Why Buy a Beauty Parlour During Pandemic?
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Nov 20,2020
- 14 Mins Read
Beauty Parlour During Pandemic
The beauty industry has been fascinating for people. Many small, as well as big entrepreneurs, enter the salon industry with high hopes. All this can be possible if one has the right skill set and capital to set up a business. According to a report by FICCI and EY, the salon industry in India was estimated to be around $3.83 billion in 2017-18, growing at a CAGR of 27 per cent-30 per cent in the past two years. It is roughly 30 per cent of the overall wellness and Beauty Market. There are six to seven million salons in India, with women contributing to more than 85 per cent of the total industry revenues. However, with men becoming more focused on their looks, the number of unisex salons are also growing strongly.
The current market situation has changed since the Coronavirus is hovering over the country.
Disruption of pandemic followed by the nationwide lockdown has uprooted the market. As a result, many salons along with other businesses have shut down completely. Owing to this, new players are thinking to not enter the industry and establish a new business. If you also fall in the same category, then think of buying a Running Beauty Parlor. For that, you have to find beauty parlors for sale near you. While ascertaining the right salon, you have to consider various factors, which are as follows:
An ideal beauty salon should be close to a market wherein footfall is high. The location should be convenient for customers to travel. You need to ensure if all basic amenities are available there.
Running a beauty parlor in a market region is useful as it helps understand the business better. You can keep a close eye on the latest trends emerging in the market, thereby adopting those in your business as well.
Customers are an element that has to be considered while establishing a business. They help run the business and also exhibit the backdrop of the business. You need to buy a beauty parlor, which has a wide customer base. While buying the business, you have to ask the owner to introduce you to the customers. In this way, you can get a chance to create a bond with customers and build a healthy rapport with them.
For further communication, you can also take their numbers and inform them about the latest beauty offers now and then.
Checking the financial statements of a beauty salon is vital. It explains how promising a business is. To understand the financial condition of a business, you have to consult an accountant. The accountant will check the statements and will let you know whether you should buy the business. He will give an actual business valuation of the beauty parlor.
Accordingly, you can negotiate with the business owner and get a suitable price. Thus, you should not ignore this factor and not get carried away with the aesthetic beauty of the business.
While Buying a Beauty Parlour Shop, you have to check if there are other competitors around the salon. You have to check their footfall and also, find out what's good in those salons. To further examine, you can talk to competitors and also enquire about the business that you are willing to buy.
Competitors will give an idea about the salon businesses in that area. The conversion will also answer whether you should buy the business or not. Therefore, invest time in understanding the business landscape in that particular location.
Before buying the business, you have to ensure if the salon’s infrastructure is intact or else, it requires repairing. You can also test equipment and calculate expenses on fixing them. What latest tools you would have to add should be considered while buying the business. Take such expenses into consideration while buying the business.
These factors have to be considered if you are thinking of Buying a Beauty Parlour Near you. Besides this, there can be other factors that you need to address while buying the business. If readers know those factors and want to share, then write in the comment section below.
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