Purchasing an existing salon comes with a unique set of challenges.
As a prospective owner, or as a current salon owner looking to add locations, you'll need to understand the ins-and-outs of your business-to-be. That includes the salon's competition, financials, current stylists and clients, and more.
Download our checklist to help you analyze:
The salon market around you as well as additional opportunities for growth
The brand and whether it's compatible with your existing salon's
The space: Is there foot traffic? Adequate parking? Complementary businesses nearby?
The current clients, including their demographics and current retention rates
The legal landscape, including any pending lawsuits involving the salon in question
The financials, including a review of the salon owner's salary, stylist and employee perks, depreciation, salon rent, etc.
Plan the path forward, including the future vision for the salon's current stylists, branding, etc.
By conducting a thorough analysis, you'll be better equipped to decide if you should, in fact, buy an existing salon or expand on your own with an entirely new salon space. Whichever you decide, you'll now understand what to consider to help make your business as profitable as possible.