With what we’ve covered so far in how to be a successful nail professional, what’s been missing is business savvy. Even if you are not going to own your own salon you need to have a basic understanding of how to run a thriving business. Knowing the cost per service of the product you use, using the correct amount of spa product on pedicures, keeping an inventory and ordering things on time to avoid being embarrassed by running empty in the middle of a service are all important factors.
Consider taking some business classes at a trade show. There are also online resources and books available. Some manufacturers have cost per service information available on their products — all you have to do is ask. You are an artist, but you are also a businessperson who needs to be well-informed and stay on top of information that could make or break your business.
You need a clear understanding of the difference between a booth renter and an employee, for tax purposes and for legal expectations within the salon. We live in a litigious society and you do not want to be on the news as a salon owner sued by workers or gone bankrupt because of the IRS. Do your due diligence, make sure you clearly understand from the IRS point of view, not your friend’s opinion on the matter.
Pricing is another important part of your business structure. You need to incorporate not only your product cost and overhead, you need to understand your time also has value. If you are not charging enough, your business will be shortchanged in ways that will begin with you skimping on things at home then eventually lead to the doors closing for good.
Doing amazing nails is not the only requirement for staying afloat, some business skills are essential as well. If you know this is not something you feel comfortable becoming an expert at, consider partnering with someone who is instead of going it alone.
Some resources I have found helpful have been classes and materials with the following:
> Elizabeth Morris/The Nail Hub podcast
> Jaime Schrabeck
> The Nailscape
> Tina Alberino