So you like fingernails. Maybe you’re the one in your friend group who always proposes mani-pedis for team outings, who likes to explore the boldest and prettiest new nail designs every few weeks, or who seem to just takes this kind of good care of your fingernails that you haven’t had a hangnail in yrs.
Or maybe you like the potential of making a lot of money in the nail company. This is a profitable business that doesn’t appear to be disappearing anytime soon.
According to Globe Newswire, the global nail care market is set to reach $11. six billion by 2027, so it looks as though there is major development in sight.
Should you be interested in getting a part of that market, then you can want to consider opening your own nail business.
It might appear like an intimidating undertaking, but with the help of this how-to guide, you’ll be on your way to making money with a nail business.
The Easy Parts of Starting a Toenail Business
Let’s start with the fun stuff. Well, maybe not enjoyable , but easy.
Here are the easy parts of starting your nail company.
Selecting your services.
Some basics are offered at all nail salons and spas, so you’ll want to have them at yours as well. They include things like manicures and pedicures. Those are standard and should be the 1st two services you consider for your business.
However , there are others you may want to add on that opens up the potential to make more money. This includes things that are currently trending. Right now, gel fingernails and gel extensions are very popular, which means this trend is an chance for you to get more customers and thus make more money.
Massages are usually another option. A few nail salons provide massages as an accessory to a manicure or even pedicure, but you can also offer them as a completely separate service.
Waxing is really a service you also usually see at nail salons, so consider adding that for your list of services.
When it comes to creating prices for your services, you should offer competitive pricing. Take the time to research some other nail businesses in your town to see where their prices stand and exactly how you can compete with all of them.
Implementing scheduling software.
You may have some walk-ins for your nail company but many people who obtain nails done frequently prefer to schedule a scheduled appointment. This way, they ensure that they get the nail tech they want, and they also ensure they don’t end up waiting in line for an hour to obtain their nails carried out.
To assist you in creating a steady scheduling process for your customers, your nail techs, and you, think about implementing scheduling software such as Booksy.
Booksy allows your toenail customers to self-book their appointments twenty-four hours a day, 7 days a week via the app. This means that you can save time and money on dealing with phone calls and texts to schedule appointments. It also provides you with an easy way to find out how busy your own salon is.
In addition to helping you streamline the process of meetings, Booksy also functions reduce no-shows and late cancellations by letting you show your clients your cancellation policy before booking plus allowing them to prepay. It keeps client bank cards on file so that they don’t have to get into their information in each and every time (this is a highly underrated bonus).
You also gain access to marketing equipment such as:
- Message blasts
- Social content
- Marketing promotions
There are different pricing options offered by Booksy, which we will cover below.
The Challenging Parts of Starting a Nail Business
If only owning a toe nail business was since fun as generating art on people’s nails! However , the fact is that it takes a lot more work than that, and not all of it can be fun or easy.
But by going in with all the right information and the right approach to tackling the tough areas of starting a toe nail business, your chances of success are much higher.
Here is one of the tough things you’ll run into with starting your nail business: making a business plan.
Just the term “plan” may make many people want to run plus hide. But a business plan is probably the most important part of any kind of business, including your toe nail business.
A business plan serves as the foundation upon which a person build your business. This outlines all the targets and expectations of the business so you have a roadmap of where to go and what to change if things don’t seem to be going the way you prepared.
Here are the most important things to use in your business plan.
- Target customer . What type of salon do you want to open and who is your target audience? Are you searching to create a more trendy business or something more casual? With this particular information, you can produce your prices, your own products, your solutions, and the design of your salon.
- Competitors. Knowing what your competition are doing is important so that you can choose the right services in order to offers as well as exactly what prices to set all of them at. Look at toenail salons in your area and also online businesses that are within the same industry and may even be doing details a different way.
- Services . Decide what providers to offer and how much to charge to them.
- Location . Choose whether you plan in order to rent or purchase a space for your toe nail business and where the best location is perfect for your business and your spending budget.
Step 1 : Create the Business Program
As talked about above, the business program is the most important part of your nail business and it is the place to begin your own venture.
If you are not comfortable with making a business plan your self, you may want to hire someone well-versed in writing business plans to help you by it. Because this is such a important piece of your business you wish to ensure that it is accomplished correctly, even if this costs you more money.
Step 2: Obtain Permits and Permit
To lawfully run a nail company, you must get licenses and permits.
The specific licenses and permits you need change from state to state, therefore be sure to look at the specifications for the state that you’re establishing your nail business in.
