10 Steps on How to Start a Profitable Nail Salon Home Business
The schedule that professionals stick to today is at least insane. Everyone is so focused on what to do and sometimes the little things in life don’t get enough attention. Small things like pulling nails at the gym, straightening your hair, or even relaxing massages are not included in your weekly activities. With that in mind, an inexperienced entrepreneur can take advantage of people’s busyness to start a nail salon business that you can run at home. If you have the necessary skills and a proper supply of nails in your equipment, you’re good and ready to go.
The ability to get work done is first on your list of things to prepare if you are planning to start a nail salon business. Not only do you need to know the difference between a nail tip and a nail brush, but you also need to equip yourself with the right skills. This isn’t a challenge, especially if you want to clean, grind, file, and coat your nails with nail polish at a salon. Today, nail salons do not only carry out the usual procedures of manicures and pedicures but also serve as nail baths.
Why Start a Nail Salon Business?
If you’ve ever done human manicures and pedicures and were hired by a professional salon or spa, you can become a successful business owner by starting a business with you as the boss. Let’s face it, when you do a manicure and pedicure, you don’t get 100% of the amount that the client pays. Once you’ve reduced the cost of the equipment you’ve been using, including nail tips, cuticle remover, nail brush, and more, you’re ready to share the benefits with salon owners. This is completely understandable as this is the shop owner and they also have to pay the utility. By doing it all yourself at home, all the profits go to your pockets and tips, and you won’t have to pay salon rent because customers just call you for home service.
Want to start a nail salon business?
If the answer is yes, you’ve come to the right place. Here in this article, we will take you to step by step on how to start a nail salon covering aspects such as process, equipment, licensing and licensing, and much more.
Is the Nail Salon Business Profitable?
Owning a nail salon business can also be fun and profitable. The demand for nail care services for men and women around the world continues to increase.
The global false nail market is expected to grow 4.5% over the next five years. By 2024, the market is projected to reach $ 1.2 billion. According to Statista, there are nearly 395,600 nail technicians and more than 56,300 individual nail salons in the US.
Nail salon business plan checklist for beginners
Here are 10 steps to starting a successful nail salon business:
Create a business plan
As with any business, it’s important to have a well-documented business plan for your nail salon. This will not only serve as a roadmap for future success, it will also serve as an important fundraising document.
Some of the main topics to include in your nail salon business plan are a startup and recurring costs, target customers, pricing, hiring plans, pricing, and profit margins.
Select a service type
There are various kinds of services that you can offer from a nail salon. You have to select it based on the requests of your target customers. Hence, choose the specific service that you offer your customers.
Some of the services you can provide are as follows:
- Nail polish
- Nail repair,
- Hand conditioning.
- Find a suitable place
After creating a business plan, this should be the first step in building your nail business. Choosing the right location is a very important aspect of a successful nail salon. A minimum of 300 square feet is required for this type of nail business. If you have a good location, you can introduce your company to new customers. Your budget will play an important role in this.
Gas and shopping malls are good because they attract a lot of traffic. Focus on the interior space and the lighting fixtures you need.
When you are short on cash, start a nail salon business from home. This frees you from the very low upfront rental and investment costs.
Purchase nail salon equipment and accessories
The biggest cost of starting a nail salon is the equipment and supplies. You need to list the tools you will need as a nail technician. Luckily, we did a comprehensive study for you.
Here are the basic tools you’ll need:
- Nail polish holder
- Manicure station
- Pedicure chairs
- Sanitation station
- Dry light
- Nail files and supports
- Table lamp
- Nail drill
- Acrylic powder and monomers
- Hard gel
- Acrylic and gel brush
- LED nail lamp
- Main and top cover
- Powder for dipping nails
- Paint remover and cotton ball
- Nail polish
- Isopropyl alcohol
- Tips for nails, glue, and shapes
- Cuticle for cuticle
- Cuticle scissors
- Foot file
- Manicure nail brush
- Manicure tray
- Mixing bowl
- Nail supports
- Pedicure nail brush
- Plastic container for cotton
Make a prices list
There are two ways to set up a pricing strategy. One of them is a plus price and the other is value-based pricing. If a similar nail service that we offer is offered by another local nail salon company, it’s best to choose price plus price. It only adds up the profit margin after calculating the actual costs.
However, if you offer a unique service that other competitors don’t offer to their customers, you can choose a price based on value.
Get permits and licenses
Every state and state has different legal requirements for starting and running a nail salon business. For example, if you are from the United States, you will need a building permit, a business license, a state-approved cosmetics license, and an employer identification number (EIN) to start a business that meets nail salon requirements.
Also, choose the right business structure for your company. Depending on the scope of activity, this could be a sole proprietorship, partnership, or limited partnership. Talk to your local business attorney or government agency if you need additional assistance.
Calculate the cost of starting a nail salon
A large part of the cost of starting a nail salon is renting retail space. You need at least 800 square feet to open a nail salon in the United States. Assuming an average rental cost of $ 100 per square foot, the total cost of setting up retail space is $ 80,000.
Besides, there are equipment costs, furniture, employee salaries, court fees, administrative costs including software costs and advertising costs. A minimum investment of $ 1,000,000 is required to open a nail salon.
Are you guessing how much profit you will get as a nail salon owner?
Profits in the manicure salon business depend on the number of customers you serve and the profit margin you get for each customer. It also depends on how many nail salons you run.
A successful nail salon business owner in the US makes an average of between $ 50,000 and $ 80,000 a year. Most nail salon owners choose multiplication after their first successful start because the format is easy to measure.
Establish accounting and administrative processes
It is expected that there will be many financial transactions with customers in the nail salon business every day. You need to adjust the correct accounting process and choose accounting software. Sales software (POS) is very important because it provides an easy way for customers to pay service fees. Ensure proper ordering processes for customer meeting planning and follow-up service.
If you’re a good nail technician, you can be sure that people will line up beside you and wait until you’re ready for your job. It may take you a while to get famous, but word of mouth is a great marketing tool and people in your neighborhood will sooner or later find out about your great service. Getting your service known can be a challenge at first, but you can get family and friends to introduce you to other potential customers. Make sure you have all nail tips and nail brushes in your nail kit and you’re done.
Have a promotion plan to attract customers
Promote your nail salon business to attract customers. You can create media coverage by reaching out to reporters and editors who work on beauty and fashion. You can visit multiple press releases to post news about your content and highlight special events and seasonal offers. You can advertise with the local press, television, and radio respectively. To attract potential customers, you can take the opportunity to offer doorstep services for those who are unable to come to you. Clients include busy professionals, nursing home residents and retirees, hotel guests, pre-wedding bridal showers, and anyone looking for a nice and comfortable manicure and pedicure service in their home or office.
Promote online by presenting a decent and professional website that lists the services you offer with an online meeting system. Tell your clients by writing a little content about the benefits of nail care.
We hope this nail salon business plan guide helps you better understand how to start and run a business.