Many people are choosing to go the route of leasing space in a salon suite instead of purchasing their own building. The question is: is it possible to make it big by leasing a salon space? Or should you save money and buy your own property instead?
Pros of Renting a Salon Suite
Become Your Own Boss
By renting a salon suite, you’ll determine how much money you want to make from your business each month. You’ll also choose how much time and money you want to invest in marketing efforts. Therefore, if the only thing that matters is making more profit per hour than when you were working for someone else, this may be right for you.
Renting a salon suite allows you to set your own hours and make more money while maintaining a balanced lifestyle. You can choose when to open up shop in the morning and close down at night. If you have other things in your life that need your attention (school/work), you won’t push them pushed aside.
Keep All of Your Profits and Tips
This is one of the biggest advantages of renting a salon suite. You won’t have to share your tips or profits with anyone. You can be sure that all your hard work will pay off and you’ll have more money at the end of each day.
Build Your Own Clientele
As a salon suite owner won’t try and win over customers who may not even be looking for a new stylist at this time in their life. Instead, you can concentrate on building up your own clientele and getting referrals from them.
There’s less drama when renting a salon suite because there’s one less layer between you and your clientele. Hence, no chances for disagreements arising.
Cons of Renting a Salon Suite
Lack of Promotional Assistance
Pros of Owning a Salon
Sell Products and Services You Prefer
You have complete control over what products and services you offer in your salon. That means no more selling products or services that don’t appeal to you or fit in with your vision for your business.
Become an Entrepreneur
When you start your own business, you’re responsible for every aspect. You make all the decisions. If something goes wrong, it’s on you. If things go right, It’s still all on you! You’ll feel proud knowing your success is because of your hard work and dedication.
Make Your Own Rules
The best thing about owning your own business is that you can make your own rules about what happens in the salon. If customers complain about waiting too long for services, you can decide whether or not to add more staff members. You’ll have ultimate control over how much money goes into maintaining the business and how much goes into paying yourself and other employees.
Cons of Owning a Salon
Stress, stress, stress. Salon owners deal with stress from all sides. The financial burden of having to pay rent and employees every month. Having to manage employees who often complain. Plus, clients are demanding of you and your staff.
Lack of Stylists With Excellent Client Service Skills. If you have employees who do not meet your standards for client service, you could have angry clients.
Stylists May Not Stay for Long. The turnover of employees at a salon can keep you constantly searching for reliable employees.