Having a nail salon business plan is essential if you want to set and meet targets for your new business, figure out your marketing strategy and have a roadmap for daily operations.
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- What Is a Nail Salon Business Plan?
- Why Does Your Nail Salon Need a Business Plan?
- Nail Salon Business Plan Template
What Is a Nail Salon Business Plan?
Your nail salon business plan does a lot more than track day to day operations.
It’s a competitive analysis of your own business, complete with market research, a financial plan, mission statement and long term strategy for promoting and growing your company. It will usually also include a plan for supporting your nail technicians and staff’s needs.
A nail salon business plan usually includes both an executive summary of the plan (we’ll describe this in more detail later) plus a nail salon business description and the actions you’ll take to establish your nail salon and build a loyal customer base.
It contains your market research and shows that you understand industry trends, outlines your business goals, has a sample budget, and outlines your target market and services you’ll provide.
Your business plan is also something you can look back on to check how your nail salon is doing, make sure that you’re “on target” to meet your financial goals, and make any adjustments as needed.
This makes it easier to adjust your nail salons marketing plan, check financial projections and make data-based decisions rather than reacting based on feelings or assumptions.
Why Does Your Nail Salon Need a Business Plan?
Nail salon businesses aren’t the only ones that need a plan.
In reality, every established or up-and-coming company needs to have a business plan to help them with financial projections and business decisions.
Even if you’re just trying to secure a loan, attract new investors or get a better idea of your expenses and potential to attract new clients, a nail salon financial plan and business strategy is essential.
Whether you’re running your own nail salon or managing one, a plan for your small business is just as crucial as having the right staff or equipment.
Your business plan will make it easier to create your nail salon’s marketing plan, brainstorm improvement ideas and hold effective team meetings where you can discuss your nail services, business expenses and strategies to target customers.
It’s your roadmap to help you and your team stay on track with your vision and target market’s needs.
Key Elements of a Good Nail Salon Business Plan
If you’re wondering how to start, nail salon business plan structures may look a bit different depending on the salon owners, business size and clientele, but they have some key things in common.
They always outline your objectives, identify your target market, services provided, projected sales and revenue, as well as your marketing tactics, potential expenses and financial plan as a whole.
If you’re a new nail salon, it will contain your startup costs and business structure. If you’re an experienced nail salon owner, the plan will show that you have a solid grasp of where your business stands and where you’d like it to be in the future.
Let’s take a look at some of this in more detail:
How to Start a Nail Salon Business Plan?
Having your nail salon business plan ready to go is an important first step that can give you (and any investors) a clear picture of your business structure. It’s also a great way to stay focused on your goals and mission statement when making decisions.
To start a business in the nail salon industry, you’ll need to:
- Gather Necessary Info: Look into current nail salon market trends, research the local market and competitors, client segmentation, and your potential new customers and target market.
- Create Clear Quantitative Targets: Conduct a market analysis and base these targets on the profits and expenses you’ve projected.
- What Makes You Stand Out: How does your business stack up against the other nail salons out there? Be aware of your strengths and whether you have a unique selling point, then decide on a marketing plan. Maybe you’re the only one that specializes in french manicures or uv gel overlays in your area- find out.
- Understand the Potential Roadblocks: Do your homework and list out everything that could potentially affect your startup costs, revenue or the time it takes to get your nail salon open and running. Budget for these possibilities in your financial plan.
- Consider Using a Free Template: A free nail salon business plan template is easy to find online and a great way to get everything organized- you can always make adjustments to a premade template as needed instead of building one from scratch.
- Ask for Professional Help: Whether you’re dealing with a small business or a large chain of nail salons, don’t shy away from hiring a professional consultant to help you with the details of your market analysis, mission statement or executive summary.
Here are a few examples of what should be included in your nail salon’s business plan:
This is the first thing potential investors (and anyone else who has an interest in helping or running your nail salon) will see. Be sure to include:
- Your Businesses Name (and logo, if you have one)
- Your Contact Information
Table of Contents
A good business plan is organized, and a table of contents will make it easier to find information quickly. Separate your financial data, marketing plan and other details into clear sections.
This is where you’ll make your first impression. TYour executive summary should always include the following:
- Your Nail Salon’s Mission Statement (briefly explain your business goals and your plan to achieve these goals)
- A Vision Statement (where do you see your nail salon in five years, for example?)
- An Overview (briefly explain your nail salon’s concept, and give a summary of what the plan will cover)
- Keys for Success (what do you need for your business to get started and stay on the right track)
This is a brief explanation of your business and the services you’ll provide:
- Where You’re Located
- What Services You’ll Offer (or new services you’d like to expand to provide)
- Your Staff (including the number of nail technicians plan to hire)
- A General Overview of the Nail Salon Industry in Your Area (and what sets you apart from the competition)
Who are your target clientele and how would you describe them? Consider the following:
- What demographic will you provide services to?
