How to Start a Successful Nail Salon in Five Easy StepsJanuary 6, 2018While a nail salon may be one of the most lucrative businesses in the beauty industry, we must not forget that at the end of the day, it is still a small business. As such, it has a greater chance of failing, especially if we don’t follow proper guidelines on running it. According to statistics, there are around 69,738 nail salons in the US, many of which are enjoying a loyal customer base and ample revenue, partly because they offer high quality products and services, and follow critical financial steps to ensure their success. A Guide to Starting a Successful Nail Salon – What You Need 1.A Good Business Plan A good business model offers a format so you can organize your financial earnings accordingly and implement them into an efficient business plan. The business model basically provides you with details on guidelines and limits, anything that can help you earn more while saving more. Salon marketing companies like Salon Income Booster can help create that plan for you. 2.Initial Cost Estimate A lot of small businesses fail because owners don’t keep track of the money they’re spending. They assume they’ll get the money back once customers start coming in, and that’s where the problem starts. Nail salons require a good customer base, proper marketing and affordable pricing in order to become successful. You can only accomplish that if you have the money to put into your efforts. Calculate initial estimates on rent, salaries, marketing costs and loan payments before finalizing a finance capital. 3.The Right Permits Ensure that you have the right licenses and permits. This includes an employer identification number, a business license as well as a business name permit. You will also need a land use permit, a sales tax license as well as zoning permit. You are also required to have a health permit since your technicians will need to show that they’re working in a professional environment. 4.Vital Equipment and Retail Merchandise Your customers will not be willing to spend their money if you do not offer them a professional, comfortable environment. Invest in high quality products and equipment when providing your services. Important equipment such as nail clippers, nail polish removers, nail brushes, nail polishes, tables, chairs, dryers, LED/UV lighting – all are essential. 5.Professional Nail Technicians While hiring technicians with less than a year of experience is cheaper, it is not necessarily a better option. Inexperience leads to costly mistakes, something you cannot risk if you’re starting a nail salon business without an established customer base. Make a safer choice and hire someone with a professional license and experience in the field. Work with Us! Running a successful nail salon is only difficult if you don’t have someone to guide you through the tougher challenges of owning a business. Salon Income Booster can guide you with these topics. Contact us to learn more tips for Opening a Salon.