How To Get Business Funding For Your Hair Salon
Most hair salons need extra working capital to expand and scale their practice, fortunately obtaining working capital as a growing hair salon has more chances of approval than most industries. In this article, we’ll be giving you all the possible scenarios you may encounter when applying for a business loan for your hair salon. First, we’ll discuss the types of needs for this type of financing, then the types of loans available and how to qualify for them.
When growing any business, it’s imperative that the tools needed to provide service or overall value to the market place must be up to date. Statistics show that the reason small businesses cannot scale or overall miss out on new business is because of their outdated equipment, fortunately, with equipment financing, you’re able to obtain working capital to purchase the equipment you need and put it to use immediately.
Ok so you’ve been in business a few years now and finally, you’re profitable! But then you realize not only you have more workload than you can handle, but you’re missing a lot of opportunities as well. Whether it’s hiring more staff, building an addition to your current salon or opening a new location it is imperative to seek working capital to make this upgrade in your business
Inventory and Supplies
As you’re growing your hair salon business, having quality products to properly serve your customers is very important. The quality of things like shampoo, nail polish, etc can not only make a difference in the results of the service you’re offering. So applying additional working capital to go the extra mile for your customers and investing in quality products will definitely result in higher client retention and a snowball effect from word of mouth referrals.
Marketing and Customer Acquisition
This topic is always brought up in almost all industries, not just the hair and beauty industry because without marketing breaking out of obscurity will be very difficult especially with the constant changes in acquiring new customers. Marketing strategies like social media or direct mail can take a toll on your overhead if you’re coming out of pocket. This is where obtaining working capital could benefit your business, strategically using the additional funds to generate more qualified clients to scale the business.