- Where are they located? Do they live or work in the area? Are they students?
- Why did you choose them? (Your chosen clientele will influence future business decisions like staff training, retail products, decor and equipment purchases)
- What do these clients want (and how will you provide it)?
- Why should they choose you? (What makes you more appealing than your competitors?)
Think about conducting a nail salon SWOT analysis (strengths, weaknesses, opportunities and threats) to get a better picture of these details as you’re putting the plan together.
Understand the market you’re entering and be ready to explain:
- Who are your competitors?
- Where are they located in relation to you?
- In what ways are you similar/ different?
- Will you share the same pool of clients?
- If so, will you offer services that make you stand out and keep customers coming back?
A nail salon’s management plan breaks down how your business will be run. As the owner, you should explain:
- The Company’s Structure (this will differ a lot depending on the size of your business- a home nail salon business plan will be relatively simple, whereas a large multi-location facility needs more detailed management)
- Your Management Strategy (major business goals, projections and targets for the next few years, and how you plan to achieve these)
- Staffing Information (how many team members you’ll need in which roles)
To learn more about nail salon management improvement check out our post How To Improve Nail Salon Management Efficiency.
Products and Services
Including these in the business plan makes it easy for anyone (including angel investors) to see that you’ve got a solid grasp of your future revenue, profit margins and projected expenses. Include the following:
- Any products (including nail polish or nail-care items) you’ll use
- Retail products
- Each service you’ll provide
List these items in detail, breaking down the prices of each, their costs and profitability.
How will you reach new customers and expand? What advertising will you use and how much will it cost? What about low-cost or no-cost marketing options? You can include a more general overview here, but you should still do lots of research and planning.
- Nail Salon Marketing Plan (give an overview of how you’ll reach and bring in new clients- explain your target market and how you’ll reach out to them)
- Your Sales Strategies and Promotions (how will you move products and retain loyal clientele)
- Advertising Strategy (how will you spread the word about your nail salon’s services- include your social media plan)
- Your Branding (define your brand- crucial if you’re expanding existing locations or trying to reach a new market segment)
Consider this in terms of your retail products and your services. Be sure to go over:
- How you plan to introduce your products and services
- How you will market these to clients
- Why your offerings are unique/special/appealing to your clients
- Projected sales goals and targets
- A breakdown of projected income from both services and product sales
- Your cost estimates and financing plan for extras like training or new equipment needed
Do not miss to check out our post Eye-Catching Nail Salon Business Card Ideas.
You’ll need to know how much it will cost to get started and have a plan to become profitable as soon as you can, especially when you’re talking to investors. Try to get these details figured out in as much detail as possible. Prepare your:
- Financial Statements
- Assumptions (including things like detailed costs and expenses forecasts)
- Profits and Loss Projections (including your break even point)
- Your Balance Sheets (if you have them for an existing business)
- Any Loans and Debts for Your Business
Pro Tip: Have a financial advisor or professional take a look at the numbers in your financial plan and go over any details before you finalize it. They can provide valuable advice and insight.
Do not miss our post Nail Salon Price List.
This breaks down the day-to-day details of running your business, such as:
- Your Main Location (this can be a central office for a nail salon chain, if you have more than one location)
- Your Management Structure
Make sure to include any other details that you think investors, financial professionals or management should know. This might be:
- Any Additional Documents
- Relevant Statements, Policies or Information
You can include these in the final pages of your nail salons business plan. Often, it’s helpful to add an appendix here.
Nail Salon Business Plan Template
If you’re concerned about the cost of creating a professional business plan for your new nail salon, then you’re not alone. It can be a bit intimidating at first.
Even seasoned nail professionals and business people might not have the time or the resources to build all of this from scratch. That’s why we’ve done our best to help. We’ve put together a nails salon business plan free template that you can use and modify to fit your needs.
By using our free sample of a nail salon business plan, you’ll be able to save time and effort on the “red tape” and focus on the details.
Do not miss our post Top 165 Nail Captions for Instagram.
Nail salons are a lot of work, and getting started in the industry is no exception. Having a business plan that you can refer to is a good way to make sure that the decisions you make are the right ones to keep you on the right track and grow your business.
Writing your nail salon business plan is a big job, but it shouldn’t feel like a chore. In fact, it’s the best way to show your love and enthusiasm for your business- this is your chance to outline your goals and think about how you’ll make them a reality.
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