ย It is exciting to start to see your work come alive. If you do not want to waste your timeย and money, you need to take the time to write everything down so you can see it. One importantย factor you must have on there will be how you plan to fund your business. You will also […]
ย It is exciting to start to see your work come alive. If you do not want to waste your timeย and money, you need to take the time to write everything down so you can see it. One importantย factor you must have on there will be how you plan to fund your business. You will also need toย consider the things you will buy to furnish the place, as well as equipment and supplies.
If you plan to build a site or purchase one, you should think about a rough plan that includes theย design and the layout. I am sure you would not have unlimited funds, so you need to set up aย business plan with your budget. Make sure to add the initial startup fees and the projectedย amount you believe you will spend to get the ballย rolling. A major portion of your startup supplies will often goย to supplies such as your phone company line, PCย equipment (scanner, fax machine, laptop, ISP), salonย furniture, construction fees, cabinets, chairs, desks,ย fridge, tables, TV, lighting, display case, and soundย system. Ideally, it would be a steal if you can find aย salon or spa service for sale that already include aย couple if these items as it would greatly reduce your upfront fees. One of the mostย unstable fees you must monitor is construction fees. Itย can be easy to spend past your budget here ifย renovation takes longer than expected. A rule of thumbย is to add a quarter extra when you want to determine your final total expenses for somethingย where it should never exceed it.
Be sure to add any applicable accounting and professional fees,ย the premium for your first year having a business insurance policy and permits and licenses, Itย will help to begin online shopping or through catalogs just to get an idea how much you will beย paying for startup supplies. You may also get in contact with a salon designer, utility companies,ย and beauty trade shows to get an estimated costย for the amount of space you desire.
When you are first starting out with a new business chances are you will not earn enoughย profit to help cover various fees and pay for your employees. It is something you need to takeย into consideration when you are thinking about a budget. There’s a chance you may not earn aย profit until months later, so you want to be prepared for it. Once you expect it andย understand it is common in startup businesses, you will not feel as worried or stressed. Youย should always plan ahead and project a time frame you expect to continue earning little revenueย until you believe you will notice a profit. Go ahead and open your binder or notebook andย prepare to make these tabs (of course you can build upon it):
-Contract a proficient writer and aย web designer
-Decide on an idea for your layout, make sure it will create a strong web presenceย
-Make a personal domain and addย company email addresses
-Access the need for booking appointments through a system online
-Access and determine the ultimate web resource regarding product sales. You may use sitesย like Craigslist, eBay, or contract an online store by yourself.
-The website should have attractive and professional looking displays that accurately execute your mission statement.
-Create a pricing methodology for your retail sales
-Identify your different revenue outlets (if applicable such as a spa or salon area for yourย customers and sales location)
-Make a catalog that lists your merchandise
-It is important that you research potential areas for lease or purchase you have an interest in
-Print out maps of the area to scope out any potential competition
-Take a couple of pictures of the areasย when you physically visit the site
-Find contact info for leasing or real estate agents that are in your ideal location
– Choose a minimum of three locations to look at before making a final choice
-Have training available for those you hire with an employee handbook
-Have employment contracts and agreements ready
– Figure out the number of workers you will need as well as the types of positions and skillsย they’ll need
-Create responsibilities and duties for running aspects of your business
-Secure relationships with a few retail suppliers
-Secure relationships with a shipper of your choice (DHL, UPS, or FedEx)
-Calculate the necessary supplies you needย that is also within your budget
-Have a payroll program or company that provides APD, Automated Data Processing, orย payroll services
– Choose preferred business insurance and put insurance on your property and equipment
-Get Personal disability insurance
– Umbrella insurance policy
-Establish legal agreements with both your employees and suppliers
-When you are ready to make a business play you might want a little assistance from a smallย business assistance group or business
-Executive summary
-Have a Capital investment
-Forecasting, revenue streams, and goals
– Create customized business cards,ย paper supplies, salon menu, andย letterhead
-Have the services of a local brandingย expert secured in the event you are havingย a hard time coming up with a name or logo for your nail salon
-Temporarily employ a graphic designer to help you make a logo that you worked on to comeย alive. Branding experts may also work with designers
-Set up your business phone systems along with a script to answer and leave a voicemail
– Nail salon furniture and equipment
-Reception area furniture and equipment
-Office furniture and equipment (if applicable)
-Retail area displays cases as well as lighting
-Additional specialty equipment
-Create Terms and conditions of payment plan through your suppliers
-Set up preferred payment options (Paypal, credit card finance options)
Search for Small Business Administration (SBA) loans, grants, or other governmental subsidies
-Set up an inventory. Accounts payable, billing, scheduling, salon software, and POS (point of
-Make detailed financial projections what include what you have to do to hit the goals
-Talk with an equipment lease financing company to learn about other financial options you haveย available
– Create a formula that helps simplify retail product pricing for you
– Form relationships with retail suppliers
– Form relationships with shipping businesses where you will do your business
-Note any order minimums and special order incentives
– Note seminars, classes, and conversations you can visit concerning retail sales and the salesย process
-Create a script for retail sales, with pointers on how to upsell other products to customers
-Set up an attractive and neat retail sales area
-Have a strategy for your workers that you can use to sell to your clients
-Design ads and strategically place them in areas that will get noticed
-Create slogans
-Have an Advertising Budget
-Hire a publicist to write a press release talking about the opening of your nail business or takeย the time to write one of your own
-Look at all advertising opportunities available
-Create a growing social media presence online via Instagram, Facebook, Google Places, Bing,ย Foursquare, Twitter, and other social media websites
– Obtain EIN (Employment Identification Number) and business license
– Ready Buy-Sell Agreements
ย – Name registration
– Occupational license
ย – Open a checking account for the business
– Make legal business documents you will need
ย – Agree on partner capital investments (if applicable)
– Incorporate your business (0r you may establish an LLC or other structures you believe is
– Review all the laws there are for registration and licensing requirements
These 12 things to consider before you open up a nail salon is not a comprehensive list. Interested in starting a nail salon? Check out how to start a nail salon businessย to find out more about the industry, the opportunity, and major pitfalls of industry operators.
