KEY TAKEAWAYS: Salon suites are a great way to strike out on your own...but are you ready for it? If renting a salon suite is on your mind, knowing the pros and cons can help you take the next step. This article is here with everything you should consider before taking your big leap into the salon suite world.
When you think about renting a salon suite, your mind starts racing. You think of the freedom, the fun, and the funds that could come from running your own space and being your own boss. Of course, there are some challenges to think on, too.
It all sounds pretty darn sweet, to be honest. But you're stuck in the world of what if. Is renting salon suite the right move for you?
That’s a big question all hairstylists have to ask themselves at some point in their career.
In the past, renting for hairstylists referred to renting a booth or small area at a local salon. Today, there are numerous renting options available that provide more freedom and flexibility, such as salon suites.
What exactly is a salon suite? Unlike renting a space within a salon, these are private suites that are available within a community dedicated to stylists.
Sounds exciting, right?
If you are thinking of renting a salon suite, be sure to fully consider the benefits along with everything that it will entail. Check out our top pros and cons below!
Should You Rent a Salon Suite? The Must-Know Pros & Cons
The Salon Suite Positives: The Pros of Renting Your Suite
You're Your Own Boss in a Salon Suite
This is probably the first, if the not the best, reason to rent a salon suite.
Being your own boss is something many people dream of their entire lives, and when you’re a hairstylist it is something you can turn into a reality by renting a salon suite.
You have the opportunity to create your own hours, use the products you choose, and basically run your business the way you want to.
"Being your own boss is something many people dream of their entire lives–that's something you can turn into a reality when renting a salon suite."
It's Not as Risky As Purchasing Your Own Salon Space
This goes along with the dream of wanting to be your own boss. Many hairstylists never take that next step of opening up their own salon because of the risk and cost associated with this endeavor. Renting a salon suite is a happy medium between renting a booth and opening a salon, which is why many stylists are choosing this option. In fact, it could even be a stepping-stone to greater things in the future.
You Control the Customer Experience
Everyone wants customers to feel comfortable and to be able to treat them to the utmost customer service. When you rent a booth at a salon, your customers are still forced to take in that salon’s environment, including the front desk staff, decor, and overall ambiance.
With a salon suite, you are able to set up the decor according to your standards and control every detail of the ambiance. Not to mention, many customers may enjoy the added privacy that comes with a private suite.
You Can Cater to Your Dream People & Ideal Clients
When working for an established salon, you will likely be taking on clients the salon has already acquired. If you have a specific market you would like to work with, you are able to carry out your own vision by renting a salon suite.
All your marketing efforts can be targeted to this specific, dream audience of yours without having to worry if your choice may clash with the rest of the salon’s clientele. This also goes hand-in-hand with controlling the customer experience all the way through.
The Profits Belong to You
It doesn’t matter how many customers you bring into a salon; when you are an employee some of that money is always going to the salon owner. You work hard to secure new customers and keep them happy so that they continue to return. If you are renting a salon suite, you are able to reap 100 percent of the rewards by keeping all profits.
The Negatives: The Cons of Renting a Salon Suite
Running Your Own Business is Challenging
Being your own boss is great, but it also comes with a great deal of responsibility. Two of the most important things you will be responsible for are taxes and hairstylist insurance.
Time will also need to be set aside for business tasks, and you may possibly need to hire some outside help, whether that is an assistant or a professional like an accountant.
You've Got to Source Your Clients
You will be responsible for your own marketing. With the ease and abundance of social media, many hairstylists have found great success finding new clients through these channels.
Just keep in mind that this involves extra time you would have to devote to your business.
You always have the option of hiring someone to tackle these marketing tasks, meaning another expense you will have to take on.
You're the One Running the Show (& Wearing All the Hats)
This means that you, and you alone, will be responsible for ordering products, making sure the work area is clean, responding to customers, and handling every other task that needs doing.
It also means you can’t just up and take a vacation whenever you want.
It Can Be Expensive to Keep Up
While the cost is less expensive than opening up your own salon, a suite is more expensive than just renting a booth. Regardless of how slow business is, that same cost will still be there month after month.
You've also got to think of the other expenses–marketing, client acquisition, social media management, accounting, bookkeeping, etc. You can tackle these things yourself–but that's expensive from a time management perspective!
Walk-Ins are Usually Harder to Come By in a Salon Suite
A benefit of working at a salon, whether as an employee or renting a booth, is the possibility of walk-in business. While there may occasionally be walk-ins for the salon suite community as a whole, you would be competing for the business among a directory of stylists.
So, Should You Rent a Salon Suite?
These are just a few of the pros and cons to contemplate when considering renting a salon suite. Remember, you are essentially deciding whether or not you will be an employee at a salon or an independent contractor running your own business.
Can you see yourself taking on hours outside of work to run the business side of the salon for the possibility of great success? If that sounds exciting, then you may be ready to accept the challenge.
Renting a salon suite can be an incredible choice–for you, your biz, and your future, too. Whether or not it's time to pull the trigger is totally up to you. Whatever you decide? We'll be here for you. Two quick things before you dash outta here and start looking up rental salon suites.
First, remember–if you're striking out on your own, professional cosmetology liability insurance is an absolute must. You want to safeguard all your progress (i.e., moving into a salon suite and striking out on your own)? Liability insurance is that safety net you're looking for.
And of course, don't forget to subscribe to Elite Beauty Society! We'll give you the dish on the latest industry gossip, what's a must-know for your biz, and tips on how to skyrocket your beauty pro career, too!
