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hey all my name is paul broski and i am the owner of quality business plan and what i'd like to do today is introduce y'all to some tips and tricks on how to write a nail salon business plan so let's go ahead and mosey on through this little powerpoint presentation that i've concocted for your entertainment uh first and foremost a little bit about me then we're gonna talk about your nail salon business plan and how you might be able to um better write one up first and foremost i am a professional writer and business plan writer so if you all want to avoid the trials and tribulations associated with writing your own nail salon business plan please pick up the phone give me calls may text i would be absolutely delighted to assist also if you want to go ahead and go on this journey on your own more power to you and kudos however at least have some kind of a guide and that guide may be in the form of a business plan writing book or a template if that is the case check me out on amazon.com i do have several business plan books written that may be aligned with what you're trying to accomplish and finally a little bit of experience i am an adjunct professor and a subject matter expert for both business and finance i'm so i do have some academic um education backing me up with my thoughts and ideas and finally if you do want from some financial projections written up for your business and you've already written up your business plan not a problem with that either just again pick up the phone me call somebody text i'm an email be delighted to assist all right enough about me let's talk about you and your nail salon needs for a business plan so first and foremost tip number one company description instead of just diving into your nail salon business plan and just telling the reader what you're going to do and how you're going to do it and where you're going to do it and why you're going to do it and when you're going to do it and so on and so forth um a better strategy when starting your company description is to tell a story you know introduce yourself explain to the reader why you want to go ahead and start your nail salon have you been doing it for 20 years and you're sick of working for somebody else have you had your nails done and you've received poor service time and time again regardless of where you go um do the nail salon technicians in your area do they have limited skills with the manicures and the fills and all the things that need to be done to care for somebody's nails and hands so whatever your experience is whatever your driving factor is make sure to state that up front and then go into your business now show your passion show that you're going to be in this for the long haul then dive into your business plan and talking about the company and the services you're going to provide also when you're writing up your company description make sure to discuss the problem that you're going to solve and so for example some nail salon business owners they're going to offer a wide array of services not just nail salons that might not be just a nail salon you might be offering hair care and nail care and pedicures and so on so you might have a broad range of services and the problem that that's solving is that customers want might want convenience they might want to one-stop shop and you know with the nail salon and you're offering all these other services it's convenient for them if you're just going to be a niche nail salon and you're going to focus on nails and the related services provided there then discuss that you are going to be a niche organization and you're going to be focused on providing the best nail care in the area and the problem that you're going to be solving is that some people don't get high quality nail care you are going to be there um their night and shine armor element if um you know and so on okay and finally discuss your competitive advantages you know when you start your nails on is it going to be in a primer area is it going to be in a mall location or a strip mall where you're going to have a lot of foot traffic do you have a loyal following from the last 20 years whatever the case may be make sure you talk about your competitive advantage in relation to your nail salon business all right next is going to be industry research a lot of nailed um technicians a lot of nail salon entrepreneurs what they like to do is they like to go ahead and just go for the jugular on the competition and discuss the fallings or the shortcomings of their competitors in the area and you might have some experience because you might have worked for some of these shops and that's understandable however you have not set the stage you haven't set your credibility to be able to ascertain whether these people are doing a poor job over a good job what you need to do first is you need to go ahead and establish credibility you need to be able to establish that yes you are industry expert once you have that position set then you're coming from a position and a position of power to go ahead and analyze your competitors in the area in order to set that foundation of the position of power do your industry research on a national scale look up information for nail salons on statistica look up your information on ibs is world third-party research organizations they're a great resource for reliable industry statistics now for example the industry nail salon industry in the last several years has been growing at an above average rate of approximately 10 percent annually not too bad for a mature industry this shows that there is a huge demand out there in the us and is continuing to grow on a year-over-year basis also the revenues for 2018 in the industry were approximately 5.6 billion dollars based on the industry growth rate that you now know and the revenues of 2018 you can go ahead and project your growth rates for 2019 and 20 and 21 and that's going to give you a good foundation for your business plan on financial projections for your revenue growth and such once you've established that you are an industry expert you've done your research and you know what you're talking about you know your statistics then go ahead and take a look at your competitors and again don't just rip them up you know just because you can't but align their services or their lack of services as compared to what you found is trending in the industry on a national scale for example xyz nail salon they're not offering a certain type of a nail filling which is trending on a national scale then you can show that there is a gap in your