A nail salon has to do with pampering and beautifying. Whether you offer simple manicures and pedicures or related artistic designs, there are a whole lot of niches in the business.
Nevertheless, starting any business requires a great deal of work, and understanding the pros and cons is pertinent to understand if being your own boss aligns with your business goals and budget. To ensure that you will make substantial income, consider selling nail polish and other related items in your store.
There are a whole lot of factors to consider when starting your nail salon. This will include the type of salon you open, renting vs. owning, types of equipment, as well as the location and condition of your property.
Ideally, you have to invest around $20,000 to more than half a million dollars for a brick-and-mortar shop, although the exact amount will depend on whether you start from scratch or acquire an existing salon. It is also possible to save on startup costs if you operate alone as a nail technician and simply rent a booth for $500 to $1,000 a month or just make house calls.
No Formal Education Required
One of the many benefits of owning a salon is the fact that there is little or no formal education needed to start this business. Estheticians, cosmetologists, and specialists are expected to be licensed. Howbeit, this will definitely take less than a year and feature a whole lot of simple classes that can even be done (in most cases) online.
However, if you don’t have a degree or a formal education, it doesn’t in any way restrict you from opening or owning a salon or spa. What you need mainly is the passion for beauty and the eagerness to make it work.
For a good number of people, owning a business is a means to feel satisfied on a personal level. Starting a salon serves as a medium to cultivate a reputation, name, and image. Aside from that, owning a salon helps you to follow your passion and give back to the community.
Salons can aid women (and men) in feeling more comfortable in their skin. Owing to that, whether you establish a salon to feel accomplished or to aid others in feeling better about themselves, salons have a lot to do with personal fulfillment.
Catering to a High-Demand Market
One thing to note is that salons cater to a high-demand market. Industry reports have it that 72% of women leverage professional care services. Owing to that, the demand is massive! But, if you are still not sure, consider the statistics below:
- Women splurge at least $40 – $50 per haircut, with some services (like coloring and keratin treatments) that go past $300 per visit.
- Ladies who get their nails done biweekly spend around $1,400 a year.
- An average woman will invest close to $1,800 per year on nails, haircuts, and blowouts.
Potential for Growth
One amazing fact regarding the beauty industry is that it is steadily evolving, innovating, and advancing. This is particularly true if you can cultivate a solid client base and a well-known brand. It is also possible to develop your line of beauty products that will encompass conditioners, shampoos, lotions, or even makeup.
Aside from that, you can choose to enter negotiations with well-known brands to re-sell their products. You can choose to recruit waxing specialists or stylists and offer other services like tanning, facials, and other spa-like services to ensure you can make more money.
In the United States, the beauty and cosmetics industry is a multibillion-dollar business. According to reports, the industry accounted for more than $445 million in the U.S. alone — and according to recent reports, it is regarded as one of the fastest-growing markets worldwide.
As such, among the well-noted benefits of owning a salon is how profitable it can be. Please note that salon owners in the United States can make an average of $41,000 a year.
According to the National Bureau of Labor Statistics, salons are not only profitable for their owners, but also for their personnel. Hairstylists, nail specialists, and estheticians tend to garner more money than the average office employee.
This is one of the most substantial expenses that comes with owning a nail salon business. Salons are known to require a skilled workforce of stylists, assistants, and receptionists to adequately serve their clients.
The income or remuneration for these workers can be a gigantic expense for a nail salon. Coupled with the base pay, most modern salons also offer commissions or bonuses based on the services carried out and the number of customers served. This can add to the labor costs of the business.
The nail salon business is ridden with an intense level of competition. There are many nail salons operating in communities, and every one of them will be providing the same services and competing for the same customer base. Experts believe that one reason for this high competition in the nail salon industry is the relatively low barriers to entry.
Venturing into this business only requires a small initial investment, and this entails that there is a low barrier to entry for new competitors.
To attain success in such an intensely competitive industry, you have to seek ways to make your salon stand out. This might include offering detailed services, using high-quality products, and providing a welcoming and comfortable atmosphere for customers.
Just as was noted above, starting a nail salon business requires a great deal of work, and understanding the pros and cons is pertinent to understanding if being your own boss aligns with your business goals and budget.
As such, consider the pros and cons noted above prior to investing in this business and make sure you are adequately prepared to go with whatever comes. Howbeit, it is a lucrative business and when started and managed well can fetch you a good income.