Whether opening a nail salon, expanding your nail salon to a second location or moving your business headquarters to a new area, the first step is to develop a business strategy!
It might sound intimidating, but a business strategy is simply an action plan for developing, launching, and marketing a business (or relaunching a stagnant one).
You’ve heard the saying, “If you don’t plan, plan to fail.” No matter how long you’ve been in the beauty business or if you’re just starting, you always need a written nail salon business plan.
A good business plan is a guiding document to help you run a successful business. Banks and investors will apply for one if you apply for a loan. It covers everything from the look of your brand to your center’s target audience.
In this article, you will find all the tools you need to define the business strategy for your nail salon, including center business plan examples, goal setting guide, KPI templates, service menu examples for your center and everything. The rest!
Business strategy is essential to establishing or reinventing a successful nail salon business. Of course, it will help you grow your business, but having everything on paper will boost your confidence. When it comes to that, your goal as a salon owner is to ensure your customers leave happy and that your day-to-day operations are running smoothly enough to make a profit.
What is a business strategy, and why should I develop it?
A business strategy helps a salon/nail salon owner develop an action plan for developing, starting or relaunching a business.
EXAMPLE: A business strategy for a beautician would cover areas such as brand appearance, center location, services and pricing, competitive positioning and future growth.
Typically, a business strategy is translated into a documented business plan. A business plan is like a roadmap – it helps you navigate your business and find workable ways to achieve your goals. Set the dates on your calendar to review and revise it quarterly. This helps you stay on track to meet your nail salon’s business goals and also means that if you need a polished business plan for getting a bank loan in the future, you’re already up to date and ready.
Here’s what a business plan usually covers:
- The appearance of the brand
- Statement of “mission” and “vision” of your center
- What sets your business apart from the competition (Unique Selling Proposition – USP)
- Financial goals
- Estimated operating costs
- Services, pricing strategy and revenue streams
- Target market and what attracts them
- Positioning and marketing strategy
It might seem like a sizable list, but don’t worry; you’ve come to the right place! We have all the resources you need to make your business strategy tip-top shape, regardless of your goals.
Successful projects of timely business strategy
Many entrepreneurs get bogged down in daily duties and don’t have the time to look at the bigger picture. Let’s, let’s face it: you will always be busy. So, take a moment out of your day to take a step back and decide what you want for your business. By taking the time to think, research and implement some concrete business goals for your center, you will be able to catapult your business to the next level!
Whether you’re just starting, looking to rock your business, or just looking for some help and advice, here’s what you need to cover when developing a new business strategy for your center:
Define your brand
In the beauty and personal care industry, everything revolves around image… and your brand should be no exception!
Branding can help you attract your ideal customer – strategic branding includes your name, logo, store design and street appeal, location, customer communication, website, and the look of your social channels.
Remember: Make sure your branding is consistent across the board. For example, your center’s interior design should be echoed on your website, your tone of voice on social media should be the same as how your staff answers the phone, and so on.
In the beauty and personal care industry, everything revolves around image… and your brand should be no exception!
Clarify your mission and vision
Can you summarize your great projects for your nail salon and your company philosophy in one sentence?
The mission is essentially your “raison d’être,” which explains your customer service philosophy and the types of services you provide and delves into the “why” behind your business.
Instead, the vision consists of explaining your future projects for your nail salon and the objectives you would like to achieve and achieve.
IMPORTANT: Make sure your staff also lives and breathes your mission statement, mission and vision!
Understand what makes you better than your competitors (Unique Selling Proposition)
A key part of the business strategy is competitor analysis. Compile a list of competitors from local directories and review sites. Take notes on their branding, services, pricing, customer relationships, social media, and their salons’ general look and feel.
Attention: So, conduct a SWOT analysis on your business. This means listing all your strengths and weaknesses compared to your competitors. The strengths could be the specialization in a single service, such as the fact that you offer personalized cosmetics and dedicate yourself to the production of personalized cosmetics with a highly active ingredient (and completely organic). At the same time, the weaknesses could be the minimum funding you have obtained for your center. Also, note your opportunities, such as the potential to secure a prime position and threats, such as a competitor nearby offering competitive prices.