marketplace and it's going to further justify the need for an additional nato salon in the area and it's also going to show that you are well prepared to fill that need once you start your organization tip number three advertising what in my experience in working with several nail salon organizations across the u.s they do a good job with the social media they're always posting pictures of creative nail styles and fills and and such which is a great way to go ahead and do your advertising because it keeps people engaged and it keeps your followers keeping your back coming back again and again to your social media site however what i have found is a lot of nail salon organizations they don't do a very good job with the website they might not have a website or if they do have a website it's outdated or it doesn't work right or there's just some serious issues with it or the worst thing in my most humble opinions is there's no prices when people go to your website they're going to want to at least have some kind of idea of what the pricing situation is going to be and all too often if you go to a nail salon's website the prices aren't going to be there and so you're going to have to pick up the phone give them a call or you're going to have to go in there and then if you get a price shock or you know so on it's just inconvenient so show the customers the price be upfront be transparent and if you're a premium price organization we'll justify that price on your website if you're going to be low cost we'll you know explain why you can do that because you offer a wider range of services you know but put the information on the website don't don't go without don't use just a facebook page that's not going to cut it you do want a little bit of you know graphics and people when they're when they're going out to get their nails done they do want a little bit more interaction as compared to a facebook page um next advertising tool is going to be word of mouth if you do a really good job and you know even you know offer to take the picture take a picture using your customers phone of their nails they can share that on their social media sites so you know really bump up the word of mouth but put it on steroids and you know take some other services that you can possibly offer to help your customers engage in the word of mouth um our word of mouth activities and finally um flyers i have worked with a couple of different organizations and they come up with some real creative ideas with the flyers and they've already implemented these strategies so it's no big secret um but you know one of the strategies that you might be able to use is before and after pictures you know if if you have a client and they're willing to allow you to do before and after pictures you know take advantage of that opportunity you know snap a couple pictures before and after put it on a flyer you know and you'll start handing them out or have some family members hand them out you'll really generate some buzz you know based on pictures you know people love visual effects it's it's effective it's efficient and flyers are very underutilized in the industry tip number four funding request need a little bit of money start your nail salon organization well if that's the case make sure you write up a funding request in your business plan when you were doing your funding request i do strongly recommend that you follow a specific strategy in writing it up first and foremost when you're going to write up your funding request make sure and the first sentence in the very first sentence state explicitly how much money you are going to need to start your nail salon be specific put a dollar amount there and don't put a range you know if you say from 75 000 to 125 000 you come off as wishy-washy you come off this you really don't know how much money you need and that starts making people nervous especially investors or loan officers so make sure you put a specific dollar amount in the top line in the body of the category this is where you can go a little bit broad it's going to give you some wiggle room when you write the body of your funding request make sure to provide sections or segments or categories for the money that you're going to need so if you need a hundred thousand dollars then break up the hundred thousand dollars in the categories it might be twenty five thousand dollars for build out twenty five thousand dollars for working capital twenty five thousand dollars free equipment and then twenty five thousand dollars for other which may include your inventory when you break it out and you give it into broad categories like that now you've got some wiggle room which you know if you're going to need equipment well you're not stating what kind of equipment you're going to need and so and so now you've got some wiggle room on the prices you might go new you might go used who knows but you've got a little bit of wiggle room but you're still showing that you're decisive upstairs because you're hitting that top dollar line i'm top dollar amount on the top line once you're done with the categories breaking your money out into different categories total up your categories into a grand total that grand total shouldn't be the dollar amount that you're asking for on the dollar line for example if you're looking for a hundred thousand dollars to start your nail salon industry on business then your categories should all act once you add up all your categories it should equal a hundred thousand dollars tip number five when you are doing a nail salon then make sure you have some kind of pro forma business model or financial model that you're going to use that's going to help you understand whether you're going to be profitable or when you're going to be profitable in order to set this up what i've done is i've created just a really basic financial model for you the revenue generators for the nail salon that i've identified is going to be nail care manicure and then other we want to be a little bit broad and of course you're going to have a lot of different offerings but we're just doing averages we don't know what we're going to you know most people don't know what they're going to have for dinner you know later on in the evening let alone how much they're going to um how many you know offerings they're going to have how many nail care customers are going to service and with the average prices we don't know we just need to do averages and estimates and then as your business opens up and grows your estimates and your averages are going to get better and better and better so in this example right here start with listing