Creating a succesful business

Before you take possession of the keys to your first salon business, there's a lot of preliminary work to do.

Before you take the first step, its worth establishing that you have the traits needed to make a successful hair salon owner. 

Once you are happy you have what it takes to be the boss, doing the groundwork is essential in order to build firm foundations that will ensure long-term success. Will your business be a limited company, for example, of will you operate as a sole trader? There are pros and cons to both. And remember, even if you are going into business with a close friend or relative, always keep it offical - which means signing a sharholders agreement.

Before you can begin to build your business, you will need to draw up a comprehensive business plan Even if you are able to finance the venture yourself, this will still be an essential tool to help set targets and steer your business through the first few years.

If you are not in a position to finance the start-up yourself, raising capital will be a major challenge although there are signs that banks are loosening their grip on funds in order to encourage enterprise among small and medium-sized businesses.

Many hugely successful salon businesses have launched during touch economic times - with careful planning and the right advice, there's no reason the next success story couldn't be you.