Beauty salons have seen tremendous growth in the last decade, and nail services are no exception. Holding nearly 16 percent of the market share, the sector is a key player in the salon industry. Although many nail spas have taken a hit more recently due to the pandemic, sales are expected to climb in the upcoming months. If you’ve been holding off or have recently thought about buying a nail salon, now may be the right time. Keep reading as we cover essential questions you should ask before venturing into this new opportunity.
There are currently over a million nail salon businesses in operation throughout the United States. Whether you want to specialize in manicures and pedicures, gel and acrylic nails, or offer a full suite of nail services, the options are almost endless. Still, even if you have years worth of beauty experience under your belt, there’s plenty of additional work that goes into buying and starting a small business. Before exerting your time and resources into becoming a new business owner, make sure to address the following questions.
As you enter into this 57.9 billion dollar industry, you’ll need to think about startup costs. Like any beauty business, salon tools and equipment are mandatory to get your new salon up and running. Since salon equipment can be pricey, ask the existing salon owner if they’re willing to include any in the sale. Depending on their answer, you’ll want to budget for any new essentials you’ll need to open your business.
Unless you plan to take on the double role of owning and serving your nail clients, you’ll need employees to help run your salon. Consult with the seller and see if the current nail techs plan to leave after the ownership transfer occurs or if they’re open to staying. Finding and training new nail stylists may take several weeks or even months to complete. Make sure you give yourself plenty of time and budget enough resources into recruiting and onboarding new hires. At a minimum, licensed nail technicians require certification from a board-approved cosmetology or nail tech program. If you’re having trouble finding qualified candidates, try networking with a local beauty school or using a reputable job recruiting website.
Next, you’ll need to calculate the salon’s real business value. Asking prices for nail salon services vary depending on the customer base, location, and cash flow. For instance, pricing for a salon in a busy shopping center with high foot traffic will likely be higher than a salon in a rural area with fewer customers. If you need help determining if the asking price is reasonable, consider hiring a professional business broker or accountant.
As a new owner, you’ll undoubtedly need to put in plenty of footwork to turn your new salon into a profitable business. To plan ahead, brainstorm ways you can attract more walk-ins and a loyal customer base. Word-of-mouth, online marketing, and social media advertising can go a long way in getting the word out about your services and new client offerings.
Ready to locate your ideal nail salon business for sale? Get in touch with the professionals at Sunbelt Business Brokers. For decades, we’ve been matching buyers with business owners who are ready to sell. Contact your nearest Sunbelt office today to get started on becoming a profitable nail salon owner!