Rather than buying all-new equipment, consider leasing it to reduce the upfront cost. With equipment financing, you’ll receive a loan to front these payments, so you can start off on the right foot without breaking the bank. When you’re starting out, it can be difficult to afford all these purchases. You need a decent amount of equipment to run a salon, like chairs, sinks and hair dryers. If you need quick money, you might consider a term loan, asset-based loan, credit card or business line of credit. Alternative lendersĪlternative lenders tend to be much more accessible (and immediate) than other sources of capital. Just make sure you have a solid business plan in place before trying to secure your loan. Microloans are much easier to attain than traditional SBA loans, because you don’t need an expansive credit history or time in business. Also, if you need immediate funding, you’ll want to look elsewhere. However, these loans are relatively competitive, so you’ll need a strong credit score to qualify. With low rates and fast payback periods, SBA loans are perfect for small startups. Here are some popular financing options for salons. However, there are many alternatives to traditional loans. Salons are often seen as high-risk businesses, and many banks are hesitant to invest. Keep a checklist of possible salon expenses so you know what to account for when acquiring funding. These are just some of the many costs of opening a salon. Insurance: To legally cover your business, you’ll want to set aside money for a decent insurance plan.Inventory: If you plan to sell cosmetics or other products, you’ll want to stock up on your inventory before opening. You may also need a POS system, computer, business phone system and more.
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