H&L Nail & Hair Salon | Application Preview
H&L Nail & Hair Salon is seeking government funding to enhance their business operations and increase revenue. The owner aims to invest in additional products for retail, as they have recently had to reduce their vendor relationships due to financial constraints. This funding would also allow for the purchase of new salon chairs and an upgraded credit machine to improve customer experience.
The business plan includes expanding the salon's offerings by incorporating cosmetology students, facilitated by the need for a dedicated workspace. Upgrades to existing equipment, such as barber chairs and sink bowls, are also essential, especially since the current items are aging. The salon is well known for its hair products, and the owner intends to replenish stock to maintain this reputation.
The salon has been established for about seven years and is recognized as one of the most profitable in the area, fostering a professional and family-friendly atmosphere that has built strong relationships with a loyal clientele. However, the salon has faced challenges due to high rent and utilities, especially following the financial impact of COVID-19 on both the owner and staff's families. Despite these challenges, the salon remains a vital source of support for the owner.
In terms of competition, H&L Nail & Hair Salon stands out in a relatively sparse market, with the nearest competitor located about a mile away. The salon differentiates itself by offering a comprehensive range of services for all ages and genders, as well as a variety of products and accessories. This diverse offering sets it apart from nearby barber shops and other salons that tend to focus on narrower demographics.
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General Information
Business Registration Number: 8175009-0151
Location: West Jordan, UT, United States
Length of Operation: 7
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
I really hope to get this funding to invest in my business so I can make more revenue, and also purchase more product to be able to sell in the salon. I have had to let go of a lot of vendors who kept my salon packed with product that I currently can not afford anymore. I would like to buy salon chairs and upgrade my credit machine for easier purchase from the customer.
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Business Plan
I plan to invest in my business product wise and since I have an instructor working in my salon I would like to add cosmetology students for the salon but I need to invest in a work space for them, I would also like to upgrade my barber chairs and sink bowls that I use in the salon since they are getting very old and I need more newer durable ones. I plan to continue to sell hair product since my salon is very known for that, I would need to stock up on product. My hair salon has been around for about 7 years now and it is one of the most profitable salons in my surrounding area and in my county. I keep my salon very professional and family orientated. I have made friends out of all of my clientele that goes there, there are people that have been clients for the 7 years and new clients who go almost every day and continue to go every time after that. The problem with my salon is that it is in a very expensive area and I have to keep up with all of the rent and utilities, which is usually not a problem, but with COVID affecting my salon it has been really hard for me to handle all expenses. COVID has affected immediate family members and immediate family members of my workers, I am not sure how far this will go but my salon is the only thing that keeps me going every day.
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Self Identified Competition
There are not very salons in my area the closest is about a mile away. Then after that about 4 or more miles away. My salon is very different than my competitors because we do services for all ages and genders, and we sell all kinds of product and accessories such as makeup and hair related accessories. For example barber shops around me only do for men, or the other salons only do nails, or only do hair for women. So we do have a variety of top services for our clients that are looking for different things.
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Contact Applicant
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