Nail salons provide a wide range of nail care services, including manicures, pedicures, and nail art. Because many customers return time and again, nail salons can quickly build a loyal customer base. Statistics show that the market size of hair and nail salons in the US is estimated at $72.7 billion in 2022, which makes starting a nail salon business a lucrative opportunity.
This guide will help you to understand everything you need to know about starting your very own successful nail salon.
Start With a Business Plan
Every company starts with a business plan. It is a document that will outline the future of your company, contain your goals, and attract potential investors. You need a business plan no matter the industry you operate in, and the nail and beauty industry is no exception. You can easily create a solid nail salon business plan from scratch by following an online template.
Have the Right Skills
You will need to have business knowledge and management skills to run a successful business. A good education is also a must. All US states require a cosmetology license in order to work as a nail technician. If you want to obtain one, you either need a GED or a high school diploma.
You’ll also need to be able to train new employees in your methods and policies as you hire them. To promote your business, you will need marketing and blog skills. It is valuable to have knowledge about branding, social media, and the ability to create email newsletters. If you’re not a marketing professional, consider hiring one with the right knowledge to promote your business.
Obtain Permits and Licenses
To operate a nail salon, you might need to obtain certain state licenses or permits. A seller’s permit is required by most states for retail businesses. This permits the state to collect and record taxes. Visit SBA’s website to learn more about licensing requirements for your state.
In order to open your business, you will likely need a business license and a building permit. You might also need to comply with certain local licensing and regulatory requirements. You can check with your local government to find out what requirements are in your area or contact a local attorney for business advice.
Gather the Necessary Equipment
Your nail salon will need a decent amount of equipment that might cost you up to $30.000. You need to create a detailed list of the equipment, including nail dryers, nail polish removers, buffers, clippers, and files. You will also need dust collectors, nail polishes, and bigger equipment such as chairs, tables, and lamps.
Some of the equipment must be brand new and replaced frequently, such as the polishes, buffers, and clippers, as they get worn out over time. Other things, such as the tables and chairs, should be high-quality so that you use them for a prolonged period of time. You can either buy brand new or second-hand as the price is lower.
Have Business Insurance
To be legal and safe, your business will need insurance. There are many types of insurance that businesses can choose from depending on their risk. General liability insurance protects your company from claims that involve property damage or bodily injury.
Workers’ compensation insurance is another type of coverage many businesses require. This protects your company and employees against work-related injuries, accidents, or even death. Nearly all states require that employers carry this type of insurance in order to pay for lost wages and medical expenses for employees who are injured or become ill on the job.
Promote Your Business and Find Loyal Customers
It is important to find customers in the local area you plan to open a nail salon. This will help you succeed. The customers will not be able to find the new nail salon by themselves, but they will need assistance. Your business’ success will depend on whether you have a good marketing plan.
There are different ways to promote your business, including traditional and modern ones. Customers and businesses can trust personal and unique offers, so make sure you combine the best of both worlds. You can give out flyers and brochures locally, while also being active on social media platforms where you’ll share pictures of satisfied clients.
Opening a nail salon can be a very lucrative business. But it is also very competitive and requires a lot of time, money, and effort. If you have the right skills, you’re almost halfway down the road. By having insurance and all the necessary permits in place, as well as the right marketing strategy to promote your business, you’re all set for success.