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How to start a hair salon business | everything you need to know

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How to start a hair salon business

The capital requirements of a salon, at least in the initial stages,

are dependent upon a number of factors that may be enumerated as below:

Type of salon Fixtures

  • Quality of salon
  • Improvements in leaseholds
  • Choice of salon design
  • Opening inventory
  • Utility and rent deposits
  • Equipment being used

How to start a hair salon business | step by step guide

Major areas of importance/requirements for a salon

1. Salon space

Space is the primary requirement in opening a business establishment like a salon.

If the salon owner already has a large house that can make space for a salon then he or she can open it there.

The amount of space required normally varies between 500 and 2000 square feet depending on the nature of operations.

2. Personnel

The kind and the amount of professionals to be hired
for keeping the business going depend on the extent and nature of services being provided by the salon.

Under normal circumstances, a couple of stylists and a receptionist can be considered ideal to start with.

Some other necessary people in this regard are shampoo technicians, facialists, barbers, make-up artists, nail technicians, and massage therapists.

3. Leasehold improvements

The salon owners may be required to perform improvements in areas leased or

rented by them on the basis of their requirements.

Important areas in these cases are interior layout, plumbing, and overall design.

4. Salon equipment

Salon space

The equipment purchased by a salon owner depends on the services he or she is willing to offer.

Some pieces of equipment that are primarily required to operate a salon efficiently are mentioned as below:

  • Wash basin
  • Supply trolleys
  • Styling chair
  • Manicure sets
  • Hair dryers
  • Aprons

Following are other equipments that come in handy when the salon looks to increase its operations:

  • Shampoo spray machines
  • Body care equipment
  • Facial bed
  • Skin care equipment
  • Hair streaming machines

If the salon owners are looking to market beauty products in the future they will be

required to purchase related inventory as well.

It is better to get in touch with suppliers of beauty salon equipment and find out if a deal can be procured.

The owners can also look up the online auction sites where such equipment is often put up for sale.

1. Initial expenses

Some other areas where the salon owner can expect some expenditure are initial training,

licensing and professional fees, and a working capital that will last at least a quarter.

Following are some other crucial factors in this regard:

  • Cash register
  • Insurance
  • Merchant account fees for accepting credit cards
  • Professional fees for accountants, lawyers, etc
  • Business related documents
  • Signage expenses
  • Utilities
  • Initial advertising and marketing costs
  • Education

Before starting a salon it is essential to undertake a certified program in

cosmetology and learn the nuances of the trade.

It is not absolutely mandatory to have a degree or diploma in order to start a salon

but it always pays to have some knowledge in this regard before opening an establishment as such.

2. Business license

The salon owners also need to file for their business licenses

with the concerned authorities at the state and the central level.

They should also determine with the authorities if their name has already been registered or not.

They should also ask for safety and occupational licenses to give their businesses the authentic look.

3. Funding

Funding is an important part of any business operation and the

salon owner needs to determine the possible sources of his or her funding.

If the owners are looking to get loans they will have to create a business plan

in order to be presented to the lenders and get the necessary money.

4. Accounts

The salon owners should open a business checking account, which will be used for paying the bills and making the other necessary payments.

They should also avail business insurance to get coverage in case of property loss or accidents.

5. Special offers

It is a good idea to announce the salon opening with a party that should be done in the best possible way.

The owners can also have special days when customers will be served for free or at lesser rates.

Such offers could help increase the popularity of the salon.

How to keep the hair salon business running in?

1. Customer satisfaction

Hair salon

The first and, perhaps, most integral step in keeping the business

operational is ensuring the clients are satisfied.

For a salon the best way to become popular is word of mouth publicity.

Once a client is satisfied with the results it helps in increasing

the repeat value of the salon and builds up trust between both the parties that

sustains their relationship in the future.

If a client is happy then he or she will spread the good word among their family,

relatives, and friends. However, it is necessary the salon maintains the factors

or,even better, improves them so as to make sure that its initial success is no fluke.

2. Location of the Salon

Location is also a critical component in the success of a salon.

It is ideal to choose an area that has a lot of offices and other commercial establishments as that,

more often than not, ensures a steady stream of customers.

It has often been seen that stylists who have a good reputation preceding them are

able to operate at any place of their choosing.

However, if that is not the case then the location needs to be selected carefully.

3. Hygiene and customer safety

The salons that have been successful have done so on the back of their focus on hygiene and safety of customers.

