About Us Institute of Entrepreneur Cosmetology

  • As an educational institution IEC is dedicated to partnering with entrepreneurial minded professionals in the cosmetology industry and works to develop innovative entrepreneurs capable of disrupting the current trends, and growing the beauty industry.
  • IEC exists to partner with new school graduates, independent contractors, new salon owners who want to get, keep, and grow customers.
  • IEC has test preparation programs for applicants wanting management certification
  • Establish business model that fits vision
  • Learn waste v. extreme uncertainty
  • Learn to create new products and services
  • Embrace the concept of entrepreneurship
  • Learn to fail fast
  • Manage context of extreme uncertainty
  • Entrepreneur as a mindset for business
  • Innovation and creativity as tools of management
  • Think outside of money, stuff, and customers
  • Learn to build a sustainable business
  • Learn by running experiments
  • Learn to test each element of vision
  • Fundamental activity turn ideas into products
  • Measure how customers respond
  • Learn to pivot or persevere
  • Accelerate the feedback loop
  • Speed is most important (Competition)
  • Hold entire staff organization accountable
  • Focus completely on all aspects of business
  • Measure business progress
  • Set up milestones
  • Prioritize work
  • Measure everything and everyone
  • Big Problems are: allure of a good plan, solid strategies, and thorough marketing research
  • Small new beauty organizations cannot manage using these indicators up front
  • Small new beauty organizations operate with too much customer* “uncertainty”
  • Predictability too hard today
  • Vision and concept
  • Product development
  • Marketing and sales
  • Scaling up
  • Partnerships and distribution
  • Structure and organizational design
  • Manage context of extreme uncertainty
  • Entrepreneur as a mindset for business
  • Innovation and creativity as tools of management
  • Methods for measuring progress in context of extreme uncertainty
  • Provide clear guidance on how to make trade-off decisions
  • Whether and when to invest
  • Formulating, planning, and building infrastructure
  • When to go it alone and when to partner
  • When to respond to feedback
  • When to stick with Vision
  • How and when to invest in scaling business
  • Critical: Allows entrepreneurs to make testable predictions
  • INSTITUTE OF ENTREPRENEUR COSMETOLOGY LLC

IEC Services

Salon Types and Their Locations

Four Major Groups

Compas@2x
Hotel
Infinity-Loop@2x
Department Store
Pensils@2x
Shopping Center
Chat@2x
Home-Neighborhood Salon
  • Small Operations (2 to 8 Operators)
  • Space is leased to an owner by the hotel for a given number of years
  • Salon adds value to hotel
  • Some cleaning and maintenance work is provided by the hotel
  • Some utilize a hotel “charge” system
  • Some restrictions are placed on “signage”, decorating, and operating hours
  • Most operate a leased space
  • Major department stores contract with nationwide chain of salons
  • Very small to multiunit salon of thirty to sixty operators
  • Makes use of “mass purchasing” and central supply depots
  • Supplies ordered once per month
  • “Charge” system is used
  • Fee charged for cost of accounting and maintenance
  • Image and cliental must be compatible to salon’s
  • Store’s advertising is important consideration
  • Who handles customer complaints ?
  • Consider handling store model’s hair styling
  • Make sure employee benefits, parking permits for employees, customers, credit cards, accounting procedures, decoration coordination, advertising, and store hours are clearly stated in the agreement.
  • Store lunchroom or cafeteria
  • Employee’s discount shopping
  • Paid vacation
  • Sick pay
  • Group insurance
  • Profit sharing
  • National and local paid advertising
  • Because of “umbrella” costs, the percentage to the operator of gross sales usually runs from 40 to 50%
  • Product sales: should customers buy at salon or store ?
  • Good places for nail-care services
  • Liability insurance
  • Larger number of clients and offer a larger range of services
  • From 2 to 8 operators
  • Rent is determined by a leasing agreement, a flat rent plus a percentage figure after a certain level of gross sales is reached (usually between 8 to 15%)
  • Consider demographics, traffic patterns, seasonal considerations, and hire an attorney for negotiations
  • A salon measures 30 feet by 70 feet
  • 30 x 70 = 2,100 square feet
  • $12 per square foot (per month)
  • 12 x 2100 = $25,200 per month!
  • How do you earn enough to cover $25,200?

Example:

  • Wanda works 8 hours per day offering custom hairstyles in a mid-range salon.
  • MHow much money can she “gross” in one week?
  • How many operators are needed to “cover the rent”?
  • 8 hours x 2 per hour = 16 customers per day
  • 15 customers x $40 per customer = $600 per day
  • $600 per day x 5 days per week = $3000 per week
  • $3000 per week x 4 weeks per month = $12,000 per month
  • Rent = $25,200
  • $12,000 x 2 = $24,000 Just over 2 operators to cover the cost of rent
  • A “cement” (concrete) floor
  • Four walls (is your blue print ready?)
  • A ceiling
  • A “bathroom facility”
  • A heater that will heat one room, (no duct work)
  • Electrical connections to the area
  • A “display window”
  • A door for customer entrance
  • A back door for exit or emergency exit
  • Check local laws, rules, regulations
  • Oldest type of salon
  • Salon corporation, or partnership owns the property
  • Becomes more valuable each day as property is paid off by revenue instead of paying for rent
  • The salon is worth the price of equipment, supplies on hand, investment for utilities (electric wiring, plumbing, etc.) and the value of the land and building less the amount of any mortgage owed on the property.
  • Landlord-salon owner arrangements are also common.
  • If owner lives on the premises, the owner may “deduct” salon expense “in proportion” to the percentage of space occupied by the salon.
  • Salon owner is usually a “jack of all trades”
  • Percentage profit margin is the HIGHEST in the industry, at the COST of the manager’s free time
  • Should clearly identify the salon
  • Should be short and memorable
  • Should reflect the image of the salon
  • Should not be too “trendy” that it will become “dated” when styles change
  • Individual Ownership
  • Partnership
  • Corporation
  • Owner is directly responsible for all operations
  • Bears all profits or losses
  • Usually has little resale value
  • Could have financial problems
  • Most salons structured this way
  • “Marriage” of two people in business
  • Two can “share” the load
  • Need for a written agreement (contract)
  • Amount of time, money invested, duties, wages, bills paid, expense account, maintenance… each partner should have Termination on death of one of the partners
  • Joint liability
  • One can cover when other is sick
  • Several people invest in stocks (shares)
  • Resembles a partnership
  • “Distributed’ liability (limited liability)
  • Only responsible for the number of shares you own in the company
  • Shares can be bought sold as bylaws permit
  • Offers Standardization
  • Less choices
  • Buy into an established salon
  • Have it in writing
  • Know your responsibilities and rights within that agreement
  • Know how you can terminate the agreement if it becomes necessary Consult with a good business attorney before signing Have him spell out advantages/disadvantages for you!
  • Do your research!
  • Do what you love, love what you do!
  • Sometimes you will never, know the true value of a moment until it becomes a memory

Our newsletter:

Wow! Just can’t believe my own eyes !  like this for Cosmetology but for the first time you have developed this kind of Instituteof Eentrepreneur Cosmetology  Unbelievable masterpiece work, specially for IEC ! Definitely you are going to make Beautiful.

- Super User / 2013-05-25 03:29:03

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