08 Sep, 2017

Tanning Salon Business Plan

You may not believe it but a tanning salon business is still viable despite reports of some studies linking indoor salon tanning to effects of Ultraviolet rays which causes cancer. Indoor Tanning Association statistics show that 19,000 independent small tanning salons are still thriving across America. It also indicates that 10% of Americans still go to tanning salons year on a regular basis. If your dream is to own a successful tanning salon business, you will need to write a good and presentable business plan. A tanning salon business plan will be very useful especially if you don’t have enough starting capital and you may require financiers to lend you the money. Writing a tanning salon business plan is also very beneficial since while writing the business plan you will get a chance to learn more about the industry especially if you are getting into it for the first time. You will get a preview of how to operate the salon and the exact amount of money that you need in order to open one. A good tanning salon business plan should indicate whether the business will be operated as a sole proprietorship, a partnership or as a corporation (Limited Liability Company). The business plan should clearly show the location where you intend to put up the business which should ideally be at a place with high traffic and ample parking. A good location will be in a shopping mall, spas and fitness clubs. You should be able to estimate the number of customers that you expect and probable revenue that the business can bring in. You should be able to identify your suppliers and the cost of various supplies and equipments that you will need run the business. Also, you must show the prices that you are going to charge. Your tanning salon business plan should have a list of all tanning equipment you will be required to purchase like bulbs, tanning beds and office furniture. The business plan should show how you intend to comply with various United States Food and Drug Administration regulations. Give information and assurances about safety precautions that you are going to undertake within the salon. The tanning salon business plan should outline your marketing strategy showing how you will effectively promote the business in order to get as many customers as possible. State your advertising plans and the medium that you will use. Will you advertise through newspapers, magazines, TV channels or radio stations? If you are going to borrow capital in order to start, then the financial part of the tanning salon business plan is very important. You are expected to reveal your true financial position by writing down all the assets and liabilities that you have. Bankers need to evaluate your net worth. Give a reasonable financial projection estimates for the next five years including your potential income, cash flow and overhead expenses. Finally it is good to list down the employees that you intend to work with and their respective experiences. If they have prior experience in the business you should mention it too. State how the salon is going to beat the other competitors. If the tanning salon business plan impresses your banker then you will be on your way to owning the business.