Business Plan For Nail Salon

Find A Suitable Location

After creating the business plan, this must be the first step towards establishing your nail salon business. Choosing the right location is an extremely important aspect of a successful nail salon. A 300 sq ft minimum space is required to establish this type of nail salon business. Having a good location will set you up to expose your business to new customers. Your budget in this regard will play a critical role.

Strip malls and shopping malls are good because they attract large foot traffic. Concentrate on the interior and fixtures that you will need to have.

If you are short of money, consider starting a nail salon business from your home. This will free you from rent cost and startup investment becomes much low.

Example Of Problem A Salon Can Solve

Women have less and less time to spend on theirselves. At the same time, the demands they place on their appearance continuously to go up. They want that healthy looking hair, perfect brows and nails that look stunning every day. But theres just not room in their calendar to fit all these appointments in.

If your salon is based in a business district in a city area, this could very well be a problem that a big part of your potential clients face.

What would you say is the problem people face in the area where your salon is located?

Structure Your Business Plan

Next up, you need a business plan. Structure different aspects of your business and plan out each aspect in advance. This includes initial finances, set up cost, professionals youd need, the location youd operate from, and much more. A well-structured business plan should, in fact, include everything.

Right from the services youd include to the pricing list and equipment needed structure your business plan to include everything for an even minute reference when you need them. Have a look at this Nail Salon Business Plan Template to get yours started.

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Brainstorming Strategies To Attract Customers

Attracting customers is the most basic goal of a successful marketing strategy. As we start our business, our aim is to draw the attention of potential customers to our business and bring them in.

A few examples of such strategies are:

• Opening discount
• Discount coupons
• Free gift/service with another service, etc.

If you want to read more, take a gander at our other informative blog nail salon marketing ideas.

Polishing Up Your Nail Salon Business Plan

A nail salon business plan sets you up for success and helps you unlock new opportunitiesfrom outside funding to professional partnerships. Taking the time to hone your competitive advantage, research your market, and create a financial plan will also prepare you for any obstacles as you move toward a grand opening.

Ahead of the big day, take the next crucial step: selecting a pricing strategy for your nail services.

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Job Roles And Responsibilities

Manager :

• Responsible for providing direction for the business
• Creates, communicates, and implements the organizations vision, mission, and overall direction i.e. leading the development and implementation of the overall organizations strategy.
• Responsible for fixing prices and signing business deals and payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for managing the daily activities in the organization
• Carries out induction for new team members
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Regularly hold meetings with key stakeholders to review the effectiveness of the business Policies, Procedures and Processes
• Maintains office supplies by checking stocks placing and expediting orders evaluating new products
• Oversees the smooth running of the daily activities of organization

Accountant/Cashier

Client Service Executive

Field Workers :

• Responsible for handling manicure and pedicure services
• Responsible for recommending and selling nails related cosmetic products to customers
• Handle any other duty as assigned by the manager

Van Driver:

• Responsible for transporting equipment, supplies and workers to work site
• Runs errand for the organization
• Handles any other duty as assigned by the manager

Figure Out Your Finances

To build any business, initially, you need some capital. For this, you can either invest personally or look for external options. A business loan is a popular way to go about it. If you have a solid business plan, it can be quite simple to apply for a loan. You can also consider getting independent investors on board.

To sort out your finances, it is important to have a clear-cut vision of your brand. Present this for loan approval, investors, or implement the same with your own capital if you have a big budget.

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Who Are Your Competitors In The Market

Just as important as understanding your customers is understanding who else is trying to attract them. Knowing who your competitors are, and what they offer, can help you make your products, services, and marketing stand out. It will enable you to set your prices competitively and help you respond to rival marketing campaigns with your own initiatives.

Next, take a closer look at how they do business. Compare prices, services, staff size, brand design, and media and marketing. Much of this information can be found by simply visiting your competitors websites or following them on social media. To dive even deeper, book a service or two at some of your competing salons. While there, pay close attention to the quality of their customer service, the wait time for an appointment, how busy their salon is at a given hour, how many people are working, and the skill of their technicians.

Throughout this process, make note of what aspects of their services youd like to adopt and what things you know you can improve on. Consider what marketing tactics appear to be working for them and what falls flat.

Market Your Nail Salon

For your nail salon, take the creative route instead of funnelling solely paid ads. People like to see what theyre going to get when it comes to art. An Instagram account with nail art pictures and videos can be the most impactful. Use customer images and sample nail art templates for advertising to relevant audiences.

