So, you've decided you want to help others look and feel like a million bucks.
As an aspiring beauty salon or day spa owner, you'll need to compose a salon and spa business plan to win the confidence of investors.
Finding out what your prospective clients are ready for is an important part of the planning for your new venture.
Case in point: ISPA's 2001 Day Spa Usage Survey indicates that two of the top five reasons people don't visit a day spa are that they think spas are too costly, and they feel they're not the "spa type." So study the demographics of your target market to see whether, say, the residents of a farming community in the heart of Nebraska are the type who will be interested in pedicures.
Day spas offer the same beauty and wellness services as pricier destination spas and resorts but don't require the same time commitment. spa industry were nearly $11 billion in 2001, up from $5 billion two years earlier.
According to the ISPA 2002 Spa Industry Study from the International SPA Association (ISPA), there were nearly 156 million spa visits in the United States in 2001, 68 percent of which were made to day spas. Yet this spending occurred at fewer than 10,000 spa locations nationwide-75 percent of which are day spas-meaning the market is open for new spa owners. Standard day spas offer body treatments and lifestyle services.Elsewhere, it will help you clarify your ideas and formulate objectives to help realize your entrepreneurial dreams.Like any beauty expert, you’ll want to give your clients the results they want.Start-up costs will be significant so you will need to have substantial start-up capital.Developing a detailed business plan for your spa or beauty services will significantly increase your chances of obtaining funding to pay for training, your lease, equipment, payroll, advertising, furniture, supplies, licenses, insurance and permits.The fact is, you're more likely to attract clientele if the market area is populated with white-collar professionals under age 45 who have college degrees, according to the survey."You also have to educate people about your services so they don't think of them as a luxury," Gullo says."People feel guilty about pampering themselves, so instead, we position ourselves as providers of healthy living services."Armed with demographic analysis, you can write your business plan.In order to be successful, you must establish a foundation before your first beauty treatment.Here are our five recommendations you should think to include in your salon and spa business plan: We’ve researched, prepared and presented hundreds of business plans, strategic plans, budgets, forecasts and business cases.It's better to open your spa without water therapy, especially if your funds are limited.But you can put it into your business plan so you're ready to expand when and if your clients are ready for it."Dennis Gullo, 47, used an easy formula for determining which services to offer in his spa.