If you plan to open up a business this year, you may want to consider owning a beauty salon. In the U.S., a beauty salon owner makes around $74,691 on average, while those that belong to top-selling salons are raking as much as $348,000 per year. Got your interests piqued? Before you start investing and purchasing the best hair dryers to use for your future patrons, you have to think about how to build your beauty business first, and one of the first things that you have to do is get insurance for your venture. You’ll also need to know how to train your staff and keep them working happily for you. Here’s what you need to know about insurance and staff retention for your beauty business.
Protect Your Business
Business insurance is one type of insurance you’ll need if you plan to open a beauty salon. Salon owners need property, liability, and injury coverage. Having insurance means that if anything happens in your salon, you and your employees will be covered by your insurance policy. Injuries to employees can occur at any time, which again requires the owner to be prepared with this type of coverage in place through an insurance provider. Another reason you need beauty business insurance is that it covers more than just accidents. It also protects against lawsuits that are bound to happen at some point in your career as a salon owner; for example, patrons that were not satisfied with your stylists’ work may file for damages against you. Insurance providers can provide competitive pricing for business owners that meet specific criteria, and one may get a better package if no lawsuits were filed against them in the past few years.
Keeping Employees Happy
Your salon employees are your most valuable asset, so keeping them happy, motivated, and productive is essential. One way you can do this is through employee benefits. For current team members, or even those employed at the salon for a certain period (e.g., six months), offer an employee discount on services provided by the salon. This will serve as an incentive for schedule adherence and encourage your staff to make sale recommendations to family and friends outside of their networks.
If you believe performance bonuses are beneficial in recognizing exceptional production, offering quarterly incentives for meeting individual goals is a great way to invest in your team members. This can be done through bonus checks, gift cards, or even time off. Similar to performance bonuses, offering your employees paid vacations will give them more time away from the salon and let them recharge their batteries for renewed productivity upon returning to work. Staff with families would especially appreciate this benefit as they need ample time to spend with loved ones during extended holidays like Thanksgiving, Christmas, and New Year’s Eve.
Getting business insurance and keeping your talented employees happy are vital elements to making your beauty business a success. Don’t forget to keep your clients happy as well. Make sure you take care of all aspects of your business, and you’ll be rewarded with a thriving venture, happy employees, and loyal clients.
It is important to have the right insurance plan for your staff. One of the most common types of insurance plans is group health insurance. This type of plan usually covers the cost of medical care and hospitalization, as well as other services.
Group health insurance can be offered through an employer or purchased individually by a worker. Either way, it’s important to know what you are getting into before you sign up for a policy that may not be right for you.