Why are there so many nail salons around? Is there really that much demand for them? And why are so many Asians running them and working there? Well there must be a demand for these types of services otherwise people wouldn't open them up in the first place, or would they? If there is such demand then why are so many going out of business? I have seen a lot of vacant nail salons as I travel around and can only assume that they weren't good at what they did or didn't know how to run a business since it seems the demand is there.
I think the latter is probably true in most cases. Not everybody is cut out to run a business no matter how easy they think it will be. Most nail techs I've run across and talked with only want to do their job i.e. manicures and pedicures. Most have no interest in actually running the business side. They just want to come to work do some manicures and pedicures, get paid and go home. Sounds simple enough, but that's not how to stay in business long term and create something viable that you can sell when you decide you want out. Most nail techs are reluctant business owners and their business suffers because of it.
Running nail salons or any business for that matter requires a commitment. If this is your full time income then your entire financial security rests on you being able to consistently bring in clients. It takes time to build a client base and if you need money now, you may not make it. If you are good at what you do, personable, and treat your clients well, then they will return the favor and become loyal, repetitive clients. Once you've built your client base large enough you can either stop advertising or expand your business. But as I said, that takes time. If you view your clients as just a way to make some money, they'll feel that and you'll lose them forever!
Building up that client base is the key. So how do nail salons get customers in the door in the first place? Ideally you'd love to have a great location that you can get drive by business. If you are next to a major store or facility that draws a constant flow of traffic, that is ideal. Unless of course you're next to Wal-Mart! Since they have there own nail salons inside. The problem with getting a good location is the cost. The building owner knows they have prime real estate in most cases and the rent is priced accordingly. You have to run the numbers and decide if that works for you based on your expected volume of clients and the price you charge in order to be competitive. Don't forget ancillary expense such as supplies, electricity, water etc.
This is part of being a successful business owner. I think most nail salons just pick a good location, get a small loan to start, and hope for the best. That is why they fail. You must have a business plan BEFORE you open a business. If the plan isn't viable then the business isn't viable. Would you put your money in a bank if they told you that based on their business plan you would have no money left in 3 months? Hell no! So then why would you not do your due diligence before you started a business? Hoping for the best is not a business plan!
I think the latter is probably true in most cases. Not everybody is cut out to run a business no matter how easy they think it will be. Most nail techs I've run across and talked with only want to do their job i.e. manicures and pedicures. Most have no interest in actually running the business side. They just want to come to work do some manicures and pedicures, get paid and go home. Sounds simple enough, but that's not how to stay in business long term and create something viable that you can sell when you decide you want out. Most nail techs are reluctant business owners and their business suffers because of it.
Running nail salons or any business for that matter requires a commitment. If this is your full time income then your entire financial security rests on you being able to consistently bring in clients. It takes time to build a client base and if you need money now, you may not make it. If you are good at what you do, personable, and treat your clients well, then they will return the favor and become loyal, repetitive clients. Once you've built your client base large enough you can either stop advertising or expand your business. But as I said, that takes time. If you view your clients as just a way to make some money, they'll feel that and you'll lose them forever!
Building up that client base is the key. So how do nail salons get customers in the door in the first place? Ideally you'd love to have a great location that you can get drive by business. If you are next to a major store or facility that draws a constant flow of traffic, that is ideal. Unless of course you're next to Wal-Mart! Since they have there own nail salons inside. The problem with getting a good location is the cost. The building owner knows they have prime real estate in most cases and the rent is priced accordingly. You have to run the numbers and decide if that works for you based on your expected volume of clients and the price you charge in order to be competitive. Don't forget ancillary expense such as supplies, electricity, water etc.
This is part of being a successful business owner. I think most nail salons just pick a good location, get a small loan to start, and hope for the best. That is why they fail. You must have a business plan BEFORE you open a business. If the plan isn't viable then the business isn't viable. Would you put your money in a bank if they told you that based on their business plan you would have no money left in 3 months? Hell no! So then why would you not do your due diligence before you started a business? Hoping for the best is not a business plan!
Do you really have so much money that you just can't wait to throw it away?! If you do I'll send you my address and you can send it to me! I hope this has given you a little insight as to why many nail salons fail before they even open their doors. Article Source: http://ezinearticles.com/?expert=Steve_Kellog |
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