The best way to be a successful entrepreneur is to go into business doing something you love. All of your business days should be passion-filled, otherwise, you may drop out of the race and let your company fall by the wayside. Just think of Hayes Barnard, the Founder, and CEO of Loanpal, who brought together his financial savvy and passion for renewable energy when launching Loanpal. Hayes is a great example of someone who puts business and pleasure together to do something he loves and make a meaningful difference.
If you’re an entrepreneur who’s wondering what type of business to invest your savings account into, and you love the allure of a salon experience, you may consider opening your own salon. But how can you know where to start? What types of services should you incorporate into your salon? Let’s dive into the very first step, and the steps after that, for any salon entrepreneur to take.
Make a business plan.
The first thing any new business owner needs, regardless of their chosen industry, is a detailed business plan. This should include both short-term goals and goals for the long run. In your business plan, you’ll want to detail all potential expenses, as well as your plans to cover them.
When you’re crafting your business plan, you’ll want to know which services will be offered at your salon, and who your suppliers will be. If you’ll have a nail art professional on-site giving manicures, you’ll need to know where you’re getting gel nail polish and nail stickers from. You may want to source your manicure materials from Mani Me manicures, the gel nail sticker company that’s revolutionizing how gel manicures are done. Discuss options for stickers or nail polish with your nail art professional and make sure to count for the high volume of gel manicure customers you’ll likely have when incorporating this into your proposed budget. A partnership with a company like Manime could result in an expanded customer base, which is also worth considering as you craft a plan.
Speak with a financial planner and a lawyer.
Once you understand your business goals, it’s time to understand your financial goals, as well as which U.S. laws will apply to your salon. Investors and lenders will not be interested in a business idea that doesn’t have a clear financial plan, so if you plan to borrow extra money for your startup costs you should start with speaking to a financial planner about smart ways to use your money.
Investors and lenders will also what to know that your business is on the up and up when it comes to legalities. Find out what processes are necessary when setting up an LLC and speak to a lawyer in advance who can help you with the LLC paperwork. That’s the best way to ensure your LLC is properly set up and you’re complying with U.S. laws.
Come up with some special offers for new clients.
One great way to get new clients in the door is to offer special deals and discounts. Consider offering a free TrySprig (trysprig.com) nail health kit to anyone who comes to your nail salon. These nail kits are known for their incredible impact on brittle nails and dry cuticles, so any customer would appreciate this as a giveaway. Or, you could offer gift cards to customers who purchase over a certain dollar amount. Another good idea is to offer free extra bag items or a discount code that can be applied at checkout. While these may amount to losses, in the beginning, enticing new, loyal customers will pay off in the long term.
Have a conversation with your spouse or partner.
Starting a new business is a big deal, and you can’t just spring this kind of thing on your spouse or partner. Before you speak to a money manager or a lawyer before you start adding a new skill to your existing business skills, speak to your significant other. Financial decisions of this level should always be made together. After all, it’s not just your checking account, savings account, and credit score that will tank if the business goes pear-shaped.
Make sure that you are clear about how much this project means to you, but also try to be open if your loved one expresses any concerns. One way to help address those concerns is to invite your spouse to meetings with your financial planner and lawyer. With more information at their fingertips, it will be easier to feel better about the financial decisions you’re proposing.
Starting a nail salon, or any other type is an exciting endeavor but is also a huge undertaking. That’s why it’s crucial to be smart about the business moves you make. With a solid business plan, clear financial goals, and actionable ways to achieve those goals, you’ll be sure to turn your dream into a reality.