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Hair salons can be significantly profitable — stylist Ted Gibson charged a cool $1,200 for a cut in his now-closed New York City salon. Few salon owners reach celebrity status and command such rates, but the nation’s 1 million-plus salons and spas do enjoy annual sales of $46 billion, according to the Bureau of Labor Statistics. Without proper financial and legal planning, however, even the trendiest shops can crash and burn. “There are a lot of pieces and parts that really need to be thought through and organized before you open your doors,” says Elizabeth Fantetti of the Professional Beauty Association.
Like with any new venture, there are some steps you should follow. Here are a few to get you started: 1. Pick a business model
Different salon types have vastly different business models. Will you open a salon from scratch, buy an established salon or purchase a franchise? Celebrity stylist Janine Jarman was 24 and fresh out of beauty school when she purchased a failing salon in Los…