The global beauty industry is estimated to be worth $532 billion and is likely to remain on an upward trend in the coming years.
These are indeed encouraging figures for would-be entrepreneurs eager to explore ventures in beauty services.
If you are passionate about beauty and love making people look and feel gorgeous, a nail bar is a niche you should consider. But how do you build a successful nail bar business? Here are 6 tips to help you along.
1. Clarify Your Vision
When you start thinking about your nail bar, its location, and other details, seek to clarify your vision as well.
Think about other similar establishments in your locale and what would make clients choose you over them.
The question you want to answer here is what particular value your services will have over and above what is offered elsewhere.
Think exclusivity, membership plans, a play area for kids to allow moms to relax, house calls, the latest technology, and so on.
2. Expand Your Knowledge
Even though you will hire employees with the required skills, it helps to have some background knowledge of what your business deals with.
Remember, as the business owner, both your employees and clients will be looking at you for leadership and advice. It is challenging to provide this adequately without having the technical knowledge.
Taking relevant courses, such as a nail technology course, can make you a better leader.
3. Remember Aesthetics Matter
Before your clients engage your services and find out how professional and creative you are, they will judge you based on appearances.
Start by being inventive with the way your nail shop looks-inside and out. Engage an innovative interior designer if need be.
Think about your signage as well and what it communicates. Your shop should look upbeat and vibrant yet cozy and relaxing.
If you get your look right, you might even be able to charge slightly higher than your competitors.
4. Make Hiring Decisions Wisely
Employees contribute significantly to your success or the lack of it.
Therefore, your hiring decisions are one of the most important decisions you will make as you set off.
This goes beyond academic qualifications and training.
Think about your business’s personality and the work culture you want to create before you begin hiring. Look for people that exhibit these qualities as you vet candidates.
This will allow you to create an induction program and a work culture that all your hires will adopt.
5. Think Marketing
Your marketing strategies will directly impact the number of clients that will come through your door.
Social media is an effective yet affordable means of marketing your services. Open business accounts on the major social media platforms and begin marketing yourself.
You can use these pages to post the latest nail art designs, videos, and even nail care tips.
Another equally effective strategy is word of mouth. You can request your clients to make referrals in exchange for small discounts on their next visits.
Ensure your services are top-notch so that you create a loyal client base from the get-go.
6. Mind Your Finances
You need to have a firm handle on your business finances. This means balancing the cash that is coming into the business and your expenditure.
Similarly, consider separating your business finances from your business accounts.
This makes it easier to track your business’ performance and prepare your taxes. It can also help limit your personal liability.
While you probably can’t wait to have a few nail bars with your name on the deed, take things slow.
Market yourself rigorously and let your premier shop stabilize and get a stable client base before attempting to scale.