Every business commences with a plan, and a nail salon is no different. It is the first step to starting a nail salon. The beauty industry is a highly competitive space, and demands the best out of the businesses involved. A robust business plan can not only help you in standing out but also assist you in your growth in this lucrative market. Your business plan must comprise of what you can offer, what makes you stand out, a thorough market research and accurate financial projections. The document will be your business blueprint and give a snap shot to the potential lenders and investors. Below are the tips on how you can write a successful nail salon business plan, which will allow you to create a formal document.
Write an executive summary
An executive summary is crisp summary of your business, created to keep the audience interested. IT should have the right amount of information, which would make the reader go through the details of your business plan. Essentially, it’s a document that indicates your strengths, your unique business model, impressive financial projections and other engaging ideas. Bear in mind that an executive summary can make or break the interest of the reader in your plan. Often it is easier to write the executive summary once you have all the other details in place.
This is the section where you talk about the details of your business. Your key strengths, the unique business model. It could be your use of latest equipment, state of art technology to manage your nail salon, style of art, etc. Consider writing how you’re planning to modernize the entire experience for the clients by introducing multi-channel bookings, introducing different payment options, o deploying a nail salon management software. Other important details such as whether the salon will be a proprietorship, or LLP, brand name, mission statement, target market demographics etc. can all be mentioned here.
In this section, talk about your business structure, and who is running the show. Whether you’re hiring qualified and skilled management team, or will manage the business yourself? Mention your work experience, qualifications, certifications and awards. Investors are always interested to know who’s at the helm and whether they can trust the person. In instances of where you’re hiring skilled management staff from external sources you must mention their skills and qualifications, and experiences.
Now that you have worked out what your business is about, and how you’re running the show its time to mention what services you are offering, and how does it make you stand out in the crowd? Present day nail salons offer a gamut of services such as manicure, pedicure, nail repair, nail extension etc. Your service list should be a detailed document mentioning all the services (including added services such as a massage after pedicure), along any variations and the pricing for the same. Package deals, products that you may be retailing and services that your competitors aren’t offering must all be mentioned.
As an expert in the field here you demonstrate your knowledge of the industry and the current market trends. Insights from your own research about what the salon industry is offering, and what more can be done. What are the untapped opportunities in the markets? Do customers prefer home visits by nail salon staff? What is the demographics of the area you would operate in? Whether your team comprises of famous nail artists? It is the section where you speak about which gap in the market will be fulfilled.
Now that you are aware of the service offerings, it all boils down to how you make it visible to potential clients. Modern times need modern marketing tools. Here you should highlight how you plan to leverage technology to assist you in your marketing game. You could mention what is your social media strategy. Whether you will be using the data analysis results to run targeted marketing campaigns. How do you plan to increase the potential customer outreach? Many such functions can be easily automated by deploying a nail salon management software. Subject to the needs of your business nail salon management software can accomplish every task from taking bookings to suggesting you marketing ideas. Zenoti’s nail salon spa is known to up your marketing game by analyzing customer profiles to suggest highly accurate targeted marketing ideas.
Once you’re set with above details it will eventually zero down to this math. This is where you mention all your costs including contingency. Your costs will be a one-time start-up cost and monthly operations cost. There will be a corresponding revenue statement that will highlight how you will continue to have your bottom line in black. Use a skilled accountant to create a projected revenue, estimated cash flow, income statement and arrive at the key metrics such as ROI and IRR.
Keeping the above ideas in mind, you can create your successful nail salon business plan. Alternatively, you can also opt to use the services of some renowned salon management software companies. Zenoti’s expertise in creating a management software has equipped them to create a successful business plans.