Type in the word nails on YouTube. What comes up is tons of results on everything nails. How-to tutorials, reviews, DIYs, and designs.
Without a doubt, nail care is a business worth pursuing. There are so many areas of specialization thus opening a lot of business opportunities. These include manicures, accessories, pedicures, treatments, and products.
There is the potential to make some good money. Industry reports show on average, a nail salon owner can take home $67,000 per year. Nail techs earn $33,077. Projections for the industry are pretty positive. By 2027, the nail care market could generate $11.6 billion.
With such potential, setting up a nail care business is a sound business decision. But, what goes into the process? Read on to find out.
- Get the Relevant Certification
It is true YouTube has some fantastic tutorials. But, what you have learned will not be enough to set up your nails salon. If you will be handling clients, it is a good idea to get the relevant certification.
Certification is a sign of expertise, which will generate trust amongst your clients. Find out which courses are available for nail technicians in your state.
You will need to pass tests in your specific areas of interest. Some certifications are for nail techs, pedicurists, podiatric medical assistants, and so on.
Check out this nail technician practical exam to help prepare for the state board finals. The test covers a wide range of topics including licensing and regulation, nail care, infection control, and a lot more.
The nail technician test exam uses a multiple-choice format, making it easier to follow. The results are instantaneous, thus allowing you to work on areas of weakness.
- Research the Industry
Do not go into the nail care business without arming yourself with relevant information. Do take the time to research the industry as much as you can. Some areas you will need to cover include:-
- Cost of setting up the business. Take into consideration location, licenses, equipment, staffing, and insurance to name a few. Approach this part by taking into consideration one-off and recurring costs.
- Target market
- Industry trends
- Market and competitor analysis
- Where to source for supplies, and so on.
You will already have a lot of information from the nail state board exam. But, take the research a step further to get as much information as you can. It doesn’t hurt to talk to a few people who have made it in the industry.
Look for networking platforms for an opportunity to meet such people. A mentor can also navigate you through some of the processes. And, they will also give invaluable insights and advice, based on their experience.
- Come Up With a Business Plan
At this point, you have valuable insights from the research. Now it is time to put everything down on paper. There are tons of online resources on how to write a business plan. The salient points you need to capture include:-
- Business name
- An executive summary of the business
- Company description – highlighting mission, structure, and objectives
- A summary of the market based on the research and potential for the nail care business
- Competitor analysis
- Description of the services or products you will offer
- Sales and marketing strategy
- Financial plan
Seek the help of professionals if you have a challenge writing the business plan. You will need to talk to financial experts, lawyers, underwriters, and so on.
- Look For a Location and Suppliers
If you don’t already have a location, it is time to find one. It should ideally be in a place that is convenient for your target market to reach.
Focus on accessibility, security, and additional features like parking. Your budget will, of course, determine where you set up shop.
Refer to the checklist of all the supplies you will need for the nail salon. Are you selling products or just services?
Find out which brands your target audiences like. You could also give your recommendations, based on the research you have carried out. Just ensure the products you use are high-quality.
Compromising on quality to save money can cost you your reputation. In this age of social media, one bad word from a client is enough to bring down your business.
Many factors go into determining how much you charge for your services. Take time to see what other businesses are charging. It would not work in your favor to price yourself out of the market.
Whatever you make should cover the overheads and give you some money at the end of the day. The aim is to make enough money for the business to sustain itself while giving you a profit margin.
- Register the Business
You cannot operate the business without registering it. Decide on structure, whether sole proprietorship or ltd company.
Do take note of registration requirements in your state. There may be some criteria you will need to pass. Such may include proof of passing state board exams.
There will also be tax implications and insurance to factor in. Do talk to legal experts to help you with this part.
- Market the Business
At this stage, you should start getting the word out on the impending launch. You already have the sales and marketing part in the business plan.
A good idea would be to set up a website and social media platforms. These are excellent avenues for brand visibility.
Don’t forget to promote your business locally. List your company in the local directories and Google My Business.
Throw in a few promotions to generate interest around the launch. Don’t be afraid to call upon family and friends to spread the word.
Opening a nail care business has a lot of potential in terms of earnings. Understand the certification requirements. Any client handling staff member will need this.
Research the market, come up with a business plan, and find a location and suppliers. Register the business and plan for the launch. Expect some competition because it is a popular industry.
But, your service offering will determine whether you keep customers or not. Remember, clients have no problem paying premium prices if the experience is worth it.
Good luck with your nail care business!