Ambitious, hairstylists end up stuck in their traditional salons because they never know when to say “enough”. Budding business owners get burnt out and start agonizing over their unfulfilled potential.
Leaving something steady and predictable is one of the biggest decisions hairstylists face. Don’t get caught up in excuses, and let fear get in the way.
Do your ground work first while your still working at salonX. You will want out at some point and will bust a move.
Make the time
Working full time and spending evenings and weekends on your new independent stylist venture, is great but it’s nearly impossible to maintain the work load and create growth. Don’t miss the chance to scale up because you just don’t have the time to allot to it.
Set aside enough money to get started
Before you take the plunge and make a plan toward becoming your own boss, it’s important to make sure you are financially ready.
Do you have enough money to live on while your business gets off the ground? It’s important to know how much you need to live on and how long it will take until you’re making enough profit to pay yourself.
Make a list of your total monthly spending
Consider ways you could cut back or change your lifestyle to make your dream come true.
Set aside enough to start your business
In addition to determining how much you need saved to cover your own personal expenses, how much money you need to start your business will depend on what kind of business you’re starting. We’ll look at a couple of different cases next.
Selling or producing a service
Becoming your own boss will have startup costs.
You will feel good about setting aside several months worth for suite leasing, hair products, professional shears, clippers, razors, quality blow dryer, straightening iron, coloring supplies, capes, sanitary neck strips and all the little details that make a client’s experience enjoyable, and let’s not forget business cards for adding your client’s next appointment.
Focus on making sure you have enough saved to cover your expenses for six months, and estimating what expenses you’ll incur on your business end.