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Keep Your First Salon Business Plan To One Page Only

Id strongly encourage you to try and fit your business plan onto one page. At least for your first plan.

Sure, youll need to have a separate Excel spreadsheet for your financial budget and detailed milestones. But keeping the overall business plan on one page is whatll make this the most helpful salon business plan you can create.

Complexity means distracted effort. Simplicity means focused effort.

Edward de Bono

If you can keep the plan to one page, youll:

• Have it ready : Some salon owners take months to write their salon business plan when using the traditional big document model.
• Keep it focused: A heavy document with a lot of details will distract your focus. A one-page-plan on the other hand will keep the few key things you need right in front of you. So that you can dedicate your attention to what will have the greatest impact.
• Keep it up-to-date: To be successful today you need to be fast and agile. Having a 50 page document to update every time you make changes to your plan will make it impossible to maintain it.
• Make it easy to communicate: People are increasingly busy. In particular investors if thats who youre going to share your plan with. Most of them will love if you can convey what your business is about in just one page. I say most of them. Still some institution will require a multi page plan but you can deal with that when needed.

Nail Salon Business Plan Template

Ready-made Nail Salon business plan template with pre-written text in WORD & customizable pro-forma financial plan in EXCEL. Easily adapt this Nail Salon business plan template to your own project, no financial expertise required.

Trusted by 1,100+ Downloaders

• A compelling & detailed pre-written Nail Salon business plan template in WORD
• A full & automatic Nail Salon financial plan model in EXCEL you can easily customize
• Customized text tailored to the Nail services business
• The ability to paste advanced charts and tables within a click
• No accounting or specialized financial knowledge needed
• A truly low-cost solution saving you time and money

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A Business Plan For The Business

A business plan for the new nail salon should include the following sections: Executive Summary, Mission and Vision Statements, Business History and Goals, Industry Profile, Business Services, Business Strategy, Marketing Strategy, Analysis of Competition, Management and Organization, and Financial Statement.

Learn How To Open A Nail Salon Under The Hood

While it seems fun and awesome to run your own nail salon, its important to be grounded. Understand at the end of the day, you need to make that cash register ring in order to keep the lights on and have a fun and awesome nail salon to come to everyday

Speaking of everyday, its also a lot of work. Youre the owner, youve got to be there and set the systems and lead by example. I hope I havent scared you awayif I did, its probably for the best. Owning a business isnt for everyone. But if youre ready to get into the trenches

The best way to learn is by actually working in one. Give yourself a few months. Start as a nail technician, see how the boss runs their salon, find out what youd do the same and most importantly, what youd do differently.

Here are the areas of the business to learn:

Human Resources/Administrative/Operations

How does the business manage their files and customer information? Does the business have a special way of hiring and retaining its nail technicians and artists? What employee policies are standardized? Which functions of the business need systems?

In addition to those operative questions, its important to observe and figure out the following areas of the business that need systems and written documentation:

• Document organization

• Sales projections by month and season
• Sourcing funding for build out of nail salon

HAVE NO FEAR! Startup Jungle and I are here to help. Learn about effective marketing by working backwards.

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Salon Mobile Or Nails From Home Which Is Best

There is one more big decision to make when thinking about starting up your own nail business where will you be based?

There are a few main options to consider setting yourself up in a salon, becoming a mobile nail technician or offering nail services from home.

Take a look at some of the main pros and cons here

When first starting up your nail business, its usually best to wait until you are more established before investing a large amount of money in your own salon. Try starting out with one of the other models first.

Create A Business Plan

So, how to start a nail salon business plan from scratch? Before we get into that, lets answer this FAQ that we get all the time here at Startup Jungle:

Why do nail salons fail?

Just like any other business, nail salons can fail for a number or combination of reasonsknowing what the leading cause of failure will prevent you from making the same mistakes.