Write a financial plan
This should include an estimate of the annual costs (both fixed and variable), the price of the services based on factors such as the local rate, the time required and costs of supplies, and the sales forecast (i.e., the annual profit target). Conduct an honest assessment of your business position and decide what specific financial goals will help you reach the next level. These goals could be to increase revenue by x amount, increase spending per customer by x, or reduce costs by a targeted amount per month. Ask an accountant to help you if you wish.
For more information please visit business plan consultant.
Define your target market
The term “target market” exists for a reason. It goes back to the idea that you can’t please everyone. So, don’t be afraid to specialize, and don’t be afraid to tell your clients how good you are. Your niche of customers can be defined in myriad ways – by your services, age, gender, geography, income, and so on.
Example: Are you an anti-aging expert, and do you perform specific aesthetic treatments with aesthetic machinery? Do you want to appeal primarily to women? Does your target customer appreciate luxury or affordability?
Create a marketing strategy
The marketing strategy of a nail salon will vary widely depending on many factors such as location, target demographic, etc.
Example: A luxury nail salon in Milan may want to invest in targeted social media ads, while a center in a suburban neighborhood should prioritize direct mail.
Remember: Part of your promotional strategy should also include how you connect and track customers! Good software will help you manage your customers with appointment booking and scheduling tools and SMS message reminders.
3 Frequently asked questions about business strategy for a nail salon:
How can I build a strong brand for my center?
The nail salons are dedicated to the image. As a result, your customers are also image-conscious when they search for your services.
Don’t define the image of your center based on what you think it should be; define your “target customer” and build an image that will appeal to that customer! You want customers who truly appreciate your services, are happy to spend money and spread the good word to friends.
“What you say now directly affects how people think of you. It’s your brand. Think about all the clues and what they mean, invest wisely and be an expert. Think about your team, design, visual cues, and how you even answer the phone. All the little things create the feeling that your brand is already there, not that you are working on it when you get ‘bigger'”.
How should I process my center’s mission statement?
Your center’s mission and vision statement should define what kind of experience your target clientele should expect from your business, how you will treat your personnel and the uniqueness that makes you different in the market. Then, work on these points with your team in a creative brainstorming session.
Distill the above into a catchy slogan and ensure your entire team experiences and breathes it. So, make sure your mission statement is at the fore and the center of all communications with your customers, from your website to your salon experience etc …
“We want everyone who works for us, buys from us or does business with us to feel great. We want to make a difference and make the world a better place. If you don’t represent something, you don’t represent anything, so you have to be for something. Our slogan, “I feel great,” is very important to us. ”
What are some creative ways to make my salon stand out from the competition?
You can compete in two ways:
Do it better.
Do it differently.
REMEMBER: Stand out from the crowd by offering excellent service!
“Doing things differently is the key to long-term success in this market. Without this, the offer becomes homogeneous, making it difficult for a customer to decide. You have to give them a reason. Be brave in carving out the point of difference for customers to attach to and stay for. Focus on it, feed it and sell it. Otherwise, you will always be at risk. Just because the “beauty” industry has certain signs you see everywhere doesn’t mean you have to do them all to be a legitimate beauty business – define yours. People want different; we just have to take the risk of giving it to them. Be brave.”
“Reserving online is a sure way to set yourself apart from the competition. We have booked online for years, but the beauty salons around us tend not to have it. I’m still waiting for them to catch up. Timeliness makes us decidedly different: it is essential to make it as easy as possible for your customer to book with you “.
How can I get customers back to my center?
Providing a great customer experience is at the heart of why you run your business. Your customers love your service, but they are busy people who often forget to rebook. So how do you draw them back? It all comes down to the experience of rebooking.
“I think the important thing is to get the customer excited about the appointment. We use automated text messages and Mailchimp after all appointments, with tips on the face and body care. We send a reminder message to the customer 24 hours before an appointment and, if they have not already booked, a 6-week rebooking reminder”.
Conclusion
Once you’ve put together a business strategy for your nail salon, the real fun begins. Implementing these ideas in your salon might seem overwhelming initially, but having a solid business strategy removes that fear.
A business strategy generates trust, a valuable resource for any leader!
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