Step One: Getting the Cash Together

How much cash do you need saved up to open your own hairdressing studio? Less than you’d think. I’ve opened five hairdressing shops and never once has it cost me more than $20,000.

One of my hairdressing salons only cost $5,000 to get in the door and I borrowed every single cent of that money.

Yes, I opened my own shop with no money down and you can too.

How much have you got saved now? None? Twenty grand? Come on, seriously take stock and figure out how much money you have saved or squirreled away. Now go get a kid’s exercise book and write down that amount. You can buy a book for less than a dollar; I buy mine on sale at Kmart for eight cents! It will be the best dollar you’ve ever spent. From now on I want you to write down everything about your new hairdressing studio in one book.

Go on, write down how much you have saved. “I have X dollars saved for my new shop.”

Now how much could you borrow from family and friends? Figure it out and write it down.

Finally how much can you save every week? Figure it out and write it down. Then double that amount and write that down as your weekly saving target. Did you first think of $100 a week? Then your target is $200 every week. If you really want your own shop $200 a week should be easy. Just keep thinking about the shop and reading this series and you’ll be styling hair in your own hairdressing studio before you know it. Stop letting your money go down the drain each week!

To help get you in your own studio grab a copy of this Free Excel Spreadsheet for managing you initial start-up expenses and capital.

If you start saving now and work along with this series you should be in your own shop within a year. If you already have most of the cash saved or can borrow it then you could be sorted within a few months.

to be continued…