Ohio Stylist - March 2019 - You're Graduating from Beauty School — Now What?
32 | MARCH 2019 | OHIO STYLIST & SALON | WWW.OHIOSTYLIST.COM Newly Graduated: Is Booth Rental Right for You? by Tina Alberino “I’m about to graduate beauty school and I think I want to rent, but I don’t know what the costs typically are. What is the average price of a salon suite or a booth? How much is too much? What should the rent include? I’m so confused. Please help.” “What does booth or suite rent cost on aver- age?” is a tough question. If you’re looking for an “average” cost, you’re going to have a hard time finding one. Just like residential and commercial rental rates, booth and suite rent vary by region and from facility to facility, as do the inclusions and lease terms. Typically, booth rental costs less than suite rental, but even for that general rule there are exceptions. Before you proceed, complete the following exercise. Instead of asking yourself, “How much does it cost?” ask, “What can I afford?” If you’re a new graduate with no clientele to speak of, you’re unlikely to succeed unless you have three things: • Self-discipline and the ability tomanage yourself, • Enough savings to carry your business and personal expenses through your first year • The money and expertise to successfully launch and maintain an aggressive marketing strategy Remember, you’re going to be establishing a brand-new business — likely as a completely unknown professional —within the immediate vicinity of your most direct competitors. As a self- employed microsalon owner, you aren’t entitled to walk-in business and it won’t be your landlord’s job to advertise on your behalf. (Their job will be to keep the lights on and collect your rent payments.) If you aren’t financially, professionally, or person- ally prepared to handle that level of responsibility all by yourself, regardless of how affordable the rent may seem, you cannot afford it. Your costs of doing business will impact your pricing. Rent will, without a doubt, be your largest overhead expense (aside from your wages and self-employment taxes). I recommend treating your business like a business and doing your math ahead of time, otherwise you may find yourself in a situation where your costs push your prices far outside the realm of what your target clientele can afford, hamstringing your new business and doom- ing it to failure before you’ve even started. Instead of asking yourself, “What should the rent CLICK HERE