How we met!The owner of Salon West opened his businessout side my home about two years ago. Hisname is but he would rather be called V.There are a lot of small businesses on June St.and I know all of the owners so I just really gotto know V, just like everyone else.Now my boyfriend and I get are hair done with Vall the time I highly recommend him.
Business StructureThe structure of Salon west is that it isa small business owned by both V andhis wife.They have a Partnership.Relating to the book a partnership is alegal form of business with two ormore owners.The business is small, yet the costumerflow is high. This is why they chose thisstructure instead of being somethingelse.The company is known for their namebrand products and their low priced“student” discounts.“Location, Location, Location”….Salon West is located next to Dohertymemorial high school and is the mainbus stop location for WorcesterTechnical High School students.
Background of BusinessV got started with his business byresearching what it took to own abusiness and become an entrepreneur.He went to school to be acosmetologist and had a dream ofopening his own business.Fortunately for him so did his fiancé atthe time. She encouraged him to go forit and they planned to be partners inowning the business.His wife helped invest money into theirsmall business.Why they decided to open thebusiness is because they found thatthe people in my area had to go all theway downtown to find a good hairsalon. Therefore they had a chance.
Training background Cont.• V went to school to be a doctor but changed his mind.• He did not finish college but his wife did.• He went to Rob Roy and received his certificate in cosmetology.This compares to the company now: - you can tell he has experience. - he loves what he does and it isreally great that he changed hisprofession.
Successes and ChallengesChallenges: Successes:One of the biggest challenges A major successes was that V’sthat both V and his wife agree wife had to enough money toon was advertising. invest In their business. This helped them advertise andIt was really hard to get their other small businesses aroundname out there and bring in the neighborhood gave outthe costumers. flyers and business cards for the salon. This was a major success because they overcame their biggest challenge.
Successes and Challenges Cont.Challenges running the business Overcoming Challenges• Biggest Challenge running • They overcame this the business is keeping challenge they Separated personal life separate from the work. business life. • V’s wife does all the paper• It is hard being married and work and background work having a partnership. while V actually does the services. • So the couple is not around each other too often.
Critical success factors for this businessEmployee’s Fatal FlawsHiring experienced workers If a costumer is not satisfiedwere needed for this business. with their work that is a fatalGetting new workers is a very flaw to the business.hard thing to do financially, If the word got out that theyand time consuming wise. give bad service than they would have no clients and their business wouldn’t make much money off of just selling their name brand products.
Future Plans and Goals• Yes, the business will be running for more years to come.• The business might turn into a family owned company. The couple would like to pass down the small business to their children.
My Interesting questionsQ: Was it difficult opening a new company with your wife?A: “Yes”. V said that sometimes you have to let both livesinterfere with each other just hope it effects you in a positiveway.Q: Did you have any doubts?A: Only when they first opened. The company had advertisingissue’s. A small flower business next door from Salon west toldhim about putting business cards in stores near by.Q:How did your parents feel when you dropped out of college?A: at that point V had moved in with is wife and he was havingtrouble at home so his parents were not really in the picture.Now their proud of him.
Summary• Basically Salon West is a small business in the city of Worcester, with a great reputation, owned by a couple, that is trying to build a family business.Advice to class:“Do what you love, getting a job in tis economy is one thing, but having acareer in something you love is amazing”.What did I learned:I learned that it is a risk to be an entrepreneur and it is a big fifty fifty chance.I also learned that it is worth opening a business that you love because youare your own boss.