How to Make Your Nail Salon a Success
While nail salon businesses might seem like they’re in every strip mall or shopping center, there’s a big difference between the ones that are and aren’t successful. Though location and convenience are major factors, there are also strategies you can apply to your daily operations to help your brand stand out from the crowd.
When you’re facing stiff competition and an uncertain market affected by COVID-19, you have to put in the added effort to push your business further. Here are some tips to help ensure your nail salon is a bustling success by incorporating stronger goal-setting metrics and applying trends in meaningful ways.
Start with smarter goal-setting protocols and policies.
You’d be surprised at what a difference the right goal-setting framework can make for a business. Whether you need to get your team members in alignment or you’re trying to track your progress toward ambitious goals, it’s important to not only set smarter goals but to track them more capably. Often, this means using OKRs.
What is OKR anyway? OKR stands for objectives and key results. At the same time, while key results might sound like key performance indicators (KPIs), there are several differences. For starters, KPIs are often dependent upon quantitative data, where key results are more qualitative. Also, you’ll track and interpret KPIs and key results differently.
OKRs also work well with nail salons that have ambitious goals. The typical OKR framework encompasses three to five objectives with three to five key results per objective. This allows for a great deal of flexibility in the key result and metric tracking. The OKR framework also enables you to stay on top of stretch goals with more ambitious key results. However, this isn’t all OKRs have to offer to nail salons.
OKRs also work at several levels throughout your brand. This means you can set numerous business goals that work at the company level down to the individual level. A company OKR may specifically track larger company goals. A departmental OKR might focus on employee engagement on a specific team. Personal goals and OKRs may include key results that yield new nail design techniques or spa services. Plus, if you invest in an OKR tool to help you set your OKR goals, it’s easier to both set these OKRs and track them in real-time. OKR software is especially beneficial in helping nail salons set company objectives and track measurable goals.
Invest in better equipment and services.
While the OKR methodology is an excellent starting point, you need more than measurable key results and KPIs to succeed. A great way to propel your business is to upgrade your existing equipment or invest in offering new services. For many brands, this means spending on new salon furniture. Say you run a traditional nail salon. By all accounts, you’re fairly successful. However, a nearby competitor has recently upgraded their pedicure spa, and your bookings are starting to dip. Since your pedicure equipment is outdated, it’s harder to attract customers.
Though that’s a somewhat extreme example, it’s not unheard of. One of your ongoing smart goals should be to keep your brand apprised of the latest equipment and services. You can set goals to help your team members learn new gel nail designs or look up pedicure chairs for sale. The right equipment can make a key difference in how quickly you hit some of your business milestones. While it may not be the first thing you have to address on your path to success, your equipment is always important.
If you’re going to invest in new spa pedicure chairs, salon equipment, or manicure tables, you should follow some best practices to help you get the lowest price on quality equipment. First, you should always negotiate with your vendors, even if they’re highly successful companies. If you’re redoing your entire storefront, ask about a bulk buying discount. You can also ask about loyalty programs which are often a great way to secure discounts.
Keep up with the trends.
If you’re not offering the latest gel nail designs, glitter base coat applications, and manicure techniques, you’re going to struggle to attract discerning customers. Give your brand regular check-ins. Are you offering relevant, timely services alongside your classic French manicure? Does the rest of the company keep current with style and fashion trends? Do you have a way to measure progress? Often, these internal audits are the only way to get a close look at how your business stacks up. If you find that you’re a bit behind the times, it’s always a good idea to turn to social media and the latest fashion publications to keep current.
A successful nail business means tackling some challenging goals, staying relevant, and making your growth the top priority. With high-output management and the best products, services, and staff, you stand a better shot at succeeding. Though the market might seem crowded, there’s still plenty that you can do to stand out.