Top 5 Reasons To Start a Salon Suite Business in Dallas, TX
The success of a business can be significantly influenced by the city it’s in. A city with a thriving economy can make
local citizens flush with extra spending money. Additionally, factors such as no state income tax and high economic growth can make running a business smoother. Dallas made the Top 50 Cities in America to start a new business, achieving the respectable number 17 spot. If you’re considering starting a salon suite, keep reading to understand why Dallas is the right location for your business.
1. Booming Population and Growing Economy
Texas has the second-largest growing economy in America. Many of the North Dallas suburbs (such as Plano, Richardson, Carrollton, Frisco and McKinney) are expanding rapidly. A booming population means that there is plenty of hairstylists and beauticians you can hire. Secondly, a booming population means a larger customer pool.
With a growing population comes a thriving economy. People have more money to spend on services, such as getting their hair treated or their nails done.
2. Wage Growth and Job Creation in Northern Dallas
Many large corporations are relocating to Dallas and its suburbs. This brings in people with higher incomes and tremendous spending power. Often when cities see an influx of wage growth and job creation, they can respond by increasing their prices. Salon suite owners can justify charging higher rates as they begin to serve a higher-earning clientele.
3. North Dallas Suburbs are full of Upper Middle-Class Areas
A salon suite thrives on clients who book expensive services. The national average for a women’s haircut is $43, while hair coloring can cost between $60-$150. These are not prices that an individual who is financially struggling can typically consider. The North Dallas suburbs are full of upper-middle-class individuals, who are often the ideal clientele for beauty professionals. Not only can they afford the $150 haircut and color, but they also can afford to come back multiple times a year.
4. No State Income Tax
Typically, when a business makes money, they have to pay taxes on it. However, Texas is a no income tax state. This means that individuals don’t pay personal income tax, and businesses pay very low business taxes. In fact, small businesses under a certain revenue threshold, don’t pay any business taxes.
The national average for a small business is paying 19.8% in taxes. If your salon suite makes $60,000 in revenues in its first year, that’s almost $12,000 in taxes! For a small salon suite business that is just starting out, this is a great opportunity. The diverted tax funds can be reinvested in the business for marketing, new equipment, or additional employees.
5. Business-Friendly State and Local Governments
The local government in Dallas is very business-friendly. There are plenty of organizations within the local communities that help entrepreneurs and small businesses grow. And, despite being a large city, it operates with a “small town” atmosphere. You will find if you can wow your customers, they’ll be more than happy to spread the word-of-mouth for your salon suite. Lastly, real estate is quite affordable throughout Dallas, making rental prices for businesses manageable.
Sometimes starting a business in a city such as New York or LA can feel competitive, harsh and lacking in opportunity. Dallas has all the benefits of the major cities with the welcoming atmosphere of a southern town. Now is a great time to start building a brand in Dallas, so start today!
Imagique Salon Suites
Are you interested in renting a salon suite in the Dallas area? Imagique Salon Suites has everything you need to kickstart your beauty career. We have three convenient North Dallas locations in North Plano, South Plano, and Richardson. Here at Imagique Salon Suites, we are a full-service salon that offers 24/7 access, commercial-style laundry rooms. We also provide a break room and a variety of other beneficial perks. Are you ready to start your journey to greatness? Contact us or complete an application today. It’s time to love what you do.