“Risk management is the name of the game but what makes salon suites so exciting is creating a culture or environment that captures the essence of a supportive salon.”
Salon suites owners are faced with many delicate aspects when recruiting a winning team of micro salon owners ready to rent a suite for their business. Risk management is the name of the game but what makes salon suites so exciting is creating a culture or environment that captures the essence of a supportive salon. Here are 3 important questions we ask to qualify our future salon suite renters.
- Are the prospective salon owners qualified with a book of business? Going into business for yourself is a very exciting and risky move to make in your career. Many ambitious salon pros are under the impression that if they build it, people will come. That kind of luck is only as good as the preparation and tangible book of clients that will get your salon or shop from concept to success. Ideally, you should have a minimum of 100 regular clients (4 clients a day for 5 days a week at an average of 4-6 weeks return visit).
- Are they financially stable? Financial stability is one of the most important factors in the success of any business especially during these unstable times. In signing a standard lease for a commercial space or even a residential space, your credit worthiness is necessary to determine your ability to pay your rent. In most salon suites companies, credit checks are not required. However, you should be prepared to show some proof of financials to make sure you have the means to pay rent. As a rule of thumb for a 1-year lease term, you should have a minimum of 6 months reserves of rent and fixed expenses saved in addition to the standard operation startup costs (approx. $10k-15k) You should also have a business credit card or credit line to establish a stronger business credit profile for future developments.
- Are they fixed or growth mindset? This is a very important question that is not standard for a commercial lease. A growth mindset tenant will be responsible and resourceful through the good and challenging times. They will be open for business coaching and mentoring. A fixed mindset tenant will make excuses for their shortcomings, late payments and play the victim in any suite drama. Oh, that can happen too. A great interviewing process will help identify any potential red flags.
Hooray!! We have just selected our newest salon owner to our salon suites family! Now how do we integrate them into their new salon/shop environment and have them welcomed by their fellow salon/shop neighbors and local community?
- Introduction – DMs, PMs, text messages and Zoom meetups have been the way most of us have communicated with new and old clients, friends, family, and colleagues, especially this past year. This may be the easiest way to meet people but sometimes this method of communication can often get your message twisted. A group Zoom call or a tenant tour to meet their neighbors is a great way to break the ice. Consider creating an introduction video that captures who you are, your vibe, what you do and what you use.
- Collaborate – What better way to get to know your fellow suite neighbors than to work together on a marketing campaign? Cross promoting to better serve the public is a great strategy for generating more leads and sharing in the cost of the campaign. Win, win!
- Celebrate – Having fun in the workplace will give a perception of ease and sense of well being even when times are tough. Hosting industry events, find a charitable cause to support, participate in a workshop, or simply celebrate holidays. While these are preferred to be celebrated in person, virtual events are a safe substitute.
You are not alone when going on your own. Reaching out, learning from mentors in the industry and elevating each other to success is what will propel you further ahead. Onward and upward!
Rosey Ibarra, is a celebrity stylist, American Board Certified Haircolorist, multiple salon owner, CA realtor, and the CEO/Founder of Social Salon Suites in Glendale, CA. As a salon industry veteran and business entrepreneur for over 28 years, Rosey is a strong advocate and passionate spokesperson on behalf of her peers. Inspired by her own profitable experience as a salon suites business leader, Rosey is dedicated to sharing her path to success to help others through education and advocacy. Her newest entrepreneurial endeavor, The Rosey Ibarra Co., is her direct way of guiding and reaching out to salon owners and stylists to ‘level up’ from business status quo to ‘find their own suite spot of salon owner success’. You can reach Rosey at Rosey@SocialSalonSuites.com.