Although predicting future problems may be impossible, being prepared from the get go, with a solid foundation of policies and systems, can significantly reduce the risk of failure and keep your business afloat. Here are some things to put in place in order to get that solid foundation:

Secure capital and permits

• Create a top-down, soup to nuts, 100% complete nail salon business plan
• Estimate startup costs, and stick to a budget!
• Obtain capital to start business
• Secure local, state and federal licenses, and operating permits
• Obtain a health department permit

Find and furnish your space

• Find the perfect nail salon location
• Clean and remodel your space to make it your own. Again, find that style that makes this nail salon YOU.
• Purchase all necessary equipment to provide services and make that cash register ring!
• Chose Point-of-Service system/software
• File Cabinet with lock

Prepare for the opening

All in all, youll have to create your own nail salon business plan. Here is a solution for a complete fill-in-the-blanks solution for opening your own nail salon business plan.

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What Is A Nail Salon Business Plan

Your nail salon business plan does a lot more than track day to day operations.

Its a competitive analysis of your own business, complete with market research, a financial plan, mission statement and long term strategy for promoting and growing your company. It will usually also include a plan for supporting your nail technicians and staffs needs.

A nail salon business plan usually includes both an executive summary of the plan plus a nail salon business description and the actions youll take to establish your nail salon and build a loyal customer base.

It contains your market research and shows that you understand industry trends, outlines your business goals, has a sample budget, and outlines your target market and services youll provide.

Your business plan is also something you can look back on to check how your nail salon is doing, make sure that youre on target to meet your financial goals, and make any adjustments as needed.

This makes it easier to adjust your nail salons marketing plan, check financial projections and make data-based decisions rather than reacting based on feelings or assumptions.

How Will You Position Yourself In The Market

With all of the information above in mind you should now be well equipped to understand where your business will fit in the market. Some questions to answer at this phase include:

• Will your nail salon be the premium choice in the area or offer a lower price option to customers currently priced out of local salon services?
• Is your salon a quick and convenient lunch-break stop or does it offer a more luxurious, personally tailored service than your competitors?
• What is the story behind your business and how will this help you connect with your customers?
• What value does your business add to your community?

The answers to these questions should be the jumping-off point to developing a broader marketing strategy to effectively reach your target customer base.

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Getting The Licenses And Insurance

Registering your business is considered to be an essential step in business activities. It requires forming the business entity and registering the business through the state government.

Below we compare the various types of businesses you can register as:

Source sba.gov

Along with a business license, it is common for nail salons to require a cosmetology establishment license before beginning operations.

Once you have acquired your licenses, make sure to store them safely. If you wish, you could add a copy to your business plan doc as well.

Example Of Salon Employees & Partnership Section

The salon will be owned by John & Lisa and will operated with four employees from start: two hair stylists, one nail technician, and one aesthetician specialized on skin care services. The salon will also allow for booth rentals and allow two stylists to rent a chair when the salon has opened. A highly skilled and motivated salon team will be at the core of the business which is why we will invest over 4% of net sales in team capability.

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What Types Of Services Will Your Nail Salon Offer

A nail salon can offer anything from basic manicures and pedicures to a full slate of personally crafted specialty services. To begin, sketch out a list of services you hope to offer based on the type of salon you are opening. Start with the basic categories of manicure, pedicure, and artificial nails and build your list from there. This initial list will look something like this:

• Manicure
• Dip Powder
• Gel

The specific services you offer will depend on your salons style, atmosphere, and aesthetic, but should also strongly take into account the information you gain during the market research phase of planning. Look closely at who uses salon services in your area, what services are most popular, what your competition offers, and what gaps can be filled.

A nail salon in a small college town will offer services and specialties different from one located in an upscale city center, but that does not mean you cant put your own personality into your salon. One of the best ways to do that is to focus on both the service and the experience. Consider how you can transform a manicure or pedicure into a unique spa experience for your clients. Services falling under the manicure category can include anything from simple polish or French manicures to paraffin wax treatments and aromatherapy hand massages, while pedicures may include a hot stone massage or callus treatment.

Why Does Your Nail Salon Need A Business Plan

Nail salon businesses arent the only ones that need a plan.

In reality, every established or up-and-coming company needs to have a business plan to help them with financial projections and business decisions.

Even if youre just trying to secure a loan, attract new investors or get a better idea of your expenses and potential to attract new clients, a nail salon financial plan and business strategy is essential.

Whether youre running your own nail salon or managing one, a plan for your small business is just as crucial as having the right staff or equipment.

Your business plan will make it easier to create your nail salons marketing plan, brainstorm improvement ideas and hold effective team meetings where you can discuss your nail services, business expenses and strategies to target customers.

Its your roadmap to help you and your team stay on track with your vision and target markets needs.

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