Are you ready to open a spa business? Deciding to start your own business is the easy part, but taking proactive steps to open your own business is another story. Operating a spa is expensive if you try to fund it out of pocket. Fortunately, Oklahoma City business loans can provide you with the funding you need to start your business. To kick-start your new venture, here are seven steps you can take to start a spa business.
1. Choose Your Niche
With the number of spas in the market, you should in order to stand out from the others, choose your own niche market. To know your target market, you need to figure out the type of services your business will offer. Are you going to offer healthy and nutritious meals? Will you offer salon services (nail care, waxing, threading, etc.)? Whatever you choose, make sure that you have a competitive advantage over your competitors.
2. Create a Business Plan
Almost every entrepreneur looking to start a business applies for a small business loan. In order to qualify, you need to create a detailed business plan for your spa. It should include an executive summary, company summary, list of products and services, market analysis summary, financial projections, and marketing strategies.
3. Choose Your Location
For day spas, it’s better to put up your store in a mall or in crowded shopping districts. If you want to start a retreat spa, you may want to go for a secluded stand-alone building surrounded by greenery. You can also structure it similar to a small bed and breakfast, with guest rooms and private bathrooms. When looking for a location, be sure to consider your spa equipment and your interior design.
4. Make a Service Menu
The next step is to create a service menu that’s tailored to your target market. You can include specialty facials, luxury treatments, and signature, custom-blended services. Be sure to hire credible employees with lots of experience, which leads to our next point.
5. Purchase Spa Equipment
Once you’ve chosen your location, you can now purchase spa equipment, as well as furniture and other decorative items. Some of the equipment and furniture you may need are tanning beds, comfortable chairs, mirrors, a point-of-sale (POS) system, as well as other costly equipment. If you want to lower your expenditures, you can choose lightly used spa equipment and furniture.
6. Hire Licensed Employees or Provide Necessary Training
As mentioned, you need to hire qualified and licensed employees for your spa business. Depending on the services you offer, you may also need to hire a manicurist, massage therapist, hair removal specialist, electrologist, and/or an aesthetician for facials and waxing.
7. Promote and Market Your Business
You can offer special promos and discounts before and/or during the opening day of your spa. These promos may include free facials, discounted massages, and other irresistible deals. Advertise your business by sending invites or handing out fliers to people near you. Additionally, you can create and post an event on social networking websites.
Oklahoma City Business Loans – Small Business Loans for You
Starting a business means you need to invest a certain amount of money to get it going. SMB Compass offers Oklahoma business loans and other loan programs for businesses in the United States.