All business owners should understand the importance of growth and expansion.
The beauty industry is about creativity and innovation, and investments can mimic that sentiment. As a salon owner, you should constantly think about what you could add to your salon to make it stand out against the competition. Here are five beauty salon investment ideas and financing solutions that could take your beauty business to the next level.
1. Keep Your Technology Up to Date
Business technology is an ever-changing industry, and businesses that keep up with the latest tech are more successful than those that fall behind. Salon technology offers tools to help streamline operations, but more importantly, it allows owners to implement new and exciting services for customers.
Consider these technological updates for your salon:
- Virtual Imaging apps scan the customers’ images and allow them to see what they would look like with particular cut, color, and makeup changes. This service makes the makeover process less intimidating for them.
- MyChair app is the ultimate scheduling technology for a busy stylist. All appointments are stored directly into the app, with notes on the services requested. You can set up notifications to ensure that you are never late, and it helps you avoid falling behind.
- Smart Hair Brushes have the ability to measure the pressure you use when you brush and the dryness of the hair. You can better access your client’s needs and store the information for each client in a database. When your client arrives, you will be better prepared for their appointment.
These are just some simple investments that almost any salon owner or chair renter can use to upgrade their services. They require very little investment but will make a significant difference.
2. Add Tanning to Your Services
Tanning beds are a popular segment of the beauty industry, and people will pay high prices for new, well-maintained tanning services. On average, a basic tanning bed will cost around $2,500, with bulb replacement costing less than $600 per year. If you have the space for it, you can start small with just a few beds in an existing area of the salon to get a feel for the interest. Your clients will like the idea of a one-stop-shop for all their beauty needs.
Peek tanning operations are from February through August. Talk to your clients about their interest in tanning services, and start planning your addition in the fall. Most professional salons have a specified tanning area with individual rooms for beds. If you need capital to help you get started, beauty salon equipment financing is often easy to obtain because the beds function as collateral if you buy, or you can opt for equipment leasing. Leasing allows you to update your beds more often, keeping you more competitive in your area.
3. Install a Water Filtration System and Save a Fortune on Drinking Water
Are you looking for ways to save money in the salon and increase your cash flow so that you can expand? Think about your water usage. Hair salons use an excessive volume of water daily. Between hair-washing stations, footbaths, hydrotherapy tubs, spa services with facial steamers, and the constantly running washing machines full of towels, water is in constant use from open to close.
If you operate a large salon, you probably spend a small fortune on drinking water for your clients and stylists, especially if you buy fancy bottled water to keep up the high-end appearance you want for your salon. Installing a powerful water filtration system with reverse osmosis capabilities allows you to recycle the water you use, even for drinking. You could save as much as $5,000 per year on water bills. A great system could cost as much as $50,000, but that is a simple business loan.
4. Create a Private Space for Pedicure Services Within Your Beauty Salon
Many salons offer pedicure services, but chairs are often out in the open, stuck in the back corner of the room like an afterthought. To customers, that may not instill much faith in your pedicure capabilities. Create a private experience for customers by creating individual rooms with special amenities, such as a station for snacks and drinks. You can add televisions or a sound system that plays relaxing spa music. Invest in chairs with a massage effect to add to the experience.
If you do not have the funding to build an addition or add walls to the space, focus your spending on top-quality pedicure chairs. You can save money by buying a simple partition to separate spaces. Clients will still get the feeling that they are in their own private space. Again, equipment financing is the best option if you need funding for more up-to-date chairs.
5. Prioritize Your Online Presence
Your website is the most powerful marketing tool you have. Invest in experts that can build a modern website with an innovative design. Consider these five things that every salon website should have:
- An easy option for getting in touch with your salon – the contact CTA should be clickable and available on every page. Customers should also have multiple contact options: email, call, text, and chat.
- Feature client reviews – beauty salons attract new clients most often through reviews.
- Establish your brand – your branding, including your logo, should guide the design of your website. If you have not already, speak with a branding expert and research other salons in your area to ensure that your branding ideas will make you stand out.
- Keep it simple – do not clutter the site with too much information. If you promote the necessity to contact the salon for more information, you give yourself the chance to speak with potential clients and make an excellent first impression.
- Introduce yourself – add a personal aspect to the page by introducing yourself and your stylists on an “About Us” page.
Keep your mind open to different funding options as you navigate these investments. You can go the traditional route and seek funding through your bank or look into alternative funding solutions online if you need funding fast.