Get Your Ducks In A Row Before You Try To Market

by:Canway     2020-07-31
You've chosen to open a new salon, and while the idea is exciting, the fact is you're going to find it necessary to work quite hard and spend lots of cash. If you've narrowed your choices in possible locations, it will likely come down to a space you can afford that is likely to bring in the kind of customer you're after. You'll also have to produce a considerable amount of cash in order to equip your salon, buy the furniture, and announce your presence to possible customers. You can reduce the startup process if you simply buy an already established spa that has been in business for some time and has a regular clientele associated with it. An established business will command a steady flow of income, which will help you stay afloat financially as you grow accustomed to your new enterprise. Once you find a salon that you're interested in purchasing, you can start the process of buying the establishment without taking any undue risk. Write a letter of intent to the current owner who is hoping to sell the business, and this will allow you to see the business' financials and other confidential information. Your letter of intent will name a purchase price, items to be contained in the sale, terms of the sale, and a clause that says either party can call off the sale at any time. You'll next want to look over financial statements, which will give you at least three years of the business' details that will include profits and losses and inventory. You'll have to learn what contracts the business is currently under, and you may have to assume the lease, or work out a new one with the property's landlord. You'll need to meet local government requirements to keep your new business legal, so find out about the paperwork that you'll need to file right away. You might want to make an announcement immediately that the salon is under new management, or perhaps you want to take more of a secretive approach. You'll need to analyze everything that comes with the deal, and you can assess if you need more promotional measures, such as spa websites, to enhance your image. You'll likely attract new clients with your website, and it can help you create a distinct identity that differentiates you from the previous management. Your competition will likely be looking to lure some of your customers away, and depending on their services, they may use nail salon websites, say, or other marketing tools. You'll want to be mindful of retaining the customers who have been loyal to the salon, so a good website solution may be the most powerful tool you have.
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