Most states require that you have a state-issued cosmetology permit as well as a general business license. You may find that your state also asks you to have zoning permits as well as a worker identification number just for tax purposes.
Step 3: Get Company Insurance
There are a few different types of insurance you wish to get if you are starting a nail beauty salon.
General Legal responsibility Insurance
This is the standard insurance you need for your nail company and it covers activities such as:
- Property damage
- Medical payments
- Lawful defense
Though you are not legally required to get general liability insurance plan, you are operating your company in a very risk way if you don’t. If you opt out of general legal responsibility insurance and end up getting sued by a client, you may find yourself having to pay hefty fees that may go up to hundreds of thousands of dollars.
The average cost for general responsibility coverage for a toe nail salon in the United States will be less than $750 annually and that gives you $1,000,000 in general liability protection. The price varies depending upon where your business is situated, your deductible, the amount of employees you have, and much more.
Workers’ Settlement Insurance
This kind of insurance is required simply by all states to carry, but you can opt for different levels of policies.
This type of insurance addresses any medical treatment and lost wages for an employee who got sick or wounded while on the job.
Commercial Property Insurance plan
If you decide to buy the property for your nail business, you are required to get property insurance to shield your business. Even if your own nail business is operating in your home, your homeowners’ insurance will never cover the portion of your home used for company. Thus, you need this separate insurance to guard yourself.
Property insurance covers not only the property alone but all items which your business owns.
You may also want to get business interruption insurance policy that helps you to recover a portion of the cash you lost in case your business was ended due to a natural tragedy such as a fire or flood.
Commercial umbrella insurance may be another one for you to consider so that you can end up being covered above and beyond the limitations set by your standard business insurance plans.
Step 4: Discover Scheduling Software
Before you open your own doors and allow business start flowing in, you want to take time to find the right tools that will help you run your own nail business easily.
One such tool is the scheduling software Booksy.
This software has been built to provide strategies to all sorts of problems that you may encounter with your toenail business. It simplifies many of the processes you will be dealing with including:
- Calendar and sessions
- Business management
- Payment processing
- Marketing equipment
- Bottom line protection
- Complete front desk collusion
- Diverse revenue channels
- Notifications and reminders
- Customer application
- Incorporation with Google, Instagram, and more
Managing your business is a lot easier with the help of Booksy because it helps you along with things such as staff scheduling, client information, documents, and more.
The Booksy subscription expenses $29. 99 each month per user plus any additional staff member expenses $10 per person per month. However , that is only applicable to the first nine workers. After the ninth 1, there are no extra fees.
You can opt to add-on the Booksy Boost which helps you to bring in new customers by marketing your skills. This really is something done with the software that may lead you to increased exposure, increased ranking in the Booksy search engine, higher client retention, and more. The cost for this is a one-time commission fee which is per each new client.
If you want to try out Booksy before you commit, you can do this risk-free with a free trial.
Step 5: Set Up Accounting
Keeping track of your expenses and your income is really a crucial part of your own nail business. Which is not something you wish to assume you can do manually because we are right here to tell you you can’t.
And, you don’t have to. There are great options for online software to assist you keep track of all the financial situation for your business. Or, if you’d love to take accounting off your plate, then you can hire an accountant to take care of your business finances to suit your needs. If your budget allows for it, we suggest going the accountant route simply to ease your stress about incoming and amazing money.
Along with getting an accountant or setting up information systems software, you also wish to open a business bank account so that you can keep your business and your personal financial situation separate. This will create things much easier in regards time to do taxes, whether you’re doing them yourself or even hiring an accountant to do them to suit your needs.
Step six: Build a Presence
With most of the within parts of your business prepared to go, it is now time to consider the external parts: what people see. We do not mean the way your salon looks (though that is important). We are talking about your existence, specifically on the internet.
A business website is a non-negotiable when it comes to your nail business. It doesn’t need to have a lot of frills. It can be a one-pager along with basic information as well as how to get in contact with you in case someone is curious. You can get as complicated and creative when you want, or you can retain it simple and minimal in case that is more your look.
You may want to think about creating social media accounts for your own nail business, specifically Instagram and TikTok. These are both extremely visual platforms and the business of fingernails is also highly visible.
Discuss photos of the toe nail art that your techs create for more exposure and the chance to get new customers. This also enables your customers to label you in their posts so that friends and family can easily see your work.
TikTok provides an chance for you to gain extra exposure to new customers along with videos showing how nails are performed at your salon, along with other services that you provide.