all your revenue generators it could be nail care it could be manicures and it could be other then a line a price you know how much you want to charge for each service then identify the variable cost for for nail care it could be the cost of a you know set of nails it could be your nail polish it could be the nail polish remover you know to identify what the costs are for each customer on average next step is going to subtract your cost from your price it's going to give you your gross profit in this example for nail care 24 dollars and 50 cents you are then going to multiply your gross profit by the number of items or the number of services you plan to do in a day in this example 25 so we'll take that 25 multiply it by by 24.5 it's going to give us 612.50 we follow that same strategy for each revenue source once we do that we then add up our total gross profits into the total gross profit section for this example 1 136 and 50 cents we then multiply our gross profits by the number of days that are we're going to be in operations for the month again in this example 30 days gives us a monthly gross profit of thirty four thousand ninety five dollars we next go ahead and do our monthly fixed cost we're going to identify if we have loans out there for example 750 or we might have some you know by inventory on a monthly basis labor space rental utilities marketing legal accounting insurance and then the wonderful wonderful miscellaneous there is no way to identify all the costs you're going to have on a monthly basis there are going to be some surprises and your miscellaneous section for your financial model should be or your catch-all section for the the um the catch-all section for your fixed cost for your financial model should be the miscellaneous section once you've identified all your fixed costs add them up in this example twenty four thousand four hundred fifty dollars the final step is going to be to calculate our monthly profits we are going to drag down the monthly fixed monthly gross profits which are right here we're going to put that number here then we're going to grab our monthly cost which are right here 24 500 450 put it right here we then subtract our monthly cost from our gross profits and that is going to give us our net profits now if we were expecting more money than nine thousand six hundred dollars on a monthly basis as profits we can go ahead and go up here we can increase the number of um number of customer service we can increase our prices and so we can do a lot of different things with this model once created and once we start fiddling with these prices right here or these costs or the number of services provided our monthly profits will immediately calculate as long as we've got everything intertwined our net profits going are going to immediately reflect what our new prices are and our new cost are going to be all right so in summary when you are going to do your nail salon business plan make sure to follow a proven format if you're going to start with a blank page you might be staring on that staring at that blank page for a few minutes a few hours a few weeks few months and so on so start with some kind of a structure an sba website's a great place to go to get a business plan structure the only problem with the sba website though is their temples are general uh for example the business plan template on the sba website you can use it for your nail salon you can use it for a restaurant you can use it for a manufacturer you can use it for an attorney's office only problem is though is in the nail salon industry you're going to have specific needs and in the restaurant industry you're going to have specific needs and the attorney industry you're going to have specific needs when you have all those specific needs the template is going to try to include all of those so it's you know as general as possible and now you are left with figuring out what aspects of the template you need and what aspects of the template you can delete um so it's a little bit better than a blank page but not much um also what you can do is mostly in over to my website i'll show it to you in just a little bit i do have business plan templates that are geared towards the nail salon industry so you know at least you'll have a solid foundation with you know some projections in there and also the industry research already done next keep the star on the show as the business yes you might have been doing the um nails for the last 25 years and yes you might have a loyal following that keeps you busy you know time and time again however you want the start of the show to be the business talk about the business talk about the services you're going to provide talk about the area talk about your competitive advantages make sure to keep the business plan focused on the business not on the entrepreneur it's a little bit tricky for some entrepreneurs to do that but it's critical to show that you are being you're at least being you know separated from the business and you can be somewhat objective in your analysis of with the business point and finally if you do need help with the business plan writing with the financial projections with industry research um just you know pick a phone give me a call send me a text message be delighted to help you with your nail salon a business plan and finally if you do want to go ahead and write up your own business plan again kudos more power to you um for more tips and tricks on how to write each section of the business plan for your nail salon just go to forward qualitybusinessplan.com how to write a nail salon business plan and on this web page i do offer some in-depth tips and tricks on how to write each section of a neil salon business plan and finally if you do want a business plan template that is geared towards the nail salon industry please go ahead and visit my website at qualitybusinessplan.com forward slash business plan templates and on this page i will be adding a nail salon template very soon if it's not there when you click on it no worries don't fret again send me a message let me know that you want a nail salon business plan and i will go ahead and move that template to the top of the list and usually i can have that ready within i'd say usually 24 hours to 48 hours it might go a little bit longer um but at least it's going to be there in a relatively short amount of time all right so hopefully this this little video was helpful give you some insights on the nail salon industry and how to write up a business plan for it and if you like the video give me a thumbs up and as always have a fantastic day thank you