If you’re looking to start your own business, a nail salon is a great option. Not only is it a relatively low-cost business to start, but it can also be quite profitable if done right.
However, as with any business, there are certain things you need to do in order to set yourself up for success. In this post, we’ll give you a few tips on how to start a profitable nail salon business.
The first step is to find a good location for your salon. Ideally, you want a place that’s easily accessible and visible to potential customers. You also want to make sure that the rent is reasonable.
What makes your nail salon different from all the others? This is your unique selling proposition (USP). It’s what will make customers choose you over your competitors.
If you want to be successful, you need to invest in quality products. This includes everything from nail polish and nail care products to furniture and equipment.
You’ve come to the right spot if you’re looking for tips on starting a beauty parlor. We cover everything from the steps involved to the equipment needed.
Is Nail Salon Business Profitable?
If you’re interested in starting a successful business, owning a salon might be an option worth considering.
According to statistics from Statista, the global artificial nail industry is projected to be worth $1.2 billion by 2024. There are already nearly 400,000 nail technicians and more than 55,000 individual nail salons in the U.S. alone.
Nail Salon Business Plan Checklist for Beginners
Here are the 10 Steps to start a successful nail salon business:
1. Create a Business Plan
As with any other type of small enterprise, having a well-documented and professionally drafted nail salon marketing strategy is necessary to ensure success.
You need to cover some basic topics in your nail salon business plans including the start-up and recurrent costs, target customer base, price structure, hiring plan, price structures, and profit margins.
2. Select the Type of Services
When selecting the specific services that you want to provide at your nail salons, consider the demand for each service.
Some of the services you can offer at your beauty salon include:
- Manicure
- Pedicure
- Nail polish
- Nail repair,
- Sculpting
- Hand Conditioning.
3. Find a Suitable Location
Creating the marketing strategy, should be the first step towards setting up your nail spa. You’ll need to choose a spot where people can easily find your place. To make sales, you’ll also need to have a decent amount of square footage. And remember, you’ll need enough room to accommodate clients comfortably.
Shopping centers and strip malls are good because they draw large crowds. Focus on the inside and fixtures that you will require.
If you’re short of cash, consider setting up a beauty salon from your own home. You won’t need an expensive lease agreement and you’ll be able to start off small.
4. Buy Equipment & Supplies for Nail Salon
The single most expensive part of opening a nail studio is buying the equipment needed to run your business. Fortunately, we’ve already compiled a comprehensive list of what you’ll need to get started. Take a look below:
- Nail Polish Racks
- Manicure Stations
- Pedicure Chairs
- Sanitation Stations
- Drying Lamps
- Nail File & Buffer
- Table Lamp
- Nail Drill
- Nail Drill Bits
- Acrylic Powder & Monomer
- Hard Gel
- Acrylic & Gel Brushes
- LED Nail Lamp
- Base & Top Coat
- Nail Dip Powder
- Nail Polish Remover & Cotton Balls
- Nail Polish Wall Rack
- Isopropyl Alcohol
- Nails, Glue, and Forms
- Cuticle Nipper
- Cuticle Scissor
- Foot Spa Basin
- Foot file
- Manicure Nail Brush
- Manicure Tray
- Mixing bowl
- Nail Buffer
- Pedicure Nail Brush
- Plastic Container for Cotton
5. Create a Price List
You can either choose to charge your customers based on how much they spend on your products or services, or you can charge them based on the quality of the product or service you provide. In order to determine what type of price structure you should adopt, you must consider the following factors:1) What is the average amount spent per customer?
If you’re providing unique services that others aren’t offering to their customers, you could choose value-driven prices instead of cost-plus ones.
6. Obtain Permits and Licenses
Different countries and states have different legal regulations for starting and operating a nail salon. If you’re located in the U.S., you may want to check out these resources: https://www.nailcarebusinesses.com/resources/legal-requirement/
You should also consider selecting a proper legal form for running your company. For example, you could choose a sole proprietorship, a general partner, a limited liability company (LLC), or an S corporation. Talk to a local lawyer if you need further assistance.
7. Calculate the Cost of Starting a Nail Salon
The biggest component of start-up costs for a hair stylist business is the retail space rental. You need a minimum square foot area of 1,600 to open a hair salon in the US. If we assume an average monthly rental rate of $1,200, then the total retail space setup cost comes to $14,400.
If you want to open a beauty shop, you need at least $1 million to get started.
8. Estimate How Much Profit Can You Make as a Nail Salon Owner?
The profits from a nail salon depend on the number of people served and the margins made per person. It also depends on how many nail bars you run.
After starting out as a solo entrepreneur, most successful single-nail salon business owners choose to expand their operations by opening additional salons.
9. Setup Accounting & Administrative Processes
In a Nails Salon Business, you should ensure that you have a good POS system. A POS System helps you manage your sales effectively. It also gives you a better idea of how much money you make per month.
10. Have a Promotional Plan to Get Clients
Word-of-Mouth advertisement still works great for the beginning of the trade of manicure salons. To promote my own manicure salon I can go for media publicity by targeting journalists who write about beauty and fashion.
I can also go for some press releases getting my own articles published by emphasizing special occasions and seasonal discounts. I can start marketing with local print, television, and online media consistently.
As far as getting clients go, one way to get them is by going after opportunities where they’re already located. You could offer nail care to people living in retirement homes, hotels, or even wedding parties.
Read: How to start a nail polish-making business
Try promoting your business through online marketing by creating a good and professional website with an online appointment system that educates clients about the advantages of nail care.
We hope this nail polish salon startup guide will help you in starting and operating a successful nail salon.
You may like to read: The Best Highly Profitable Small Business Ideas in Italy
