Many beauticians, after gathering sufficient expertise and experience in their field, wish to open their personal salon. Here is a step-by-step salon business plan that can provide a sufficient idea about setting up a parlour in a few hassle-free steps.
A business plan is essential owing to the following reasons:
Provides different goals for your business such that you can take crucial steps to achieve those.
You can identify the loopholes and mend them to maximise your profits.
You can present the plan to investors to convince them to put more funds into your business so that you can easily expand it.
Here is a quick comparison of the different interest rates on business loans offered by Bajaj Markets partners:
Our Partners |
Interest Rate Range |
Max Loan Amount/ Tenure |
Avail Loan |
20% onwards |
36 months |
||
28% onwards |
36 months |
||
12% onwards |
36 months |
||
18% onwards |
60 months |
||
20% onwards |
48 months |
||
16% onwards |
36 months |
||
15% onwards |
9 months |
||
15% onwards |
36 months |
||
1.25% p.m. onwards |
72 months |
**Disclaimer: Interest rates are subject to change. So, please contact the financial institution before proceeding.
There are certain criteria that you will need to fulfil to apply for a business loan. These are as follows:
You must be a self-employed professional.
Your age must be between 25 years and 65 years.
You will need to upload a scanned copy of the following documents while applying for a business loan:
Address proof documents like an passport, Aadhaar card, utility bills, lease agreement
Identity proof documents like passport, PAN card, Voter’s ID, driving licence
Authenticated copy of Partnership Deed or Sole Proprietorship Declaration
ITR form
Certified copy of Articles of Association
Last six month’s bank statement
Certified copy of Memorandum
Certified copies containing details like balance sheet, income computation, and last 2 years’ Profit and Loss (P&L) statement
You can follow the steps below to apply for a business loan on Bajaj Markets:
Step 1: Click on the ‘Apply Now’ button on the business loan page.
Step 2: Enter your personal details and business details accurately as required.
Step 3: From the list of available partners, select one of your choices.
Step 4: Select the credit amount and the repayment tenure.
After the verification of your application, the lender will transfer the money to your bank account.
Now that you have a clear salon business plan, you can start at the earliest to fulfil your dreams. However, remember to make a robust business plan to ensure that it is convincing enough for your investors and at the same time gives a direction for business expansion.
In India, the cost of setting up a beauty parlour usually ranges between Rs. 40,000 and Rs. 50,000. However, it can extend up to Rs. 1 Lakh at times in case you are thinking of offering a variety of services to your customers.
The approximate profit that a salon a business generates in India ranges from Rs. 80,000 to Rs. 1 Lakh. However, it can vary depending on the services that you are offering, the size of your salon and where it is located.
Finding investors for your salon business can prove to be challenging. This is so because people hesitate in investing in a salon as they are unsure of the returns. So, you can turn to microloans, SBA loans, personal loans, and so on, to arrange funds for financing your business.
Yes, you can start a salon business from your home itself when it is still in its initial stages. However, as your business expands, you can shift it to a larger area to provide a plethora of quality services to the customers.
Yes, salon businesses are liable for GST. So, you will have to register yourself under the regime and file for GST returns for your salon business.
Yes, with the changes in trend, men’s grooming has also become quite popular. Hence, opening a salon business completely dedicated to men is a viable business option.