Get Lashed: How to Open a Profitable Eyelash Salon Business

1. Develop An Idea & Mission Statement

Before diving into the process of opening an eyelash salon, it is important to develop a clear idea and mission statement for your business. Your mission statement should outline the purpose and goals of your salon and guide all of your decision-making processes.

• Brainstorm your business idea: Think about the type of services you want to offer, your target customer demographic, your location, and your brand image.
• Conduct market research: Research your competition to find out what services they offer, their pricing strategy, and their customer satisfaction rates. This will help you identify gaps in the market and differentiate your salon from others.
• Develop your mission statement: Based on your research and business idea, develop a clear and concise mission statement that outlines the purpose and goals of your salon. Make sure it aligns with your personal values and resonates with your target customers.

By developing a clear idea and mission statement, you will have a solid foundation for your business and be better equipped to make informed decisions throughout the startup process.

2. Perform Market Research

Market research is the foundation for any business, and eyelash salon business is no exception. It enables you to identify the needs of your potential clients, analyze your competitors, and determine the market demand and trends. You need to conduct thorough market research to get the right insights and avoid costly mistakes.

• Determine your Target Market: Start by finding out who your clients are. Determine the demographics such as age, sex, location, income etc. Knowing your potential clients will help you to plan your business as per their needs and preferences.
• Identify your Competitors: Research the existing salons in your area. Evaluate their strengths and weaknesses, their prices, services, customer service, and marketing tactics. This information will help you to differentiate your services, find new opportunities, and take effective decisions.
• Analyze the Market Trends: Research the latest trends in the eyelash salon industry. Stay updated around the market and determine what drives the industry these days. This will help you to stay ahead of the competition and capitalize on the latest trends.

Market research is an ongoing process, so it’s essential to keep updating your knowledge and stay alert to emerging trends.

3. Create A Business Plan & Financial Model

Creating a business plan and financial model is a crucial step towards launching a successful eyelash salon business. It helps to define your business goals, identify your target market, and plan the financial aspects of your business. Here are some of the key chapters that should be included in your business plan:

• Executive Summary: This section provides a brief overview of your business plan, highlighting the key points and objectives.
• Market Analysis: In this section, you should conduct market research to identify your target market, competition, and industry trends. This will help you to tailor your services to meet the needs of your customers and stand out in the market.
• Services: This section should outline the services that you will offer in your eyelash salon business. You should include pricing, packages, and any unique service offerings that will differentiate your business from competitors.
• Marketing and Sales: This chapter should detail your marketing and sales strategies to attract and retain customers. You should outline how you will reach your target market, what channels you will use to promote your business, and how you will measure success.
• Operations: In this section, you should detail your day-to-day operations, including location, equipment, staffing, and inventory management.
• Financial Projections: This chapter is crucial in determining the feasibility of your eyelash salon business. You should include financial statements, projections, and break-even analysis to ensure that your business is financially viable.
• Appendix: Any additional information, such as resumes, leases, licenses, or permits, should be included in this section.

Once you have created your business plan, you should also develop a financial model that will help you to make informed decisions about your business finances. Here are some of the key aspects to consider when developing your eyelash salon financial model:

• Start-up Costs: This includes the costs associated with setting up your business, such as equipment, inventory, marketing, and legal fees.
• Monthly Expenses: This includes all of the recurring expenses that your business will incur, such as rent, utilities, insurance, and salaries.
• Revenue Streams: You should identify the various sources of revenue for your eyelash salon business, including services, products, and packages.
• Profit Margin: You should calculate your profit margin for each service, package, or product to help you make informed decisions about pricing and promotion.
• Break-Even Point: This is the point at which your revenue equals your expenses, and you start making a profit. You should calculate your break-even point to ensure that your business is financially sustainable.

By creating a comprehensive business plan and financial model, you will be better prepared to open and run a successful eyelash salon business. Take the time to research your market, define your services, and plan your finances, and you will be on your way to achieving your business goals.

4. Finance The Business (E.G. Loans, Partners, Investors)

One crucial factor that you must address when starting an eyelash salon business is financing. Although it's possible to start with limited capital, you need to have sufficient funding to ensure your salon is well-equipped and can attract customers. Here are some financing options you should consider:

• Loans: You can apply for loans from banks, credit unions, or even the Small Business Administration (SBA). Make sure you qualify for the loan, have a good credit score, and be willing to pay back the loan with interest.
• Partners: You may consider partnering with an investor who can provide the funds you need in exchange for a percentage of your salon's profits. Agreeing on the terms and conditions in clear writing is necessary to avoid any misunderstandings later on.
• Investors: You can attract investors to your eyelash salon business by creating a comprehensive business plan and approaching potential investors to convince them of the potential profitability of your salon.

