You... A Salon Owner

About the Course
Starting your own business is an enormous responsibility and is not a step to be taken lightly. Much serious planning is necessary. You will need a thorough knowledge of business principles, bookkeeping, business laws, insurance, salesmanship, and psychology before you can take on the role of salon owner and manager. The scope of this course is twofold. It is a useful overview of what you will need to research in more depth before opening your own business. It also serves as a “refresher course” for those who already are in business.

Learning objectives

• List the characteristics and skills commonly associated with successful entrepreneurs, and consider whether you have them.
• Understand the questions you must ask yourself before deciding to open your own salon.
• Describe the elements of a business plan.
• List important elements and steps to finding the right location for a salon.
• List the sources of financing for your business, and how to determine which is right for you.
• Describe the options for the legal structure of your business.
• Explain what a “doing business as” name is, and what you must do when you create one.
• Describe your employer tax obligations.
• Understand your employer responsibilities, according to the law.
• List the elements you must consider in start-up costs, necessary assets costs, and ongoing monthly expenses.
• Explain the difference between a-la-cart pricing and bundling.
• List elements to consider when determining your optimum pricing.
• List the important retail products you should carry.
• Describe some innovative ways to promote your business.
• Explain the kinds of employee compensation you may consider.
• Describe tips to becoming an effective manager.