Tips To Open A Salon With No Money
A lot of women have dreamt about opening their own salon but are often short on money which
is why they don’t even bother trying. Debt and other financial issues may also be a hindrance for
some women and it leaves them with little or no money at all for themselves. The good news is
that there are still ways for you to start your own salon even without any funds for it.
Tips for opening a salon:
1. Business plan- this is a very important step when it comes to opening a business. One should
always have a business plan to have a certain direction throughout the process. Put everything
into details to make a solid plan for your business, do some research about the equipments that
you are going to need as well the prices of the services that you will be offering to your clients.
Be specific and objective with your plan and try to estimate your future profit margin.
2. Location- this is very important for businesses because it will either make or break it.
Strategizing with the location will definitely give your business a plus. Make sure that there is
enough space, and your services even the prices should cater to the people around your
3. You can go to the Small Business Association and find the nearest branch to you. This
organization will help you with the funds and you will also have mentors to help you out. They
will also give you a reference for grants and loans.
4. Add all of the expenses. Rent, utilities, supplies emergency fund etc. should all be accurate to
provide an initial budget to start your business. The total will be the amount that you need to
5. Apply for several grants that you are eligible. Your credit score should be in good shape for
this one, do a credit check and check your credit scores to know more about it. Be sure to
impress the lender with your business proposal. If you have a grant that is being processed,
you’ll have a better chance of obtaining a loan from a business oriented bank.
6. If you were able to obtain a loan, you have to keep a record of everything you bought and
spent on. Avoid spending the money on unnecessary things to avoid getting buried in debt. And
you should also keep in mind that you have to have to pay for your bills regularly and on time;
otherwise your credit score will be the one to suffer the consequences.
Avoid spending the money that you earn with your salon because you should utilize it for your
rent, restocking of supplies, utilities and other priorities. It would also help if you first consult to a
financing professional or to a veteran salon owner to give you more ideas and strategies before
you open your own.
Joy is an active blogger who shares extremely interesting finance management tips over the
web that encourages people to manage their personal finances, check credit report and credit