Writing A Business Plan For Your Nail Business
So I’ve decided to go back to the vault and share once more with you some of the blog pieces I wrote for leading UK nail magazine, Scratch. I started writing for Scratch in December 2014, and I began with some top tips on starting a nail business. The content is just as relevant today as it was then.
The first part were some pointers to consider when writing your business plan. I hope you enjoy it!
“This week – and for the next few weeks – I want to talk about how to build a nail business and help you to understand if it is the right move for you. It’s a big step forward, but if you play it smart you can be very successful in the nail industry.
So, first things first; your business plan…
As the saying goes ‘fail to plan and you plan to fail’. Your business plan is the most important element in order to not only work out how you should do things, but whether you should do it at all.
A great business plan will plan your potential business, highlight the pitfalls you could face and give you an opportunity to overcome them before they have even happened. If your plan looks rosy and strong – why not get moving and leap off that springboard into the exciting nail industry world as a fully-fledged nail entrepreneur?
Here are my top tips for writing a business plan:
1. Keep it simple. Whether it’s you, your family or a bank manager reading the plan, it is vital that it is clear, concise and to the point. Plans don’t need to be pages and pages long – they need to outline the information so it’s easily consumed by anyone who reads it.
2. Watch the language! As a nail professional, you’ll know the industry inside out, but your audience may not. Don’t fill it with technical terms, instead provide simple to understand descriptions that can be relayed onto any reader.
3. Do your research. You’ll need to get your facts straight and know the nail industry in your own location. Who is your competition? What are their pricing structures? What brands do they offer? Remember, a strong business offers something unique – so ensure you know exactly what’s being offered within your potential competitors so you can stand out from the crowd.
4. Back it up. One you’ve done your research, back it up. Create informative charts that demonstrate your research. Include any analysis you do on your location and surveys etc…
5. Be realistic. It’s easy to get carried away and maximise your absolute time potential but be realistic. It takes time to build a business and you need to factor this is in. Do you have enough money to keep you going? What is the minimal income or number of treatments you can cope with to continue as you build your business? I always loved to look at the best possible scenario when writing plans but that can leave you stressed and behind when you launch. Looking at the worst case scenario will stand you in good stead. If you can survive, then the chances are that when it’s all up and running you’ll do very well indeed.
6. Understand all aspects of your business. This is a great opportunity to break down each part of your business and plan exactly how you’ll tackle it. To be a great business success you’ll need to be able to attract new clients, deliver amazing treatments, and get your clients to return. You’ll also need to know how to set everything up, manage accounts, source great products and hire staff (if you need them). Make sure you have a solid idea on how to this. If you aren’t sure, source help, read, do courses and research.
Follows these tips and it will help you start to write that all-important business plan! Once you have finished it, you’ll really know if you are ready to bounce off into the bountiful world of nails – and you’ll have a fantastic plan to follow.
Next week, I will reveal the next step in building your business.
Have a great week,
Hollie”
You can read the original post here if you wish. I’ll be bringing you the second part the same time next week!