Pros:
1. Low overhead costs: You don’t need to buy expensive equipment or rent a space in a prime location to get started – but you do need the basics like chairs, styling tools, mirrors and counters.
2. Flexible hours: Being able to set your own hours can be great for those who need a flexible schedule.
3. Potential for growth: An established hair salon has the potential to expand by adding more stylists and services, such as nails, waxing, or massage.
4. Closeness with clients: As a hairstylist, you are often in close contact with your clients and build relationships with them over time.
Cons:
1. High level of competition: You’ll be competing against experienced stylists and salons that have already established a steady client base, so you will have to work hard to stand out from the crowd.
2. Responsibility for hiring staff: You will need to hire a staff of experienced and talented hair stylists.
3. Complex regulations: Starting a hair salon requires understanding of local, state, and federal laws and regulations – including those related to health care and employment.
4. Low margin for error: As a hairstylist, you must stay up-to-date on current trends and techniques, as well as be able to make quick decisions in order to deliver exceptional results for clients.
5. Insurance costs: You will need to purchase liability insurance, workers’ compensation insurance, and other related policies.