Ever dreamed of opening your own salon but finances are getting in the way? Saving for a deposit can be tricky but taking the leap can be even harder. You may be wondering ‘When is the right time?’ The answer is, there will probably never be a right time. You must do it when you’re ready. Do your research, attend trade shows and speak to likeminded people. Learn from the experience of others and when it’s time to put the money behind it, take a look at our top four tips to help you finance your start-up salon:
- Personal savings – If you know this is what you have wanted for a long time you might have already saved a lump sum, which could help put a deposit down.
- Family and friends – You may feel more comfortable lending money from those close to you. This can be easier than having to go through the credit checks, however you may feel more pressure to pay the money back sooner.
- Start-up loans – The government has a scheme where you can borrow up to £25,000 at 6% interest. There are many calculators online which can give you an indication of how much you will be paying back under your chosen time frame.
- Grants – You can go to your Local Enterprise Partnership to get a business grant, their aim to help the growth of a business. They may be difficult and a long process to get this however you don’t have to pay a penny back! So, it could be worth the time. You can find your local LEP here: https://www.lepnetwork.net/about-leps/location-map/
While the prospect of borrowing money can be daunting, knowledge is power. If you would like to find out more about the different options available you can visit: https://www.gov.uk/business-finance-support?types_of_support%5B%5D=grant
Once you’re set up, don’t forget to invest in a software solution to enhance your customer journey. Salon by Premier Software helps you maximise profitability, manage day-to-day operations and highlight areas of growth. Plus you can spread the cost of a licence thanks to Premier’s leasing options. Email: [email protected] to find out how Salon could help you today!