The nail care industry grew rapidly over the last few years. More and more women spend considerable time and resources to take better care of their hands. This trend creates an opportunity for new nail businesses to start operating and make good money.
Opening a nail salon is the perfect business idea for housewives, people who like to be their own boss, and those that have great manual skills and attention to detail. Being a nail technician is sociable, achievable, and creative work that can easily help you provide for yourself. Here are the top five things you need to know before starting a nail business.
What’s the Industry Like?
The beauty market is one of the fastest-growing markets in the world, and nail businesses are a massive contributor to the rapid level of growth. Nail polish products reached over 250 million pounds in sales annually, and the demand for manicure services is the highest ever.
Economically, it is also a great business as you can get a lot of repeat clients, meaning your clients will come back at least once a month if they’re satisfied to use your services once more. Because of the higher interest in the industry, as a newcomer, you should focus on building good relationships with your suppliers of nail polish or nail forms in the UK.
What Does It Take to Become a Nail Technician?
To become a nail technician and a manicure/pedicure specialist you need some professional training to acquire the skills and knowledge needed to perform nail services and master sterilisation and other safety practices.
You should also think about including some business skills in your preparation plan so that you know how to set up and run a business successfully.
Analyse the Competition
Setting up a successful nail business requires you to take a closer look at the local market: Find how many competitors do you have, where are they located, and how much do they charge for their services? Look up the best-reviewed nail salons in the area and look for any points of difference. Once you have a clear picture of who your competitors are, you can make plans for your own business.
How to Find Customers
The next step is to find a way in which you can reach your potential customers. Start with defining your target audience. Where do they live, how much do they earn and how do they tend to behave? When you have the basic idea of whom you want to sell to, it is time to choose your means of communication. Social media and a business website are good places to start, but try to find more creative promotional actions that could drive people to your business.
Permissions Needed and Insurance
Before you start any entrepreneurial actions, you need to spend some time on research. You should find out what kind of permits and insurance you need to run your new business. When starting up, many nail technicians set themselves up to be a sole trader. In this case, you need to:
- have a national insurance number,
- keep a record of all your incomes and expenditures over the financial year,
- send a self-assessed tax return every year,
- pay income tax on your profits.
Please remember that it applies only to you if you started making over £1,000 from self-employment, so make sure to keep track of your finances.
Setting up your own nail business is a massive step in your career as a beautician. The market created an opportunity for you to open up and run a successful company, all you have to do is take it. Prepare yourself by learning about the industry and improving your manicure/pedicure skills and when you are ready, register a new business. Good luck.