Remember, having enough funds for your eyelash salon business is crucial. However, it's essential to keep your expenses in check and avoid overspending. Consider focusing on the essentials, such as equipment, quality lash glue, adhesive, synthetic and human hair extensions, conditioning solutions, good air conditioning, and ventilation systems.

Additionally, ensure you comply with all legal requirements and pay for the necessary licenses, permits, and taxes to avoid financial trouble down the line.

Finally, keep in mind that business financing is an ongoing process, and you may need to seek additional funding during your salon's operations. By keeping accurate records of your finances and managing your cash flow wisely, you increase your chances of running a successful eyelash salon business.

5. Obtain Any Necessary Permits & Licenses

Before launching your eyelash salon business, it is important to ensure you have all the required permits and licenses from the relevant authorities. Failure to obtain the necessary permits and licenses can lead to hefty fines, lawsuits, or even closure of your business. This is because different states have different requirements, and it’s important to follow them to the letter.

The permits and licenses required will depend on the state you are in. Some of the commonly required permits and licenses for an eyelash salon include a general business license, a cosmetology license, an esthetician license, a sales tax permit, and an occupancy permit.

To obtain these permits, you need to research your state’s requirements and gather all the necessary documents. You can reach out to your state’s licensing department or hire a consultant to help you through the process. It is important to note that the requirements and fees vary from state to state.

In addition to the common permits and licenses, your state may require additional permits and licenses. It’s important to be aware of all the requirements to avoid any legal issues. You can also consult with an attorney to ensure that you have all the required permits and licenses for your eyelash salon business.

6. Choose & Design The Shop & Space

Now that you have your business plan ready, it's time to choose and design your shop and space. Your eyelash salon needs to be designed to attract and retain customers and promote your brand. Here are a few factors to consider under this step:

• Location - Choose a location that is accessible to customers and has ample parking space. It's best to choose a location that is in a busy area, such as a mall, shopping center, or commercial district.
• Layout - Plan the layout of your salon to ensure that it has adequate space for the reception area, waiting area, service areas, and storage. The layout should be user-friendly and create a relaxing atmosphere for customers.
• Furniture and decor - Invest in high-quality furniture and decor that complements your branding and creates a welcoming ambiance. Avoid clutter and keep it simple, elegant, and clean.
• Lighting - The lighting in your salon can affect the experience of your customers. Ensure that your eyelash salon has proper lighting that is not too bright or too dim.
• Technology and software - Invest in the latest technology, such as software for booking appointments and managing customer records. This will streamline your operations and provide a better experience for your customers.
• Cleanliness - Cleanliness is essential in a salon. Ensure that your salon is clean, sanitized, and organized, and follow industry-specific hygiene and safety protocols.

By following these factors, you can make your eyelash salon an attractive and comfortable place for your customers. Make sure you take your time with this step as it can be costly, but it is an investment that will pay off in the long run.

7. Purchase Or Rent Equipment and Supplies

Opening an eyelash salon business requires foundational equipment and supplies to establish your brand and offer quality services to your clients. Purchasing or renting the right equipment and supplies is essential to your startup phase. Here, we will provide a complete guide on how to purchase or rent equipment and supplies for your business.

• Conduct Research

Before you make a purchase or rent equipment for your eyelash salon business, it is wise to do thorough research. This way, you will be sure that you are buying the right supplies and equipment that will give you value for your money. You can research the different types of eyelashes, adhesives, flooring, lighting, and other supplies needed for your salon. This will enable you to have a clear understanding of what you are buying and the expected costs.

• Create A Budget

As a business owner, it is crucial to have a budget in place for your equipment and supplies. You can start by listing all the items you need and their respective costs. This way, you can have a clear understanding of what you need to purchase or rent.

Before making your purchases, make sure you have accounted for costs like taxes, delivery fees, warranties, and other expenses that may arise. This will enable you to stay within your budget and avoid overspending.

• Decide Whether To Rent Or Buy

Depending on your budget, you can decide whether to rent or buy your equipment and supplies. Renting can be a great option if you have limited capital. This way, you can get the items you need without having to break the bank. However, if you have the financial resources, buying the items may be a better option.

Buying your equipment and supplies is a great option if you are looking to stay in business for the long term. This way, you can save on the cost of renting in the long run.

