What would it look like if all magazines were nail magazines? We re-imagined 11 popular consumer magazines — from Modern Bride to Natural Health to Smart Money — to predict what they might look geared toward the nail world.
Money Saving Tips
[Outwit those dollars that run off while you’re not looking]
> Have you evaluated your product purchasing recently? Buying in bulk is one of the quickest and easiest ways to save dollars. Do a thorough analysis of how quickly you go through product and what sizes are available to find those dollars in the long run.
> Have pedicure product portions become excessive? A simple way to moderate how much product your nail techs use is to have them work with service trays. The trays offer both a nice visual appeal to the client as well as more control over product usage.
> Have a budget for your service and retail product purchases. Product ordering is an expense you have complete control over. As an industry guideline, 50% of the retail sales should be used to replenish the retail products sold, and 7% to 8% service revenues should be used to replenish back bar and service products.
> Decorating with austerity can not only save you lots of money, it can also be fun. Heading to a swap meet or getting up early to make a yard sale can pay off more than you think. Consider them the next time you need a piece of salon furniture. As long as the items are tasteful and clean, your clients will probably not notice they aren’t brand new or top dollar.
> Paper costs for record-keeping can be significantly lowered by moving to a digital software system and by bargain shopping your ink toners. And if you need to print, make sure you always print on both sides of the paper.
Open Your Own Salon
[Making sure you are prepared for the big investment]
> One of the first mistakes a potential salon owner makes is to think owning a salon is less work than working in one. Not true. Opening a salon is basically buying a full time job. You are responsible for the entirety of the operation, from the managing of employees to the balancing of the books and everything in between. Be prepared to work hard.
> Did you write out a comprehensive business plan? If not, then that’s the first thing to do. You need to think of everything before it comes up and have a plan for any unforeseen costs and expenses that may arise. It should cover everything from projected revenue to maintenance and construction expenses. You don’t want to be caught off guard by something once you’re deeply invested in the project.
> One important part of your business plan is your direct competition. Make sure to visit nearby salons so you can competitively set your prices and services. Take notes on how they market and decorate so you can make yours stand out.
> Be realistic. You may dream of a high-end salon with $100 manis and waterfalls in the foyer, but if it doesn’t make sense given the local clientele’s salaries and your own budget, then it shouldn’t be how you open the salon. (That doesn’t mean it won’t be that way one day.)
> Salon business owners need to be in for the long haul. The first couple years of business are as fragile as a flower sprout. You need to have the fortitude to endure and the foresight to handle minimal profits early on so you can learn, adapt, and try new ideas to watch your business grow.