How to make a business plan for a nail bar

Do you want to open a beauty institute specializing in styling and nail prosthesis and you have to convince the bankers to finance your project? Find out how to write a nail bar business plan in 5 steps.

How to make a business plan for a nail bar

Present the team and the genesis of the nail bar project

Opening a nail bar requires a specific diploma , either a CAP in beauty and body care, or a title, certification or diploma of at least equivalent level registered in the national directory of professional certifications.

Therefore,

Either you already have such a diploma, in which case this part of the nail bar business plan will focus on explaining the reasons that push you to create your business and present the steps you have already taken to complete this successfully. project.

Either you do not have such a diploma, in which case the presentation of the team and the genesis of the project must explain what pushes you towards this sector, what skills acquired during your professional experience can be put to good use within the framework of this professional retraining, and especially what training you will follow to be able to open your nail bar.

It is also in this part of your business plan that you will explain your choice of nail bar franchise . An undeniable asset in the sector since these brands have been capturing more and more market share for years and, above all, they offer initial certifying training allowing the opening of a nail beauty institute with the required diplomas.

In other words, this part of the nail bar business plan answers the question “Who?” »And must demonstrate that you are able to create and perpetuate the structure .

Present the nail prosthesis market study

Imported from North America in the 1980s, nail styling and prosthesis have since grown considerably, to the point of becoming the most dynamic segments of the aesthetics market in France. Even to the point that, now, many general beauty institutes include the beauty of nails in their catalogs of services.

National turnover, growth trends, frequency of consumption, average basket, breakdown of turnover by type of service (French manicure, gel, semi-permanent varnish, hand and foot care, sale of products, etc. .), etc. : all these data concerning the general state of the nail salon market are provided by the franchisor and must be presented in a clear and synthetic manner in this part of the nail bar business plan.

To these general data, however, an analysis of the local market should be added. Indeed, bankers do not finance a sector or a sector, but a company, established locally, which must face local competition and meet the needs of local customers. You must therefore demonstrate the merits of opening a nail bar in your catchment area.

Concretely, a local study of the nail market must consider:

Generalist institutes offering hand beauty services and institutes specializing in hand beauty as competitors;

Generalist institutes and institutes specializing in another segment as potential partners;

That an attendance of 7 to 9 clients per day per prosthetist is necessary to guarantee the profitability of the establishment;

That a nail bar only requires a small space (the activity can even be carried out in kiosks in shopping malls and shopping centers) but must be located in an area heavily frequented by women (therefore shopping centers / retail parks and mostly pedestrian streets).

On this basis, you can identify whether or not the catchment area you are targeting is under-staffed with establishments specializing in hand and foot beauty and, consequently, whether it has sufficient potential to develop your business.

Once again, the goal of this part of the business plan is to demonstrate this potential to bankers who will read the document in order to encourage them to fund your project to open a nail bar franchise.

Outline the marketing and communication strategy

In the franchise, project leaders do not themselves determine the marketing strategy and communication strategy of their nail bar. Indeed, these essential elements for commercial performance, acquisition and customer loyalty are part of the concept of the chosen brand .

• Type of location: kiosk in shopping center or beauty salon
• Tariff positioning: high-end, mid-range or low-cost
• Brand image and speech
• Development of new products and / or services
• Etc.

All these aspects of the marketing strategy and the communication strategy are dictated by the head of the network and are common to all of the brand’s nail bars. And that’s good, since they are largely responsible for the success of this brand, and therefore likely to convince bankers to trust your project. This is why these elements are provided by the head end so that you can integrate them into your nail bar business plan.

You must nevertheless complete them by setting out in this part of your business plan the strategy that you plan to put in place to make your structure known locally and acquire your first clients. Promotional offer, event, partnership with prescribers (other specialized beauty institutes for example), etc. : There is no shortage of solutions and the teams at the head of the network are generally available to assist you in developing these procedures.

Demonstrate the economic model and financial forecasts

The economic model deriving directly from the marketing strategy, this part consists of using the elements provided by the network head:

• Breakdown of turnover between the various services and product sales;
• Cost of services and products;
• Sourcing and payment terms of suppliers;
• Management methods, employee salary scales, etc.
• Etc.

In other words, this part of the nail bar business plan tells bankers how you make money and how you spend it . And this, in order to generate profitability .

The same goes for financial forecasts which set out different accounting scenarios based on data from:

• From the study of the local market;
• From the economic model;
• Results from pilot nail bars at the head of the network and from the brand’s other franchised nail bars.

Write the executive summary

The last step in writing your business plan is to develop the introduction. Indeed, once the entire document is on paper and satisfactory, you can write a clear and powerful summary that will serve, in one or two pages, to convince the reader to continue reading the document: this is what which is referred to as the executive summary of the business plan . As the saying goes: you never get a second chance to make a good impression. We must therefore take care of this operational summary.

You now have all the keys to writing your nail salon business plan.