• Choose Quality Items

Quality should be a top priority when purchasing or renting equipment and supplies. Investing in high-quality items from reputable suppliers will ensure that your clients receive the best service possible.

Before making any purchases, you may want to check the ratings and reviews of suppliers online. This way, you can ensure that you are investing in quality items that will last for a long time.

By following these guidelines, you can purchase or rent the best equipment and supplies for your eyelash salon business. This will enable you to provide top-notch services to your clients, build a strong brand, and grow your business over time.

8. Market And Advertise

Marketing and advertising are crucial steps in any business, and the same applies to your eyelash salon. You can't expect customers to just show up at your door without any effort on your part. You need to create a strong and recognizable brand, promote your services, and reach your target audience effectively.

• Create a strong brand: A strong brand is essential for any business, including your eyelash salon. You want people to recognize your brand and associate it with quality and professionalism. You can create a brand by developing a logo, company colors, and a consistent theme for all of your marketing materials.
• Promote your services: You need to let people know what services you offer and why they should choose your salon over others. Use a variety of marketing methods, such as online ads, flyers, and social media, to promote your services and generate buzz about your salon.
• Use social media effectively: Social media is an incredibly effective marketing tool, especially when it comes to reaching younger audiences. Create social media profiles for your salon and regularly post about your services, promotions, and other relevant information. Encourage customers to leave reviews and share their experiences on your social media pages.
• Attend industry events: Attending industry events, such as trade shows and conferences, is a great way to network with other professionals and promote your salon. You can also learn about new products and techniques, which will help you stay up-to-date and competitive in the industry.
• Offer promotions and discounts: Offering promotions and discounts is an effective way to attract new customers and encourage repeat business. Consider offering discounts for first-time customers or special promotions for specific services.
• Partner with other businesses: Building partnerships with other businesses in your area can help you expand your reach and attract new customers. Consider partnering with a local beauty supply store or hair salon to cross-promote each other's services.
• Invest in paid advertising: Paid advertising methods, such as Google Ads or Facebook Ads, can help you reach a targeted audience and generate leads for your salon. Consider investing in paid advertising to supplement your other marketing efforts.

9. Hire Qualified Staff

One of the most important factors that can make or break your eyelash salon business is the staff you hire. Your employees are the face of your business and can have a huge impact on the customer experience. Here are some steps to hiring qualified staff:

• Determine the roles you need to fill and create job descriptions for each role. Be clear about the required qualifications and experience.
• Advertise the job openings on job sites, social media, and your salon's website. You can also ask your current staff if they know anyone who would be a good fit for the job.
• Screen resumes and cover letters to narrow down the pool of applicants. You can also ask for referrals or conduct phone screenings to further vet candidates.
• Invite the most qualified candidates for an in-person interview. Prepare a list of questions that will help you assess their skills, experience, and fit for the job.
• Take note of their communication skills, appearance, and attitude during the interview.
• Check their references before making a job offer.
• Once you have made a decision, make sure to have a proper onboarding process in place to train your new employees to your salon's standards. Provide regular feedback and opportunities for growth and development.

By hiring qualified staff, you can ensure that your eyelash salon business is well-equipped to provide excellent customer service and meet your clients' needs. Take the time to train and support your employees, and you will be rewarded with a loyal and dedicated team.

10. Track Progress & Evaluate Success

After successfully launching your eyelash salon business, it is essential to monitor its progress regularly. By keeping track of different metrics, you can evaluate the success of your business, identify areas of improvement, and adjust your strategies accordingly. In this chapter, we will discuss the significance of tracking progress and the various metrics to monitor.

• Revenue: Keep track of your salon's weekly, monthly, and yearly revenue. It helps in analyzing your business's financial performance and identifying trends.
• Client Retention: Repeat customers are essential for the growth of your business. Keep track of the number of new and returning clients.
• Online Reviews: Online reviews impact a business's reputation and credibility. Encourage happy customers to leave positive reviews on platforms like Yelp, Google Reviews, and Facebook.
• Social Media Engagement: Analyzing your social media engagement can help you understand your audience and the types of posts that work best for your salon.

Aside from these metrics, it would be best to create a business plan that includes specific goals and objectives. This plan should have an outline of the milestones you aim to achieve and when you expect to achieve them. You can use these benchmarks to track your progress and make adjustments as needed.

As a startup, it might be challenging to monitor progress simultaneously with running daily operations. Suppose you feel overwhelmed with these responsibilities, considering hiring an accountant or a business consultant to help you track your salon's performance. With the assistance of the right professionals and the metrics mentioned above, running and maintaining a successful eyelash salon business will be achievable.