A solid nail salon SWOT analysis will help you identify the areas of your nail business to focus on and generate the most sustainable income and profits.
SWOT Analysis Definition
A SWOT analysis is a planning technic for an effective review of a business's Strengths, Weaknesses, Opportunities, and Threats. and can be implemented in any type of nail salon business, big or small.
A nail salon SWOT analysis is an excellent way to get more knowledge of what works well and what could be improved, identifies new opportunities to be explored, and the threats the company may face.
Conducting a thorough nail salon swot analysis can quickly bring positive results.
How Does SWOT Analysis Work?
A SWOT analysis reviews your business's Strengths and Weaknesses - considered internal factors of a team or business, and Opportunities and Threats - related more to external factors.
When To Perform A SWOT Analysis?
It is recommended to run a SWOT analysis every time you prepare your annual nail salon marketing plan or part of your nail salon business plan, but it can be done as a standalone whenever you consider it helpful.
It is always a simple and effective way to prioritize your nail business plans and incorporate your nail techs feedback.
Nail Salon SWOT Analysis Examples
Nail Salon Opportunities
What local resources, such as opportunities for advertising, are at your disposal?
Is there a new treatment or technology that can be tried? Strengths and weaknesses should define your opportunities: what opportunities do they create?
What weaknesses can be eliminated and turned into potential strengths?
Are there current trends such as a particular type of treatment that can increase revenue? What about special promotions or loyalty programs that can encourage more customers?
Are there new products that other nail salons on the market are not offering, and selling them can become your advantage?
Nail Salon Threats
The factors interfere with the performance and hinder the progress within your nail salon. They can also include external impacts like a competitive nail parlor opening next door, changing trends and recession, and financial issues.
The sooner you identify the threats, the sooner you can start reducing them or at least decrease the impact.
Nails Salon Strengths
Ask your nail techs to think about what they feel is working well and what are the most robust features of the team and business. This may include positive characteristics of individual staff members and how they work together as a team. Discussing in detail how successful the business is and what makes it so can highlight the positives. For example, are there treatments or services at which your nail salon excels?
Is the best strategy implemented to sell products?
Are the premises being used most efficiently?
Participants should try to look at the company from an external customer perspective to achieve the most in discussing the business's strengths.
Nail Salon Weaknesses
Things that can and should be improved, could be seen as a disadvantage from a client’s point of view.
This might include such issues as location, not enough nail technicians, limitations in space, no online booking page, advertising, etc. Ask yourself, what do your competitors do better?
Weaknesses can be identified as opposites of strengths. A vital feature of a nail salon will usually highlight a weakness as well.
Undertaking a nail salon swot analysis should become a part of the regular evaluation of how your company is running… and remember, this process can be used for any nail salon.
Instead of being a ‘one-off’ activity, a nail salon swot analysis can become a standard tool for evaluating performance and highlighting new ways to improve on your way to success.
The more often a SWOT analysis is implemented, the more familiar and comfortable your staff will become with the process.