Getting a Business Loan to Expand Your Beauty Salon

by | Jan 31, 2022 | Business Finance | 0 comments

The key to building a successful business, beauty salon or otherwise, is to have a clear vision of where you’re going. In other words, what are your objectives? How do you see your beauty salon business in two years from now, in five years from now? And how do you plan to reach the various milestones you have set for your business?

A salon business can be a very lucrative one. Self-care, and also, for that matter, a bit of self-pampering, are essential in people’s lives. Especially given what we’ve all just gone through, people want to take a moment and visit a beauty salon, as they get to enjoy the luxurious services afforded by their salon of choice. They want to take time for themselves. This is great for you as a beauty salon owner. Now it’s time to focus on how you expand your business and ultimately thrive. In this article, we review five strategies for growing your salon business.

1.Focus on growing your customer base. The reason you are in business in the first place is, of course, because of your clients. To expand that business, you need to grow your client list. So how do you do this? Word-of-mouth can be a particularly effective strategy for gaining more clients. This can be done by simply encouraging current clients to refer you—there’s nothing wrong with asking a happy customer to refer you to friends and family. You might institute some reward and referral programs; you can also ramp up your social media efforts. Social media is a great way to engage potential clients and show them your “human side.“

2. Encourage existing clients to come in more frequently. Perhaps someone is coming in for one service but would benefit from an additional service. Talking about the benefits of this additional service and encouraging them to make an appointment is a great way to foster more regular visits. Also, be sure to rebook clients for their next visit prior to them leaving your salon. Simply ask, when would be a good time for your next visit? And then have your calendar ready to go so that you streamline the booking process.

3. Add more services or products. Products exceptionally can be a great way to generate more business and, in the process, make more money—all contributing to the growth of your salon. Many very successful salons have a diverse retail offerings. You want to be sure and point out your products to clients. Show them which items would benefit them and thus achieve the same look at home.

4. Find ways to reduce operating costs. It’s not just about generating more income to grow your salon business. It’s also about cutting waste and finding ways to reduce your overall operating expenses. For example, look at the products that you do carry. Are they smart investments for your salon? Are they selling? It also may be a matter of adjusting your hours. Consider revisiting your open hours if a business is prolonged during a given time or day. Take a look at your overall budget and determine which areas can be trimmed.

5. Spend more money on marketing. Yes, as a beauty salon owner you do want to be focused on day-to-day operations. But you cannot ignore marketing. This is how you generate more business. This is how you get more clients through the door. One way that many beauty salons have in fact created a more robust and dynamic marketing campaign is to hire a marketing expert. This, of course, takes money. And so, applying for a business loan for this purpose will not only net you the ROI that you’re looking for, but it will also help you to establish a consistent marketing campaign and an overall marketing mindset that will enable you to take your business well into the future.

First Union Lending is Here to Help

We have worked with beauty salons across the country. Our goal is to help them grow and ultimately succeed. Even if your credit score is less than ideal, we may still have a financing solution for you. We offer short-term loans, merchant cash advances, and SBA loans, among other financing types. If you need working capital to help grow your salon business, we would be happy to help.. Call today.