Date of Conferral

2022

Degree

Doctor of Business Administration (D.B.A.)

School

Business Administration

Advisor

James Glenn

Abstract

Small businesses constitute 44% of the U.S. economy, generating roughly two-thirds of new jobs, goods, and services. However, the survival rate of small business owners declines after the first 5 years of operation. Small business failure rates impact every part of business industries. Small salon owners who fail to incorporate financial strategies in their businesses may fail to succeed beyond the first 5 years of operation. Grounded in entrepreneurship theory, this qualitative multiple case study was conducted to explore financial strategies salon business owners use to increase longevity and effectiveness in their business operations. The study’s participants were eight salon business owners in Maryland who effectively used financial strategies to improve their longevity, effectiveness, and competitive advantage in the industry. Data were collected through semistructured Zoom interviews and salon owners’ social media platforms. Thematic analysis was used to analyze the data collected from salon owners’ interviews, and three themes emerged: financing, partnerships, and financial literacy. A key recommendation is for salon business owners to use a combined financial strategy of personal funds and funds borrowed from family and friends to start a salon business. Implications for positive social change include the possibility that small salon business owners may increase the success of the business operation in their local communities.

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