When thinking about starting your own salon or spa here are some points to consider:
1) Build relationships in your business community.
Small business lenders want to know that the companies they’re investing in are headed for success. That’s why it’s so important to establish yourself within your local business community before you try to apply for a loan. It is especially essential for female business owners to build relationships in their business communities. Part of being a trusted small business is building these relationships, and this can take time. Look for small business support groups in your area, such as university mentorship programs or small business development centers. Many advisers at these organizations work with lenders, and their professional relationships can benefit you in the loan application process.
2) Have your financial information organized
Nothing will get your loan application denied faster than having your finances in disarray. Lenders need to verify all the information you give via documentation, so having the necessary statements and reports organized and ready for review will demonstrate that you’ve done your homework.
3) Make sure you’re paying your bills on time.
Seek out women-specific lending programs. Lenders also generally require that recipients have some sort of collateral to put down on their loan, so be sure you have some money put away before you apply. In sum, know what you need and prove you’ll use it well. Being able to explain to a lender the exact proposed amount and purpose of your loan is perhaps the most important factor in getting approved, next to proving financially stability. Vague loan requests often make a lender wary, so being prepared with specific information can only help you in the loan application process.
Good Luck and follow your passion!