Nail art is one of the most instagrammable trends of this decade. From french manicures to striking gel nails, people are going gaga over this fashion trend.
And if you possess the right blend of creativity and style, then starting a nail salon business might be right for you.
With the rise of K-pop and influencer culture, the nail industry is growing leaps and bounds. It stood at a massive market value of 42.8bn dollars as of 2021, and it isn’t going to shrink anytime soon.
And though out-of-the-box creative ideas are central to your success in the nail salon business, entering the industry without a proper plan might prove disastrous.
The reason is, the highly trending markets are the most competitive ones. And to last in such industries long enough to reap the rewards of your work you need to have a competitive edge that only a well-written business plan can give you.
Now you might wonder, how can a business plan help you gain a competitive edge? How can you juggle between honing your skills and formulating a business strategy? Most importantly how to write a nail salon business plan and what to include in it?
Don’t worry, we’ve got you covered. Before that let's understand why it is important to have a nail salon business plan in the first place.
How Can a Nail Salon Business Plan Help You?
As we have discussed earlier, the nail salon industry is a highly competitive market and to flourish in it you need strategies only a business plan helps you achieve.
A business plan helps you in defining realistic and achievable goals.
Moreover, it also helps you decide how various aspects of your business, like marketing, operations, and finance would function. It helps you know the industry better and helps you decide what to spend on and where to control your experiences.
Also, if you are planning on acquiring funds for starting your business, it can help you decide on which funding method works the best for you and what are your options in the current market.
things to Consider Before Writing a Nail Salon Business Plan
A nail salon business plan includes several areas that are specific to it. Most importantly a nail salon should have a strong social media presence and great marketing and advertising strategy.
Apart from that, there are several aspects like finances, operations, and market analysis that a nail salon business has in common with the other businesses.
For writing a nail salon business plan there are several options like pre-designed templates and online business plan software.
Nail Salon Business Plan Outline
This is the standard nail salon business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Mission statement
- Vision statement
- Customer Focus
- Management Team
- Success Factors
- Financial Summary
- 3 Year profit forecast
- Company Summary
- Products and Services
- Salon Design
- Market Analysis
- Market Trends
- Target Market
- Strategy & Implementations
- Advertising Strategy
- Local Publications
- Major Publications
- Community Events/Organizations
- Commute Advertising
- Customer Loyalty Programs
- Direct Mail
- Ongoing Customer Communications
- Pre-Opening Events
- Pricing Strategy
- Advertising Strategy
- Management Summary
- Management Team Members
- Hiring Plan
- Operations Plan
- Functional Roles
- Service Functions
- Administrative Functions
- Financial Plan
- Important Assumptions
- Brake-even Analysis
- Projected Profit and Loss
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
Let's understand each section in detail.
1. Executive Summary
If you are planning on getting funded, this would be the most important section of your business plan as it acts as a pitch to investors. This section forms the first page of your business plan and should sum up your business idea in a complete and precise manner.
2. Company Summary
This section consists of everything your company stands for including its history, present condition, and future prospects.
As a nail salon business, it would also consist of your salon design, the size of the company, and the number of outlets, etc.
3. Market Analysis
Conducting a market analysis helps you understand your position in the market and what client base you should aim for. Not just that, it also helps you in understanding your competitors better, if you know their tactics it becomes easier for you to get ahead of them.
Hence, the market analysis section is a crucial aspect of your nail salon business plan.
4. Strategy and Implementations
In this section, you’ll include strategies for growth in all aspects of your business. In a nail salon business, it is of utmost importance to have a strong social media strategy and also ideas to introduce new forms of nail art that have the potential of turning into a trend in the future.
Apart from that, you’ll also include your target client base and strategies for reaching out to them in this section. For example, if your client base consists mainly of YouTubers and influencers then influencer marketing might work for your business, but if you have a more general client base then posts and reviews from your actual customers might work better for you.
Apart from that, it is also important to have strategies to manage customer relationships so your salon gets regular customers. Discount offers and packages for potential and present customers might work wonders for your business.
5. Management Summary
This section is especially important for nail salons as it includes everything about your employees. Having skilled nail technicians is essential to the success of your business.
Hence, in this section jot down all the skills and services your team has to offer and devise ways of tracking their progress and work.
6. Financial Plan
One cannot put enough emphasis on the importance of this section in any business plan. A financial plan helps you decide where to spend and where you can indulge in cost-cutting while setting up your salon.
A large number of salons focus tons on looking fancy and end up compromising on product quality, which proves hazardous for the business in the long run. Hence, it is better to manage your finances in a way that you get to offer high-quality services, and spend sufficiently but not overly on the way your salon looks.
In the nail salon business, it is important to decide your target audience first and design everything ranging from marketing strategy to finances around it as different selling points of a nail salon business attract different customers.
Nail Salon Business Plan Summary
In conclusion, a successful nail salon plan is designed by keeping various aspects in mind, but most importantly your target audience and your positioning in that market.
A good business plan and the right skill set can help you thrive no matter where you start from.
After getting started with Upmetrics, you can copy this sample nail salon business plan into your business plan and modify the required information and download your nail salon business plan pdf or doc file.
It's the fastest and easiest way to start writing your business plan.
Ready to Start Your Planning?
Now that you know how to write a business plan, it's time to create one for you.
Remember that problem and market analysis are essential, but implementation is what counts. Go through the process explained in this guide to start planning for your business.
We have created Upmetrics — business plan software to simplify the process of business planning.
Our business plan builder allows you to write and customize your business plan. Our sample business plans and inbuilt help tips will help you to get started with your writing even if you are no expert. Our business plan sections and charts will make your document visually attractive.
Our financial forecasting module will create all the essential reports automatically. You need to enter numbers, and the application will do all the math to generate all your financial statements. Later you can embed those reports into your business plan.
After completing your business plan, you can download your business plan in PDF or DOC file with Upmetrics. You can also share it online with investors just by a quick link.
Customize your Business Plan
All businesses are different. So, don't hesitate to customize your business plan according to your requirements.
Even though our sample business plans are to help you create the perfect presentation for your clients and investors, it is finally up to you to decide how you're going to present your ideas in the best light.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.