Wednesday, March 13, 2019

how to start a business

how to start a business


How to Start a Nail Salon Business - Small Business Trends

Posted: 12 Mar 2019 06:00 AM PDT

U.S. nail salons bring in more than $5 billion in revenue annually. These specialty beauty salons have been around for years. But the industry is still growing, meaning there are plenty of opportunities for new entrepreneurs to break in and offer unique services and experiences. If you're interested in getting started with your very own nail salon, here's a breakdown of the steps involved.



How to Start a Nail Salon

Create a Plan for Your Business

Meg King, salon and spa consultant for Empowering You Consulting said in an email to Small Business Trends, "The first step is to spend time creating a clear vision of your business. Yes, it should include how many stations, your menu of services, a detailed list of what you need along with what it will cost you to open. But another important step in creating a clear vision… one that is often overlooked, includes answers to these questions. What do you really want? How would do you define the culture you want to have in your business? What type of team members do you want to hire? Who's your ideal client? The clearer we are on all the details the better we can manage our business plan for success."

If you're not sure where to start with your nail salon business plan, you might check out the Professional Beauty Association's business blueprints, which are customizable plan templates available to association members.

Make Industry Connections

Ideally, some form of state-approved education and experience in a successful salon before jumping into your own business. You might also consider connecting with an industry consultant or finding a mentor who can help you understand what the day-to-day operations of a functioning nail salon look like. Groups or trade organizations like PBA can also help you gain valuable insights about the industry as a whole.

Obtain Permits and Licenses

The legal requirements for nail salons vary by location. But you're likely to need a building permit, business license and state-approved training in order to officially open your business. If you're not sure what is required in your area, connect with a local business attorney or check with your local government.

Analyze Your Finances

PBA Brand Manager Erin Walter said in an email interview with Small Business Trends, "There are numerous financial considerations to take in to account when looking at opening a business and it can be helpful to meet with a financial planner to navigate through some potential obstacles."

Specifically, you'll need to determine what you can afford in startup costs, what your business expenses will be and how much you think you can earn on an ongoing basis. Some of PBA's business blueprints also offer insights into financial considerations like budgeting, compensation and credit card policies.

Find a Suitable Location

Before you can put many of the other aspects of your business into place, you'll need to find a location for your shop. Ideally, it should be someplace centrally located and easily accessible for your target customers. However, this will also depend on your budget and space requirements.

Create a Service and Price List

Nail salon prices and services can vary widely. You might stick with just the basic manicure and pedicure, but you could also offer artificial nails, gel manicures, arm massages or various other spa services to your menu. Carefully consider what you and your staff will be able to provide and do some research on pricing to help you create a full menu of services.

Source Supplies

For a nail salon, you'll likely need chairs, tables, nail polish, sanitation equipment, and various spa supplies. You may also want to carry a small inventory of nail products that customers can purchase. Shop around with various brands for your nail salon equipment and inventory so you can get the best possible value, while also considering the items that are likely to be most popular with your target customers.

Set Up Administration Processes

The day-to-day operations of your business will be significantly easier if you put processes into place early. Determine how you'll schedule appointments, collect payments, manage payroll and nurture relationships with customers. Put software and other tools in place to make these things easier so when you get up and running, you can easily show your team how everything should be run.

Hire Nail Techs

Most nail salons have multiple nail technicians or other specialists on staff so they can offer services to multiple customers at once. You'll want to find people who are trained and skilled in their area of expertise. But don't forget to take personality into account as well. The conversations that take place during manicure and pedicure services are often a huge part of the customer experience. So you'll need to look for people who are able to provide exceptional service to your target customers.

Promote Your Services Locally

When all those items are in place, you need to start actually promoting your business around your local community so potential customers can find you. Place local ads online or in print. You might also consider getting on social media and using some special events or promotions to build buzz early on.

Image: Depositphotos.com

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Starting a Business? What's Your Unique Value Proposition? - Next Avenue

Posted: 11 Mar 2019 05:01 AM PDT

Part of the America's Entrepreneurs Special Report

Many people in their 50s and 60s who've worked for someone else their entire careers start thinking they'd rather be their own boss. Maybe you realize you can earn more  as a consultant. Or you want flexible hours to care for family members. Or you'd like to help your grown child get an idea off the ground, starting a business together.

Whatever reason you have for starting a business, it's crucial to create a unique value proposition, often called a UVP. A UVP clarifies what your business stands for, who it is designed to help and how it sets you apart from your competition.

Your UVP will be a key part of your business plan. It will inform your marketing, determine your customer service and decide on the course your business will follow to become profitable.

A UVP answers three questions:

1. Who Is Your Business Designed To Help?

Your reason to start a business influences how the enterprise runs. Seeing that there is a gap in services in your area is a different reason than trying to leverage your experience to create services.

If you are starting your business to fill a services gap, this should be part of your UVP.

For instance, if you hope to build an elder care business aimed at relieving pressure on older family caregivers, highlight that reason. Ideally, your UVP will help a potential customer immediately know if your business will help him or her.

2. What Does Your Business Stand For?

In the modern business world, companies must be transparent about their positions on issues like equality, environmental protection and labor rights. It's not enough for a company to say it believes all people are created equal. Instead, potential customers may look at which suppliers a business works with, how the company talks about marginalized people and minorities on social media or how its workers are treated.

To demonstrate what your business stands for, show what you're doing.

For example, if you have a vendor who works with recycled materials or uses energy-efficient production, promote that on your website and in any physical location.

If you want to support marginalized people, mention the community events your company participates in, how you work to hire a diverse group of people and your work for community revitalization.

3. How Is Your Business Different From the Competition?

Older businesspeople and those starting family businesses can often use these distinctions to differentiate themselves. This can be particularly useful if your competition is a bigger company. It can help justify higher price points while also talking about what your company can offer.

For example, if you're starting a business as a consultant, highlighting that you've worked for 20 years with various high-profile companies can explain why you're worth what you're charging.

If you're launching a family business that will compete against a major corporation, you'll give people another reason to buy from you if you talk about how your customers will get individualized service and the satisfaction of knowing their money is going back into the community.

Now that you know how to create a UVP, it's time to write your own. This will bring you closer to your goal of starting a successful business.

Sam Meenasian
By Sam Meenasian
Sam Meenasian has used his leadership, marketing, sales and operations skills to build two successful companies over a nearly 25-year career. He co-founded USA Business Insurance and BISU Insurance, which have served thousands of small businesses. Meenasian has 10 years of prior experience in real estate and holds a bachelor's degree in business. He shares his expertise through guest articles for such media as CNBC, Fox Business, AllBusiness, Business 2 Community, Small Business Bonfire, SmartBrief, Accounting Today and Insurance Journal.

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