Section 1 typically focuses on the business and includes subsections for marketing, your competition, how you intend to manage the business, your hiring strategies and business insurance information.
Section 2 covers the financial aspects of your business and includes loan applications, balance sheets, detailed budget projections for each month during your first year and quarterly budgets for the next three years.
If you want to start your own hair salon, one of the first steps is writing a business plan.
This document details all the nuances of your business.
Yes, you should have a passion for hair styling or the basics of hair in general.
But you’ll also need to learn about the business, the operations, and things behind the scenes.
Speak with a certified public accountant as necessary.
Use the outline you created and the information you gathered and write the business plan section by section.
Before we begin those 10 steps, it is critical to state the obvious: owning any business (especially one as customer-focused as a hair salon) is a lot of work.
It won’t come easy, in fact, a staggering 80% of small businesses fail in the first 18 months.