September 29, 2020 – Nail salons have become one of the hottest nail salon business opportunities for small business owners throughout the nation. “Whereas in years past it was a place that the female segment viewed as a necessary component of their grooming process, men have now become frequent visitors. This is driving the revenues and profits of this industry in ways never before imagined”, says Joe Ferriolo Director of Wise Business Plans. Lessons that were learned during the recession have also been sources of growth for this segment as business owners integrate new business concepts into their day to day operations model. “Let’s face it, every segment of the economy was hit hard by the most recent recession including nail salons. Operators learned that it would not be enough to simply offer manicures and pedicures as they had done in years past. What they found out is that they had to offer expanded services and develop product relationships in order to remain viable”, says Mr. Ferriolo.
How to Start a nail salon Business:
Research conducted via IBISworld.com shows that the Nail Salon industry or Nail Salon business is projected to drive an astounding $7.1 billion in revenues during 2020 with a five year forecasted growth rate of 5.2%. “These are some fairly impressive figures and point to an industry that holds a great deal of promise both now and well into the future as more and more consumers place an emphasis on personal care and grooming. While there are chain and franchise operations in this industry, most of the shops begin as one off operations started by individuals who have a vision and the courage to pursue it. “The risk to reward ratio in this industry is favorable. We tell our clients that if they are able to provide a consistent level of service across all levels of their business model they have the very real chance of being highly successful. The Nail Salon industry is growing and Wise Business Plans is primed to assist clients who are looking to enter it. All Wise Business Plans developed for nail salon operators include the following:
- Services: “Operators understand that offering a manicure and pedicure are not going to allow them to remain relevant. Nowadays consumers are paying for the experience and are demanding quality in all phases of their visit. From the person greeting them to the person that sees them to the door, service is the hallmark of market leaders in this segment”, says Mr. Ferriolo.
- Licensed and Certified: Whereas in the eyes of most, giving a pedicure or a manicure could be viewed as a fairly simple task, there are bodies that govern this segment. “We impress upon our clients the need to be licensed and certified for a variety of reasons. First and foremost, it gives the client the comfort of knowing they are being serviced by certified professionals. Secondly, it’s the law and it prevents any potentially damaging legal ramifications that could disrupt the growth of their brand”, says Mr. Ferriolo.
- Environment: There isn’t a lot of differentiation between nail salon operations. The services that are offered typically mirror those at others. One key area that gives operators the opportunity to separate is environment. “If the client is able to create a clean, engaging environment they stand the chance of securing a client for life”, says Mr. Ferriolo.
The Nail Salon is fast becoming a trusted grooming partner for all segments of the national population. Men, women and even children are placing a much higher premium on their personal appearance than in years past and nail salons have become an integral part of this process. When searching for a business plan development firm to help sculpt your entry into the market, think Wise Business Plans!
About Wise Business Plans
Wise Business Plans is a professional business plan writing company that creates custom nail salon business plans. The firm is committed to increasing the fundability and growth rate of businesses through strategic planning. To learn more, visit wisebusinessplans.com or call 1-800-496-1056 to schedule a onsultation.