Before you prepare to work on the steps to starting a nail salon, you probably want to ensure that investing in a nail salon business is something you’re ready for and see a bright future in. It’s natural to be worried about how the pandemic has impacted the nail salon industry. But rest assured that the market has shown significant growth and there’s plenty of opportunities for new businesses. In the $42.8 billion US beauty salon industry, the market share of nail salon business alone is 15.9%.
Let’s take a look at what makes investing in a nail salon a good business idea.
1. It’s money-spinning – did you know clients have paid close to $30 for a manicure, the highest ever over the years? Research has shown that the annual spending on nail salon services in the US is $8.36 billion. While the average annual income of manicurists and pedicurists in the country is about $29,000, an established nail salon entrepreneur, who has a steady clientele and has taken care of standard operating costs and investment in equipment, can make yearly profits of $40,000-$75,000, along with opportunities for expansion.
2. Has an uncomplicated business model – most businesses take time to go off the floors on account of complex paperwork. However, a nail salon business is fairly simple to kickstart. There are just a couple of documents to put together, such as licenses and permits, business insurance and creating a legal business entity, and you’re set.
3. Requires low additional investment – nail salons need an initial investment for location, equipment, products and personnel hiring and training. But once these are ready, you only need to worry about basics like salary, inventory and taxes. Unless you’re looking at expanding your business, you’ll be in a comfortable financial space for a long term.
4. Offers a rewarding career – if you love interacting with people and making a difference to how they look and feel because of your creative inputs, being a nail salon entrepreneur will be highly gratifying for you. The nature of your business calls for building close connections with your clientele, so they keep coming back for the familiar comfort factor you offer them. A steadfast relationship with your guests will help run a fruitful business for years to come.
5. Helps you create a dream workspace – if you have imagined working in an environment that’s creative, collaborative, supportive and fun, your nail salon can be all that and more. When you start your own nail salon, you have the freedom to create an exciting workspace for your staff; one that inspires you to go to work every day, just as much as it inspires your employees. Even on the most challenging days, you’ll find positivity and hope.