The services also need to be professional and quick enough.

It has often been seen that customers especially prefer salons that are always well kept.

The equipment and products being used should be of the best possible quality.

There should be zero possibility of a customer being infected anyhow or else it can hamper the salon’s chances.

The equipment as well as whole established should be cleaned, sterilized,

and disinfected as much as is possible on a regular basis.

These processes should be repeated at the start and the end of the day

as well at times when the flow is a little slow.

Equipment like towels should be washed, and clean, free of odours.

4. Wide Range of services

It is always better to offer a wide range of services as people often

prefer such establishments where they can get their hair, face, and nails done

and also receive a quick massage on the shoulder and neck area.

It is always advisable to have a single area of core expertise but what normally

helps a salon in achieving outstanding success compared to its peers is its wide range of services.

Salon near me

5. Availability of Trained professionals

The salon owner should always try to employ professionals

who are qualified and have some experience as inexperienced stylists

can often lead to health related issues for the customers.

Training is an absolute must in this industry as only experience will mean the presence of expertise

but the absence of knowledge regarding the advantages and disadvantages of the procedure being followed.

Ideally the owner is responsible for making sure that all the employees are properly trained.

The salon owner should also have a proper understanding of legal ramifications

arising from a procedure that is done wrongly or an accident.

For this they should consult their lawyers and insurance company on a consistent basis.

It is also advisable that the employees and the owner should undertake regular lessons in order to better their knowledge of products, trends, and skill sets.

6. Payment of employees

The salon owner can also save on their expenses by making sure the employees are hired on contractual basis.

They may be paid on a commission basis that will be determined with respect to the revenue generated in a specific period of time.

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Forex

Forex Basic | learn how to read a Forex quote

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Forex basic | learn how to read a Forex quote

As a general rule, each currency has a three letters symbol, which is used in Forex quotes.

The first two letters identify the name of the country while the third letter identifies the name of that country’s currency.

For example:

• AUD (Australian dollars)

• JPY (Japanese yen)

• CHF (swiss francs)

•CAD (canadian dollars).

When trading currencies, the trade is always done in pairs and so when you buy one currency, another currency is simultaneously being sold.

Forex trading

The most commonly traded currency pairs are

• Euro and US Dollar (EUR/USD)

• US Dollar and the Japanese Yen (USD/JPY)

• US Dollar and Swiss franc (USD/CHF)

• British Pound and US Dollar (GBP/USD)

The most commonly traded currency pairs are made from the most common and actively
traded currencies which are called the “Majors”.

The list of currencies below consists of the Majors

• USD (US dollars)

• EUR (European Euros)

• GBP (United Kingdom pounds)

• JPY (Japanese yen)

• AUD (Australian dollars)

• CHF (Swiss francs)

• CAD (Canadian dollars)

When quoting currency pairs, the first currency is referred to as the Base currency while the second referred to as the Counter or Quote currency.

The currency pair is used to represent how much Quote currency is required to exchange

Example:

• EUR/USD 1.3500 mean that one Euro is traded for 1.35 USD.

As such the Base currency is always equal to 1 monetary unit of exchange.

The dominant base currencies are, in order of frequency, the EuR, GBP, and USD.

When a currency is quoted against the US Dollar it is called a direct rate.

Any currency pair that does not trade against the US Dollar is referred to as a cross rate.

So what takes place once a trade is taking place?

Example:

• You buy British Pounds with the US Dollars – (GBP/USD), anticipating, the Pound to increase in value relative to the Dollar.

If the Pound rises relative to the Dollar, you sell the position (you Sell British Pound) and have made a profit.

Keep in mind that there are no standard cross-currency Quotes.

Some have the base currency on the top while others have it on the bottom.

So how can you tell which is which?

You need to know at least one pair of currencies and which one of the pair is the more valuable.

Dominant Base Currencies

• Euro – EUR/USD, EUR/GBP, EUR/CHF, EUR/JPY, EUR/CAD

• British Pound – GBP/USD, GBP/CHF, GBP/JPY, GBP/CAD

• US Dollar – USD/CAD, USD/JPY, USD/CHF

The Pip

The pip is the smallest unit of change in which a currency pair can move.

In the Forex world, currencies are traded in fractions of a Cent, or Euro, and so on.

Nearly all currency pairs consist of five significant digits and most pairs have the decimal point immediately after the first digit, with four decimal points to follow.

