Before you even start thinking about opening a nail salon (be it at home or location based), you need a good nail salon business plan. Here’s everything you need to know.
Opening a nail salon is no easy task. It requires a lot of patience, research, and planning. And, before you even start ordering supplies and working on your interior design, you will need to create a business plan.
A good business plan has to cover every aspect of your business – inventory, costs, market analysis, services, and even marketing opportunities. That’s why coming up with a strong business plan can take several weeks and can be quite a challenging process.
Mission Statement, Products, and Services
Your business plan should start with your mission statement and an overview of your products and services. A mission statement is several short sentences that tell people exactly what your brand is about. The statement should be honest to your values and business intentions.
After you’re done with the mission statement, it’s time to list all of the products and services that you will be offering to your prospective clients. Make sure you don’t forget any services, as you will have to come back to these later when you start drawing up your pricing strategy.
At this point, it’s important not to plan too far ahead. If you have a service you’d like to include in your offer at some point in the future but you don’t yet have the resources for it at the moment, it’s best if you leave it out of your strategy for now.
Roles and Responsibilities
The next step would be to draw up your organizational structure. If you’re starting a small business where you’re the owner, CEO, technician, and marketing manager, you can skip this step. On the other hand, if you plan to hire a staff, this is one of the most crucial steps in the whole plan.
Every position needs to have a detailed job description that highlights exactly the skills and responsibilities that an employee must have. A well-established organizational structure will give your business better stability and more opportunities for growth.
Another very important phase in the creation of a business plan is SWOT analysis. This is a framework that will allow you to gauge your company’s position relative to your competition. To execute a good SWOT analysis, you need to identify your:
This is what separates you from the competition. You need to find certain aspects of the business that you’re very good at
This is what can prevent your company from succeeding. Identifying the areas that you can improve is the key to remaining competitive
External factors that your company can use to its advantage. For example, a low number of nail salons in your area could be defined as a good opportunity
External factors that could harm your company. For example, more competition and higher taxes on sole-proprietor nail salons could be some of your main threats.