Market analysis is often confused with SWOT analysis. SWOT analysis is focused on discovering your strengths, weaknesses, opportunities, and threats, but market analysis looks at the market as a whole. This includes:
Analyze emerging trends in the industry and write them down. Trends can be very important, as they are often a good indicator of customer behavior and the general direction in which an industry is heading.
Your target market
You should also identify your main audience. Since you’re opening a nail salon, it would make sense that your audience is predominately female. However, you need to break this group down into smaller fragments (teenagers, housewives, etc.) and use specific messages to target each of these groups.
Market Positioning and Pricing Strategy
Once you’ve learned more about the market, it’s time to find your place in it. Will it be a posh nail salon with high prices and high levels of expertise? Or will your nail salon focus more on nail art and creative solutions for a younger audience? These are all important questions that you need to answer, as they will dictate many aspects of your business.
For example, your position in the market will have a strong impact on your pricing strategy. Lower prices usually attract more customers, but higher prices can make you seem more professional and attract customers that are willing to spend more. Choose your pricing strategy carefully while keeping your competition in mind.
Sales and Marketing Strategy
Even if you have the best nail salon in the country, it may never take off without adequate promotion. That’s why it’s important to have a good sale and marketing strategy in place. You can take care of sales and marketing yourself, but it’s best if you hire a consultant or an agency. Having a team of professionals to take care of your marketing will leave you more time to focus on growth and development.
If you do decide to do it on your own, increasing your online presence would be a great start. This will help you get the word out and increase brand awareness.
Sustainability and Growth Strategy
A business will flourish if it has a steady supply of customers. That is why you need to have a plan on how to keep the existing customers and add new ones. By doing this, you will ensure the steady growth of your company.
There are several things that you can focus on to implement a successful growth strategy. For example, creating a healthy work environment and hiring very professional employees is a good way to set your business up for growth. You should also think about your future plans and ultimate business goals, such as opening new branches or merging with other businesses so you can increase your market share.
A good nail salon business plan should include everything listed above, and more. If you need help creating a strong business plan, consider hiring a business consultant. Your business plan is the very foundation of your enterprise, so you’ll want to make sure it’s bulletproof.