
There are a lot of benefits of owning a salon rather than leasing it; you have more freedom on how your salon looks and feels, you control your own schedule, and you make more money.
Hairdressers must listen well to their clients, must be creative, must have a wide knowledge and set of technical skills in hairdressing, and they should be able to adapt well.
Making a business plan might be a daunting task to do, but don’t put it off because you need to run your business well and you can use this for business proposals for partnerships and other business ventures. Don’t be too pressured to make your proposal. Take your time to think through every section. Ask a colleague or business partner to help you make your proposal. To help you get started, you can download our free sample templates above as your reference!
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The 7 elements of an effective hair and beauty salon business plan. 1. Executive Summary. The executive summary provides a high-level overview of your business plan. It should outline the objectives of your hair and beauty salon, such as to offer high-quality services, to expand the client base, or to break into a new market.
Hair salon business plan template + PDF. This article presents a model business plan for a hair salon, providing a comprehensive structure to assist you in setting up and running your salon. It is important to note that the names and figures used in this template are fictional, created for demonstration purposes.
How to write the perfect hair salon business plan in 8 steps. here is the simple step by step guide on how to write hair salon business plan. 1. Executive Summary. An executive summary is the first and foremost section of a business plan that provides a high-level overview of your hair salon business. In fact, it might be the only section that ...
September 4, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful hair salon. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your salon's identity, navigate the competitive market, and secure funding for growth.
1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.
Sample from Growthink's Ultimate Hair Salon Business Plan Template: [Company Name] is led by [Founder's Name] who has been in the hair salon business for 20 years. While [Founder] has never run a hair salon himself, he has extensive experience cutting, treating, and styling hair at major salons for the past 20 years.
Download our free business plan template for salon owners and make sure you get off to the right start with: A PDF document that has fillable forms for you to include the details about your business and consider important questions. Links to Microsoft Excel spreadsheets within the template that allow you to put in your budgets so you can keep ...
Hair Salon Business Plan. Over the past 20+ years, we have helped over 5,000 entrepreneurs and salon owners create business plans to start and grow their hair salons. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a hair salon business plan template ...
July 22, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful beauty salon. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your salon's identity, navigate the competitive market, and secure funding for growth.
Hair salon owners and aspiring entrepreneurs in the hair care industry can utilize the Hairdresser Business Plan Template in ClickUp to create a comprehensive plan for their business. To get started, follow these steps: Add the Hairdresser Business Plan Template to your Workspace and specify the location where you want to apply it.
Here we've broken down the entire process into 7 easy-to-follow, foolproof steps, along with their templates, to help you create a successful salon business plan. Write a mission and vision statement. Create an executive summary. Analyze and identify your target market. Perform a competitor analysis.
Below is a salon business plan example to help you create your own beauty salon business plan. Executive Summary Business Overview. Major Lengths Beauty Salon is a newly established hair and beauty bar located in Glendale, Arizona that is founded by Jenna Diaz, a local hair stylist and aesthetician that has worked in the industry for over 15 years.
Our salon business plan template is not only easy to use, but it is also customizable to your unique business needs. You can add or remove sections as needed and adjust the prompts to fit your specific business goals. With our template, you can create a personalized plan that aligns with your vision and sets you up for success.
Follow these tips to quickly develop a working business plan from this sample. 1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from any example or template you come across.
Edit the hair salon business plan template online, or download it. There are 3 ways to use this template: Edit it online: you can adapt this template to your business idea by changing the text or the financial forecast directly in our business planning software Download in PDF: if you're just after a little inspiration, you can download the hair salon business plan template in PDF to read over it
Cash at End of Period. $87,971. $107,163. $91,584. Download This Plan. Explore a real-world hair and beauty salon business plan example and download a free template with this information to start writing your own business plan.
This hair salon business plan template will help you structure the key components of your business plan document including an executive summary with a financial plan, a marketing plan, the products and services you intend to offer, an operations plan, and finally, details on the management team. Whether you're starting a nail salon or hair ...
Financial Highlights. [Company Name] is currently seeking $260,000 to launch.Specifically, these funds will be used as follows: Store design/build: $140,000. Working capital: $120,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even.
Our ready-made Hair Salon business plan template is in Word format and includes 23 pages. The document is divided into multiple sections. Each section contains the essential points that are necessary to effectively present your Hair Salon project. Each section and sub-section offers you a sample text that you can easily customize to make your ...
Put Your Cosmetology and Barbing Expertise to Good Use by Starting a Hair Salon, Nail Salon, or Beauty Salon! Start Planning for It Using Our Free Salon Business Templates on Template.net! They Feature a Complete Business Plan Outline, Including an Example Cover Page, Executive Summary, and Management Strategy.
Financing is 20% personal investment from the president and vice president of the corporation, 50% our franchise. from the financial institute, and 30% from investors. A total of $163,880 is needed to safely Start grow writing the here.. business, keeping interests secure, and the business healthy. Ten percent of $20,100 will be put into ...
The Salon Business Plan Salon Mission Statement Problem the Salon Solves Salon Offer Target Market Salon Competition Salon Revenue Model Salon Expenses Salon Marketing Activities Salon Staff & Partner Roles Major Milestones TheSalonBusiness.com. Title: Hair and Beauty Salon Business Plan Template
Cover Page. The first page of the business plan is the cover page. It should include your salon or spa name, address, owners' names, phone numbers, email addresses, and all other contact information. Add a table of contents for reference to the section of the business plan to make it more polished and organized. 2.