For example

EUR/ usd is equals to 1.3377.

In this example, a single pip equals the smallest change in the fourth decimal place – that is, 0.0001.

Therefore, if the quote currency in any pair is USD, then one pip always equal 1/100 of a cent.

The only notable exception to this rule is the USD/JPY pair where a pip equals $0.01.

A numeric example

You buy the EUR/USD, which is quoted with five digits in all out of which 4 decimals, at 1.3530 and sell it later at 1.3542.

The difference would be +12 pips, or. 0012.

However, in the case of the uSD/JPY currency pair, one has to make a note that it is quoted with only 2 decimals.

And so if you bought the uSD/JPY at 110.51 and it then went down to 110.31 where you have sold it, the difference would be -20 pips, or. 20 pips loss.

The pip difference would determine your calculation of profit/loss on the trade.

As mentioned earlier, the quote currency is translated into a certain number of units of the base currency.

For example

A quote of EuR/uSD at 1.35 means that, for every 1 euro, you get 1.35 uS dollars.

When the price of the quoted currency goes up, it indicates that the base currency

is becoming stronger and so one unit of the base currency will buy more of the quote currency.

On the other hand, if the price of the quote currency falls, the base currency is becoming weaker.

The Bid and the Ask

Forex quotes are shown in ‘bid’ and ‘ask’ prices.

The Bid is the price at which the market
maker is ready to buy a given currency

pair and so at this price the trader (seller) can sell the base currency to the market maker,

The Bid is shown on the left side of the quotation.

On the other hand, the ask is the price at which the market maker is ready to sell

given currency pair and so at this price the trader (buyer) can buy the base currency from the market maker,

The ask is shown on the right side of the quotation.

The ask price is also called the offer price.

Symbol Bid Ask

EUR/USD 1.3517 1.3520

Over the above Quote sample we can buy from the market maker one euro for 1.3520

american dollars, or sell one euro for 1.3517 american dollars to the market maker.

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Mitrobe Daily Quotes

Entrepreneur Mindset | Act As If It Were Impossible To Fail.

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Entrepreneur mindset

Fear, uncertainty and doubt are, and have always been, the greatest enemies of success and happiness.

For this reason, top salespeople and entrepreneurs work continually to confront the fears that hold most salespeople back.

“Courage is resistance to fear, mastery of fear-not absence of fear.” (Mark Twain)

The two major fears that stand as the greatest obstacles on your road to success are the fear of failure, or loss, and the fear of criticism, or rejection.

These are the major enemies to be overcome.

As it happens, it is not failure or rejection that hurts you or holds you back.

It is the fear of failure or rejection.

It is the anticipation or expectation of failure or rejection that paralyzes you and blocks you from doing what you need to do to achieve your goals.

The truth is that everyone is afraid of something, and often, many things.

Everyone you meet is afraid of failure and rejection in some way.

The difference between the hero and the coward is that the hero is brave just a couple of minutes longer.

The average person moves away from and avoids the fear-causing situation.

The brave person forces himself or herself to confront the fear and does it anyway.

Glen Ford, the actor, once said,

“If you do not do the thing you fear, then the fear controls your life.”

Ralph Waldo Emerson said his entire life was changed when he read the words,

“If you would be a great success, make a habit throughout your life of doing the things you fear.”

And I say

Act as if it where impossible to fail

Entrepreneur Mindset | Act As If It Were Impossible To Fail.

Because you can never make off anything if you scared, to have a successful business, career, life, or anything, you have to do one thing. And that is THE HUSTLE

The fear of failure, the major obstacle that holds you back, is felt in the solar plexus and experienced in the feeling of: “I can’t!”

The way that you neutralize this feeling is by repeating the phrase, “I can! I can!” over and over.

Even more effective for neutralizing the fear of failure, say to yourself, “I can do it! I can do it!” over and over, until you actually believe it.

Whenever you repeat the words “I can do it!” your fears diminish and your self- confidence increases.

When you repeat to yourself the words, “I like myself! I’m the best! I can do it!”

you boost your self-esteem and self-image to the point where eventually you feel unstoppable.

You create within yourself the mindset of the high performance entrepreneur.

Then, as Emerson said, “Do the thing and you will have the power.”

Here is a key point about fear of any kind.

Instead of waiting until you feel courageous enough, do the thing you fear, and the courage will come afterwards.

