Before You Sign on the Dotted Line
A simple google search will give you the pros and cons of renting a salon suite to operate your beauty business, so I won’t talk about that here. You have probably heard about and maybe even know someone who is renting a salon suite. But what you don’t know is exactly what YOU will need to open yours or even if this is something you want to do.
No worries – I got you.
In 2006, I opened my salon in a small office space that backed up to a janitorial closet, so I know some things about the salon suite rental business.
Listen, I know how secretive the beauty industry can be when it comes to sharing information. I faced this myself when I started – so trust me, I understand. It was this secrecy and lack of mentorship that motivated me to create my own business model and this secrecy is why I created this checklist. I want you to have as much information possible so that you can make an informed decision about leasing a salon suite.
Why is this important?
If you have ever bought or thought about buying a house or even renting an apartment, the first thing most agents ask is, “What is your budget?” Why do they want to know this? Because, they don’t want to show you something you cannot afford.
Have you ever gone shopping for a wedding gown or tux or if you have watched the wedding shows, they ask you about your wedding, your fiance, even the venue, etc. But before they show you a dress they ask – What is your budget? Why – because, they don’t want to waste their time showing you something outside of your budget and you fall in love with it and then they show you a dress, or home, or apartment that is within your budget and you hate it. No one wants that.
The same thing applies when it comes to salon suite rental. Just about every beauty professional has or have had the idea of owning their own salon. We have all of the design details worked out in our heads and can see the clients lined up around the block. I am all for that. But, before you take that tour of a luxurious salon suite. I have created this list to help you be aware of what you will be asked to sign before you take that tour and/or sign that lease.
As a 14 year salon suite owner myself and an owner of a salon suite business where I lease suites to beauty professionals, I have sat on both sides of the table. I created this checklist to help you navigate this journey.
This information may differ based on your state, so please contact your state’s governmental sites. The lease agreement will contain several line items that you must review carefully before signing. I recommend letting your attorney review the lease as well.
The list will most likely include:
Location of Premises
Cost of Rent
Repair and Maintenance Cost
Required Licenses and Permits
Lease Renewal Policy
Abandoned Property Clause
Building Access Clause
Miscellaneous (attorney’s fees, notices, successors)
Cosmetology and/or Professional License(s).
Proof of Insurance
Proof of Insurance
Board Inspection Requirement