Hair styling is one skill that is highly in demand these days. People are getting more conscious with the way they look and are always on guard not to go through “bad hair days”. Now if you have a certificate in hair styling or beauty and fashion training, you may want to open a hair salon and run a good business. However, you may have financial setbacks. Well, do not be discouraged because you can put up your dream business despite your limitation.
Here are tips on how to open a hair salon with no money:
- Sit down and draw your business plan. Write down your objectives, prospects and methods of handling the business. Be specific with every point in your plan. List down the requirements of the hair salon and indicate which item you already have and which ones you still need to buy. Decide what kind of services you will offer to your customers. Focus on your target market and target income. Think of strategies too on how you can promote your salon so it will be distinguished from the other shops that operate the same business.
- Scout for an ideal location on which to put up your hair salon. The place has to be visible and accessible. It should also be near other establishments such as schools, offices and supermarkets or any place where there are plenty of people roaming around. You may set up your hair salon too near a shopping center so women who are doing their shopping can easily drop by to have their hair done. People now want to do their routines in just one place. Hence bringing your hair salon nearer to them will work fine for your business.
- Be a member of small business organizations in your area. These groups can give you advice on how to start your own hair salon with no money. They can also give referrals as to where you can get loans and financial assistance to start your own business.
- Assess your financial state. When you say that you will start a business with no money, it does not actually mean that you start with zero. You will, in one way or the other, need to spend some amount, only that, you may not be able to meet the actual capital demand for the business. Hence, make an accounting of your present funds and see if you can allot a little amount from whatever savings you have on your hair salon without jeopardizing your personal needs.
- Apply for grants if you are qualified. There are community based organizations (such as philanthropic groups) that provide assistance to individuals who want to set up their own business but have no capital. However if you apply for grants, you should be able to prove that you are really financially incapable of putting up a business. Get ready with your financial statement and income tax returns to prove your situation. If you cannot provide proof, you will not be able to avail of these grants.
- Seek financial help from business banks or credit companies to finance the remaining requirement of your business. Should you be able to avail of a grant, but the amount is not enough to cover the requirement for your hair salon, you may borrow more cash from lending companies. However look for one that offers the lowest interest rate. Also, be wary of scams and fixers who may lure you into borrowing money from non-credited lending companies.
- Maintain an organized financial record. Keep a file of all your loans. You cannot afford to over spend or over borrow so be frugal and wise in spending each dollar for your business.
You need some cunning and willpower if you plan to open a hair salon with no money. Moreover, you should maintain a positive outlook about your prospective business so that you can achieve your business goals.