As Aristotle said, “Act as if you already had the quality you desire, and you shall have it.”

Action Exercise: Identify the one great fear that holds you back from throwing your whole heart into becoming a big success in your field.

There is always at least one fear lurking in the back of your mind.

Now imagine that you do not have this fear at all. Imagine that you are totally unafraid in every part of your sales work.

Imagine that you are guaranteed of complete success in everything you do.

How would you act or behave if you had no fears at all?

Whatever your answer, from now on, act as it if were impossible to fail, and it shall be! Fake it until you make it.

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Marketing

7 secret of sale success practise by highpaid salespeople

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Sales success

There are seven secrets, or principles, of sales success.

They are practiced by all the highest paid salespeople every day.

The regular application of these secrets is virtually guaranteed to move you to the top of your field. Check also how to get your sales funnel full with offers

Do a little bit more than average and from that point on your progress multiplies itself out of all proportion to the effort put in.” (Paul J. Meyer)

7 secret of sale success practise by highpaid salespeople

Sale Success Secret One

Get serious! Make a decision to go all the way to the top of your field.

Make a today decision to join the top 10%.

There is no one and nothing that can hold you back from being the best Salesexcept yourself.

Remember, it takes just as long to be great as to be mediocre.

The time is going to pass anyway. Your job is to commit to excellence, to get better

and better each day, and to never, never stop until you reach the summit.

Sales Success Secret Two

Identify your limiting skill to sales success.

Identify your weakest single skill and make a plan to become absolutely excellent in that area.

Ask yourself, and your boss, “What one skill,

if I developed and did it consistently in an excellent fashion, would have the greatest positive impact on my sales?”

Whatever your answer to this question, write it down, set a deadline, make a plan, and then work on it every day.

This decision alone can change your life.

Sales Success Secret Three

Get around the right people. Get around positive, successful people.

Associate with men and women who are going somewhere with their lives.

And get away from negative, critical, complaining people.

They drag you down, tire you out, distract and discourage you,and lead you inevitably to underachievement and failure.

Remember, you cannot fly with the eagles if you continue to scratch with the turkeys.

Sales Success Secret Four

Take excellent care of your physical health.

You need high levels of energy to sell effectively, and to bounce back from continual rejection and discouragement.

Be sure to eat the right foods, get the right amount of exercise and get plenty of rest and recreation.

Make a decision that you are going to live to be 80 years old, or more, and begin today to do whatever you have to do to achieve that goal.

Sales Success Secrets Five

Visualize yourself as one of the top people in your field.

Imagine yourself performing at your best all day long.

Feed your subconscious mind with vivid, exciting, emotionalized pictures of yourself as positive, confident, competent and completely in control of every part of your life.

These clear mental pictures preprogram you and motivate you to sell at your best in any situation.

Sales Success Secret Six

Practice positive self-talk continually. Control your inner dialogue.

Talk to yourself the way you want to be rather than the way you might be today.

For example, repeat to yourself these powerful words, over and over again.

“I like myself! I’m the best! I can do it! I love my work!”

Say to yourself, “I feel happy! I feel healthy! I feel terrific!”

Remember, fully 95% of your emotions are determined by the way you talk to yourself, most of the time.

The way you feel determines how you behave.

And how you behave determines how much you sell.

Your job is to get yourself on an upward spiral where you think and talk to yourself positively, all day long.

You think, walk, talk and act like the very best people in your field. When you do, your success becomes inevitable.

Sales Success Secret Seven

Take positive action toward your goals, every single day. Be proactive rather than reactive. Grab the bull by the horns.

If you are not happy with your income, get out there and get face to face with more customers.

If you are not happy with any part of your life, accept responsibility and take charge.

All successful salespeople are intensely action oriented.

They have a sense of urgency. They develop a bias for action.

They do it now! They have a compulsion to closure.

They maintain a fast tempo and move quickly in everything they do.

And the good news is this. The faster you move, the more energy you have.

The faster you move, the more ground you cover.

The faster you move, the more people you see.

The more people you see, the more experience you get.

The more experience you get, the more sales you make.

The more people you see and the more sales you make, the more your self-esteem and self respect goes up, and the more you will feel like great about yourself.

You will have more energy. You will be happier and more positive.

The faster you move, the more you take complete control of your entire life and virtually guarantee that you will be one of the top performers and the highest paid people in your field.

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