Running your own salon, spa, or barbershop can take you down two different paths. Are you planning to stay in it for the long run, or do you see yourself building it up to eventually sell? In today’s episode of "The Business of Style," we’re diving into these two options to help you decide which route is best for you.

Option 1: Build, Work, and Stay

This approach is all about commitment. You start your business, nurture it, and one day, when you’re ready, you close the doors and move on. Here’s what you need to focus on:

• Setting Goals: Since you’re not planning to sell, it’s important to think about your financial goals early on. How much do you want in the bank when you close up shop? By setting clear targets now, you can work towards a comfortable retirement or next chapter.
• Resilient Business Model: Your business needs to be able to adapt to changes over time. Keep an eye on your neighborhood and your market, and be ready to make adjustments as needed. The goal is to build something that lasts, no matter what comes your way.
• Building a Strong Team: Even if you’re the only one running the show right now, think about how a team could support your business in the future. Having reliable people around can help keep things running smoothly, especially as your business grows.
• Investing in Technology: Don’t be afraid to embrace technology—it can make your day-to-day operations a lot easier. Whether it’s an online booking system or tools to manage your social media, a little investment in tech can free up your time for other important tasks.
• Creating a Positive Culture: A positive atmosphere is key, whether it’s just you or you have a team. It helps keep customers coming back and makes your business a place people love to visit.

Option 2: Build and Sell

If selling is your end game, your strategy will be a bit different. Here’s what you should focus on:

• Loyal Customer Base: When it comes to selling, a strong and loyal customer base is gold. Consider starting a loyalty program to keep customers coming back—that repeat business is a major selling point.
• Building a Strong Brand: Your brand is more than just your logo—it’s what people think of when they hear your name. A strong brand adds a lot of value to your business, so it’s worth spending time on building and maintaining your reputation.
• Up-to-Date Technology: Buyers want a business that’s modern and efficient. Make sure your technology is up-to-date, whether it’s your booking system or the way you manage customer information. This can make your business more attractive to potential buyers.
• Experienced Team: If you have a team, their experience and loyalty can really boost the value of your business. Buyers want to know that the staff is likely to stick around after the sale, which can make your business more appealing.
• Having a Growth Plan: A clear plan for growth can make your business more valuable. Show potential buyers that you’ve had consistent success and that you’ve got a solid plan for the future. It’ll give them confidence that they’re making a good investment.

Final Thoughts

Whether you’re planning to keep your business for the long haul or build it up to sell, a little planning goes a long way. Think through your options and prepare yourself for whichever path you choose. And remember, we’re here to help—visit BeautyCouncil.ca for more resources and personalized advice.