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Suites For Rent For Small Business
Starting a salon business can be a profitable, low-maintenance and fun option for your property portfolio. The beauty industry is growing globally and high quality salon suites are attracting budding stylists looking to separate work and home life. Investors looking for passive income from renting out space may consider owning a salon.
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Salon suites designed, built and furnished small salons are available for rent to stylists looking for a turnkey business solution. Salon Suites are unique in that each tenant essentially owns their own business, but without the burden of financing and managing the building and maintenance of the premises. The model is intended to allow stylists currently working in large salons to take the next step in their careers and enjoy the freedom of running their own shop.
Depending on the layout and facilities provided, the suite can be rented to a certified hairdresser, beautician or manicurist. Sometimes stylists are hired and managed by the salon manager rather than the owner, but the owner usually allows each stylist to operate as an independent business that does not require management.
While salons typically cost $10,000 to $200,000 to build, franchises often range from $550,000 to $1 million, with space already secured.
But, of course, the answer to the question is, “How much investment is required to open a salon facility?” Yes, it depends. Real estate, lease terms, client pricing, and maintenance costs can vary widely, and there are multiple costs to consider when starting a salon, such as branding, marketing, salon equipment, legal fees, insurance, and products. Owners can forgo marketing or production, but invest more in things like equipment quality.
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By comparison, the average semi-passive income for a salon owner in the US is $74,699, which can be due to variables including location. Hairstylists themselves earn an average of $27,630 per year, according to the U.S. Bureau of Labor Statistics.
About 92% of salon revenue is generated through traditional fee-for-service revenue models, but there are always other creative ways to earn more as a business owner. For example, your tenants can sell a subscription fee to customers for a certain number of monthly treatments, charge a display fee, or sell specific hair care products that can be profitable for the business.
One of the most attractive aspects of the salon business is the ability to give tenants their own space to create their own salon without the huge financial burden of a traditional independent salon. Additionally, many stylists with long-term, high-volume clients do not want to take on the responsibility of opening a busy salon with multiple stylists at once. Salon suites enable these stylists to rent their own space for their practice, coming and going as they please – offering maximum flexibility.
For those new to this part of the beauty industry, it’s important to understand what a stylist looks for in a workspace. After all, a salon is only successful if it attracts the hire of a successful stylist. After more than 85 years of helping salon owners open and equip their businesses for success, we can tell you the top three things stylists need in a space.
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Yes, designers want beautiful furniture that matches their overall vision, but it’s also about quality. Premium equipment is more attractive to stylists and their customers. Customers who enjoy great service need a comfortable chair to relax. Busy stylists need tools that are ergonomic and convenient to adapt to their needs. The right equipment is usually more expensive, but it’s an investment that pays off in terms of reduced rent and maintenance costs over its lifetime. Durable furniture will also help keep the space attractive to tenants for years to come.
Layout key. Salon suites can usually only accommodate one operator, but that doesn’t mean the space can only accommodate one client. Many investors who build a salon suite opt for a minimalist layout, forgetting that a small footprint can curb profit potential. Stylist provides color services
They wanted a place for clients to deal with rather than their main styling center – so they could accommodate other services such as men’s grooming at the time. Waiting rooms should not be overlooked either. They don’t want the client waiting in the car or standing awkwardly by the door if the stylist is running behind.
As the salon owner, he must help the landlord find ways to make as much money as possible. This may mean choosing a location with ample parking or high foot traffic, or investing in sturdy equipment as mentioned above. But it also means showing them that you’re a responsive partner in their efforts, whether that’s in the form of marketing development to raise their profile, or providing contact information for maintenance to reduce potential downtime.
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Basic Basic Steps to Opening a Suit Salon 1. Prepare a business plan and find your stylist.
Starting a salon studio is no different than opening any other business. Before you begin, think about your customers, competition, brand, and how you will relate to your stylists.
Fortunately, stylists often bring their clients and customers with them. If you bring in new, less experienced stylists, they may need more marketing support. If you’re hiring a celebrity stylist, they may need help facilitating a move to a new space, such as a business card with a new address. Stylists typically lose 10-20% of their clients when they move to a new salon, helping them ease the transition starts a great business relationship!
Location is key to running a successful business. However, not every location or property is suitable for a salon. For example, it is recommended to have the following content on your website:
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Find a balance between rent and location – sometimes it pays to move to a better location rather than a slightly higher rent.
■ Business License – A business license is required to rent and open a salon. Contact your local authority to start the process.
■ State Board of Cosmetology Requirements – You may want to make an appointment with your state board to visit your new salon studio to check that you have followed all of their requirements correctly. Make sure you know in advance what the requirements are, such as hygiene and license display.
■ Professional Liability Insurance – Protecting yourself and your business from claims and lawsuits is important when opening a salon, and professional liability insurance can help cover attorney fees, certain damages and civil litigation costs.
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Renting a salon is very similar to renting to any other commercial tenant. You need to set the terms, lease term and lease fee.
Hairstylists should already know their standard business practices and safety standards in the beauty industry, but salon owners may want to develop guidelines for shared facilities to attract tenants. Now with more options, stylists are looking for equipment that gives their clients the best possible results. Keep this in mind when setting up guidelines for your device.
Never underestimate the power of interior design when it comes to getting quality salon services! The quality of the paint or the softness of the chair can increase the price significantly. Take some time to research hair salon ideas and never forget to discuss with your stylist what they would like to see in terms of design and functionality.
Depending on the services offered by your ideal landlord, you will need different salon equipment. Need a coordinating lounge furniture package? Do you have restrooms, stages, reception seating, dryers and washers? When choosing furniture for a hair salon, consider the texture, pattern, color and combination of the equipment.
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One final tip, many landlords and real estate companies own salons in different locations and cities. After starting and evaluating the profitability of your first venture, you can refine and modify this model as you move across cities.
The Buy-Rite Beauty family has been in the salon and spa business for three generations and is ready to help you and your business. Running a salon has its challenges, but it’s a fun and entertaining way to earn low-maintenance passive income.
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