In its recent industry report Hair & Nail Salons in the U.S., market research firm IBIS World identified the five “key success factors” for businesses in our industry. These are identified as:

> Business expertise of operators. It is critical to have experience and skills in managing and operating all aspects of a small business in order to achieve financial success.

> Having a loyal customer base. A highly satisfied client base will encourage repeat customers, which are the main component of clients.

> Access to niche markets. Operators that develop niche areas of service and expertise reduce the effects of local price-based competition.

> Maintenance of excellent customer relations. Operators that strive for positive customer relations will promote customer satisfaction and encourage positive word-of-mouth recommendations.

> Must have license. Employees must possess the appropriate licenses in order to operate.

Purchase the entire report — it could be helpful for those of you thinking of opening a new nail salon — here.

—Sree