<\/span><\/h4>\nWhen you\u2019re just starting out, opening your own hair salon takes quite a bit of capital. Business and legal fees could cost around $3,000 per month, while your physical space can average about $20,000 not including monthly rent. You will also have to purchase a point-of-sale system, which usually costs about $500, and then you will incur marketing costs, which is dependent on how much you decide to spend. With those numbers, you could be looking at around $62,000 just to start your business, let alone manage the day-to-day. Don\u2019t forget insurance, building upkeep, any amenities, and cleaning supplies.<\/p>\n
How do you combat this? At the start of your business, you can look for trustworthy investors to help you with your dream of opening your hair salon. This is a great reason that people usually create their business structure with the limited liability company model\u2014it is easier to get a loan when you organize your business as an LLC. You can also plan to increase your revenue through retail items, additional experiences, and your booth rental fees.<\/p>\n
\u00a0<\/strong><\/p>\n<\/span>5. All expenses and responsibility lands on you. <\/strong><\/span><\/h3>\nWhile opening a small business is risky for any type of business, one based on clientele alone can be even more risky. A hair salon is no exception to that, especially working within a service-based industry. As mentioned before, marketing to your customer base is important not only to create loyalty, but to bring in more revenue\u2014and all that relies on you. Not only that, but if something goes wrong in your business, you or your business may be liable for what happens.<\/p>\n
How do you combat this? Make sure your business structure allows for limited liability, like creating a limited liability company. This means your personal assets cannot be included with your business assets in the case of a lawsuit or legal intervention. Protect yourself and your business by creating an LLC.<\/p>\n
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