Starting a Nail Business? Here’s What You Need To Know!
Do you like to keep your nails tidy, shaped, and dressed? Are you often interested in taking manicures and pedicures? Or do you like exploring pretty nail designs every few weeks? If yes, in that case, why not consider starting a nail business?
Believe it or not, revenue in the nails segment amounts to US$11.27bn in 2022. Moreover, the market is expected to grow annually by 5.87% (CAGR 2022-2026). These statistics indicate that there is a massive scope for earning profits in the nail business.
Now, if you’re thinking about how to start your own nail business, this blog is for you. It will walk you through everything there is to learn about how to start a nail business, from its benefits to the process. So, without any further ado, let’s dive in.
What Are the Benefits of Starting a Nail Business?
There are several benefits of starting a nail business. A few prominent ones are as follows:
Earn Huge Sums
Did you know that clients are ready to pay close to $30 for a manicure, the highest ever over the years? Also, according to the statistics, nail businesses annually make around $67,000. So, there is always an opportunity to earn a high income.
What’s best is that people, especially women, have shown much interest in getting their nails done every once in a while. So you never have to worry about going out of business.
Has a Simple Business Model
Most business ideas involve complex paperwork to start off. However, a nail business is relatively simple to start. You must arrange a couple of documents, such as licenses, permits, business insurance, and a legal business entity, and you’re all set.
Low Additional Investment
Nail businesses do need initial investment for equipment, location, products, staff, and training. Maintaining and sanitizing the place once in a while can be something you need to invest in too. But once all of that is taken care of, there’s nothing much to worry about. You can easily generate a steady income for the long term.
Keep a Flexible Schedule
You don’t have to worry about keeping a fixed schedule in a nail business. You can take up appointments as per your bandwidth, available staff, and resources. Moreover, you can have a flexible schedule if you only have to manage the team. You may only visit your nail salon once in a while to review everything and keep an eye on the system.
How to Start a Nail Business?
Step 1: Create the Business Plan
A business plan is essential to your nail business. It is crucial to have a solid business plan that must include all the basics like target market, services, milestones to achieve, budget, etc. This business plan will give you a direction to follow and guide you at every step.
Step 2: Get Permits and Licenses
To run a nail business, you must get legal licenses and permits. The specific rights and permits may vary from state to state, so ensure to look at the state requirements in which you’re establishing your nail business.
Most states need you to have a state-issued cosmetology license and a general business license. You may have to get zoning permits and employee identification numbers for tax purposes.
Step 3: Get Business Insurance
You want to get a few different types of insurance if you start a new nail business. You can consider getting general liability insurance, workers’ compensation insurance, or commercial property insurance.
Step 4: Setup Scheduling Software
Every business needs the right tools to help it grow. Similarly, before you put your nail business into motion, you must take some time to find the right tools that will help you run it smoothly.
Scheduling software simplifies many of the processes, including:
- Business management
- Calendar and appointments
- Payment processing
- Complete front desk collusion
- Marketing tools (Management Tools)
- Bottom line protection
- Customer app
- Diverse revenue streams
- Notifications and reminders
- Integration with Instagram, Google, and more
Step 5: Set Up Accounting
Keeping track of your expenses and income is crucial to your nail business, and you cannot do it by hand. Most importantly, you don’t need to. There is an excellent online software to help you track your finances. If your budget allows, another option is to hire an accountant to handle your finances. This will save you a whole lot of stress and time.
Step 6: Decide Your Services and The Rates
Now, you must decide the services you want to provide. Make a list of all the services and then decide on what rates you would offer them. But before you do that, check for your competitors’ services and rates. Also, it’s best to check for the most in-demand services.
Here is a list of some of the common nail services you must offer:
- Classic Manicure
- Polish Change
- Nail extensions (permanent and temporary)
- Gel Manicure
- Different types of nail art (Foil, polish, patterns, floral, etc.)
- French Manicure
- Acrylic Overlays
- Manicure Spa
- Paraffin Treatments
Step 7: Build a Social Presence
With most of the main tasks of your business completed, it is time to think about the brand and social presence. You must set up your social media pages, promote your services and connect with your audience. After all, it’s vital to how your audience perceives your business.
You can start off by posting about your new services, behind the scene videos, videos of your latest nail designs, etc. Anything that attracts, interests, and lures the audience to hit follow and book your services.
You could even upload a few posts that teach them how to make new designs or do a manicure correctly. This may also help you come off as an expert in the niche and spread brand awareness.
Step 8: Website
Next, you need to build a website for your nail business. It is imperative to have a website to reach a wider audience and leverage it to expand your business online. Don’t worry if you don’t know how to code or have a tight budget. website security on websites can be complex, especially when managing an extensive network of websites. A website host and a safe website are essential to one’s online presence.
You can easily create a website through the Shopivana website builder without any code. It offers over 100 ready-to-use templates, an easy-to-use editor, and all the modern features to build a compelling website within minutes.
Now that you’ve read this blog, we’re optimistic that you have adequate information on how to start a nail business. Given the simple business model, easy-to-follow business setup steps, high earning potential, and consistent market growth, now is the time to start a nail business. All you need to do is follow the given steps, and you will be able to start within 3 to 4 days. So, wait no more!