Tanning Business - Writing A Business Plan In 5 Steps
A tanning business is still profitable despite claims of some groups linking indoor tanning to effects of UV rays.
The Indoor Tanning Association said that about 19,000 small and independent tanning salons continue to thrive across America.
Statistics say that about 10% of the American population still go to tanning salons regularly each year.
If you want to start a tanning salon, you must begin by writing a business plan first.
A business plan will come in handy in case you need to borrow cash to start your tanning business.
It is also beneficial for you to write a business plan because the process will teach you more about the tanning industry.
You will need to study how to manage and market the salon plus learn how much you really need to open a tanning salon.
1.
The first part of your business plan should state if your tanning business is a sole proprietorship, a corporation or a limited liability company (LLC).
Mention where you plan to put your business, preferably at a high traffic area with parking like shopping malls or near fitness clubs.
Estimate how many customers you expect in your salon and list down supplies like lotions, etc.
State your price per procedure you will offer.
2.
Make a list of tanning equipment you will need to purchase like tanning beds, bulbs, furniture and office equipment.
Place the brand names of your tanning equipment and their cost.
You also need to mention how you will complying with U.
S.
Food and Drug Administration regulations.
Include information about your own safety rules within the salon.
3.
Mention how you plan to promote your tanning business.
Outline a marketing plan that shows it will effectively get many customers and earn you more money.
State if you plan to advertise in the newspapers, magazine or other media portals like local TV channels or radio stations.
Write how you plan to market the business through weekly or monthly promotional incentives such as giving out discount coupons, or offering discounts for yearly memberships.
Explain how your marketing plan can beat the competition.
4.
The financial part of your business plan is important, especially if you plan to borrow money to start your tanning business.
Include your current financial status by listing down your assets and liabilities.
Your bankers will want to see your net worth, which is your assets minus liabilities.
Create a financial projection for the next 3 years that will include your potential income, overhead expenses, and cash flow.
5.
List down your team members from workers to your lawyer and accountant.
If one of your team members has experience running a tanning business, state that too.
It will be an advantage for you if your banker knows about that.
Mention why you think your tanning salon can beat the competition and enable it to earn a lot.
After you've prepared your business plan, you will come to realize that you could have missed many important factors.
It is always an advantage to write a business plan whether you intend to use it to borrow money from a bank or just for your own use.
After writing a business plan, you will discover if you still want to open a tanning salon or if you can afford to start a tanning business.
The Indoor Tanning Association said that about 19,000 small and independent tanning salons continue to thrive across America.
Statistics say that about 10% of the American population still go to tanning salons regularly each year.
If you want to start a tanning salon, you must begin by writing a business plan first.
A business plan will come in handy in case you need to borrow cash to start your tanning business.
It is also beneficial for you to write a business plan because the process will teach you more about the tanning industry.
You will need to study how to manage and market the salon plus learn how much you really need to open a tanning salon.
1.
The first part of your business plan should state if your tanning business is a sole proprietorship, a corporation or a limited liability company (LLC).
Mention where you plan to put your business, preferably at a high traffic area with parking like shopping malls or near fitness clubs.
Estimate how many customers you expect in your salon and list down supplies like lotions, etc.
State your price per procedure you will offer.
2.
Make a list of tanning equipment you will need to purchase like tanning beds, bulbs, furniture and office equipment.
Place the brand names of your tanning equipment and their cost.
You also need to mention how you will complying with U.
S.
Food and Drug Administration regulations.
Include information about your own safety rules within the salon.
3.
Mention how you plan to promote your tanning business.
Outline a marketing plan that shows it will effectively get many customers and earn you more money.
State if you plan to advertise in the newspapers, magazine or other media portals like local TV channels or radio stations.
Write how you plan to market the business through weekly or monthly promotional incentives such as giving out discount coupons, or offering discounts for yearly memberships.
Explain how your marketing plan can beat the competition.
4.
The financial part of your business plan is important, especially if you plan to borrow money to start your tanning business.
Include your current financial status by listing down your assets and liabilities.
Your bankers will want to see your net worth, which is your assets minus liabilities.
Create a financial projection for the next 3 years that will include your potential income, overhead expenses, and cash flow.
5.
List down your team members from workers to your lawyer and accountant.
If one of your team members has experience running a tanning business, state that too.
It will be an advantage for you if your banker knows about that.
Mention why you think your tanning salon can beat the competition and enable it to earn a lot.
After you've prepared your business plan, you will come to realize that you could have missed many important factors.
It is always an advantage to write a business plan whether you intend to use it to borrow money from a bank or just for your own use.
After writing a business plan, you will discover if you still want to open a tanning salon or if you can afford to start a tanning business.
