If you’re looking to open a salon or spa, there are many steps that you should take to ensure your success. One of those phases involves researching the industry, as well as your market and any local competitors. This information will help give you a good benchmark to start your business and should provide some vital eye-opening insight moving forward.
For industry trends and performance information, reach out to trade organizations such as the Professional Beauty Association (PBA) or your state cosmetology association. These resources can offer business, finance, marketing, and advertising advice specific to this industry. To stay current with industry news and trends, you can also subscribe to any of a number of professional publications such as Salon Today, Modern Salon, American Salon, Beauty Launchpad, and Behind the Chair, to name a few.
On a national level, the Small Business Association is a wealth of knowledge. They have resources for market research and competitive analysis, writing a business plan, calculating startup costs, and funding as well as tips for launching, managing and growing your business.
Break down some the base facts about your market demographics, which are obtainable from your local Chamber of Commerce. This information should categorize your local population based on several factors including median age, education, and household income but can also identify top employers in the area and the past and anticipated growth of the population. This information is essential in determining the available clientele that you can target and whether or not the community is robust enough to support your business. For example, if the population in your area is dwindling in numbers, has a low median household income or the average age is significantly higher than you want to target, you may not be in an area that’s right for your business.
As a salon or spa owner you have to be prepared to deal with competition; it’s merely the nature of a service business. It’s best to know what you’re up against, so take the time to research and to get to know your competitors.
To start, visit the websites of your competition to find out what services they offer, pricing, and hours of operation. Take note of their branding, the content on their site, and the demographic it attracts. Follow your competition on social media to see how much of a following they may have and how they interact with their audience. Also, sift through third-party reviews to see what others are saying about your business rivals. Take note of what they’re doing right, learn from what they are doing wrong, and explore how you can position your business to secure a piece of the same market.Share: