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Opening a Salon or Spa

Nearly all of the steps below are the same as those taught in SBE100: Entrepreneurship at BMCC. You can now apply those skills. Take what you have learned and it will give you the detailed help you need to open a spa or salon. Need a mentor? Join SkysTheLimit.

Every step below is covered in detail in the SBE100 class and in Heidi Neck’s textbook which is part of the course.

Start a nail salon by following these 9 steps:

You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your nail salon. These steps will ensure that your new business is well planned out, registered properly, and legally compliant.

Check out our How to Start a Business page.

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

Luckily we have done a lot of this research for you.

What are the costs involved in opening a nail salon?

Most nail salons are at least 1,000 square feet, and building out a salon typically costs between $75 and $125 per square foot. This comes to a total build-out cost of $75,000 to $125,000 for a 1,000-square-foot salon.

Business owners who are looking to reduce the startup costs for a nail salon may be able to purchase used equipment from a previous salon owner, or even lease space that has previously housed a salon. Finding a location where a salon closed will greatly reduce buildout costs.

Alternatively, business owners might be able to find a location where a property owner will build to suit. In build-to-suit agreements, property owners usually build a facility to the tenant’s specifications, and the tenants agree to a lease.

What are the ongoing expenses for a nail salon?

The ongoing expenses for a nail salon business include supply costs, employee’s wages (whether salaries or commissions), taxes, rent, maintenance on equipment and insurance. Supply costs are usually between 2 and 8 percent of sales.

Photo by Ricardo Arce on Unsplash

Who is the target market?

A nail salon business’ ideal customer is someone who cares about their appearance, appreciates fashion and has some discretionary income. Such a person is likely able and willing to spend money to make their nails look good. Most salons’ customers are primarily women, but salons also serve men.

How does a nail salon make money?

A nail salon makes money by charging customers for manicures, pedicures and similar treatments. Some also sell premium nail care products.

How much can you charge customers?

Nail salon businesses offer a number of different nail services. Manicures typically range between $15 and $25, and pedicures are usually between $25 and $45. Other major treatments include:

  • Full gel sets ($45 to $75)
  • Full acrylic sets ($30 to $60)
  • Silk nails ($10 to $15)

Fillers, polishes and repairs are needed between full sets. These kinds of services range from $3 (for some repairs) to $30 (for gel polishes).

How much profit can a nail salon make?

A single nail salon business might bring the owner between $40,000 and $75,000 each year. The business model is easily scalable, though. Some nail salon owners have lots of locations and are millionaires.

How can you make your business more profitable?

A nail salon business can increase its revenue by upselling customers with additional services and selling premium nail care products. Since salons already use high-end products, it’s easy to sell these to customers who want to take better care of their nails at home.

Check out our Nail Salon Business Guide!

Photo by Jon Tyson on Unsplash

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Nail Salon Name Generator

If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name, we recommend researching your business name by checking:

  • Your state’s business records
  • Federal and state trademark records
  • Social media platforms
  • Web domain availability.

10 Essential Job Skills You Gain As An Online Student

As you earn your degree and decide to study some classes online, you acquire some of the most sought-after skills in today’s job market.

Saint_Leo_University_OnlineThere’s a significant benefit to pursuing your college degree and taking some classes online that may surprise you.

Sure, you probably chose BMCC for its reputation, flexibility and convenience – so that you could continue to work, and take care of parts of your life.

What you probably did not realize when you enrolled, however, is that a degree program with some online classes helps you strengthen fundamental job skills that employers, regardless of industry, seek in today’s job applicants. These are essential skills such as communication, teamwork and time management that hiring organizations are having a hard time finding even in otherwise qualified candidates.

Data supports demand for soft skills

Burning Glass Technologies, a leader in job market analytics, recently analyzed millions of job postings across the United States and identified 28 foundational, non-specialized skills that are requested by employers across industries. In addition to listing the skills, the report includes data about how difficult these skills are to find in the job market. “Employers appear to face real skill gaps in finding the baseline skills they need,” it states.

BMCC Business Management Deputy Chairperson, Dr. Shane Snipes, explains that soft skills such as communication, critical thinking, problem solving, and time management are fundamentals needed in any industry, at any given time in history, “in order to allow the technology of the time to be utilized to its fullest.” Companies today want you to know how have online meetings, share materials online, and much more.

And online students, he says, have an advantage when it comes to developing these skills.

“Online education puts the ownership of education into the hands of the student much more than a traditional classroom. Students must become self-starters in soft skill areas in order to succeed.”

Adaptability indispensable

“Since there is no more predictability in business – or employment, for that matter,” Snipes says, he believes that adaptability is the most important soft skill the contemporary workplace demands.

And who understands adaptability – and the need to shift gears as circumstances change unpredictably – better than a busy working adult enrolled in an online degree program?

Adaptability means changing old behaviors and embracing new ideas and ways of doing things. It means learning new digital tools for conducting online research or collaborating with other students.

That’s just for starters. Here are 10 additional skills that are in short supply in today’s labor market that you develop as an online student…

1. Communication skills

Without the face-to-face time with other students and professors that naturally occurs in on-ground classes, online students work hard to effectively communicate digitally, share information in nontraditional ways, listen and read carefully, and respond specifically and succinctly.


2. Organizational skills

For online students, organization is a way of life imperative to managing multiple assignments, courses and deadlines, in addition to work and family responsibilities. These students realize that organization is a mindset and a habit that enables them to focus on short-term goals.


3. Writing skills

Online courses are writing intensive, giving students the opportunity to strengthen critical writing skills every academic term. Since online students communicate extensively via email and online discussion boards, they gain an understanding of the nuances of digital communication, a critical asset in a today’s workplace.


4. Ability to meet deadlines

Online degree programs are not self-paced: courses include assignments with weekly deadlines. Similar to traditional semesters, online academic terms are not open ended; they have start dates, end dates and final exams. Successful online students must know how to meet deadlines.


5. Computer skills

Basic technical literacy is essential for just about any position in any industry. Clearly, since online students can navigate the online environment, they have foundational computer skills necessary for the job market. Working with other students and professors via videoconferencing, webinars, online discussion boards and other online communication and collaboration tools prepares online students for today’s technology-driven work environment.


6. Teamwork

One of the misconceptions about online learning is that students are isolated. Group projects are often part of the curriculum requiring students to leverage each other’s strengths as well as compromise and adapt to accommodate each other’s schedules and priorities.


7. Time management

There’s an old saying that if you want something done to ask a busy person. People with a lot on their plates know they must manage their time. Online students know how to make effective use of short blocks of time (like waiting in the car to pick up your child from school) to accomplish small tasks and how to save long blocks of time for more complex tasks.


8. Self Starter

Online education puts more responsibility on the student. Online students must take charge of their own learning, staying on top of assignments without the structure of a traditional classroom to guide them. Self-motivation is the hallmark of successful online students.


9. Research skills

By learning about traditional and non-traditional resources, how to identify and state a problem clearly and concisely, and how to go beyond simple Google searches and use advanced featuers when digging for information, online students develop strong research skills that prepare them for the workforce.


10. Problem-solving skills

The responsibilities associated with the multiple hats every online student wears – student, parent, employer, spouse, son or daughter – create challenges both large and small with daily opportunity to apply problem-solving skills. Two of those skills, in particular, resiliency and perseverance, define adult online students.

Demonstrating soft skills

From writing to research, teamwork to organizational skills, with each academic term you complete, you strengthen skills that are in demand across every occupation. The key is to be able to demonstrate these skills on your resume, in a cover letter or in a job interview.

For example, asked to describe your ability to meet deadlines under pressure?

Explain how you completed a research paper while studying for final exams and tending to an ill parent or child.

Need to give an example of teamwork?

Describe how you learned to collaborate with other online students across time zones and work schedules on group projects.

“I think soft skills are so hard to find because the last 20-30 years of socialization and communication have changed more quickly and more dramatically than any other time in history,” says Snipes. “And now we are experiencing the biggest divide ever in the workplace.”

But it’s a divide that you, as a graduate of an online degree program, will be able to bridge.

Funding for Diverse Founders

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Small business loan options

There are several government lending programs and non-governmental organizations you should look into if you want a business loan option that prizes the work of minority entrepreneurs.

SBA 7(a) and 8(a) Development Program

7(a) loan through the Small Business Administration, a federal entity created to foster small business growth, is not exclusively for minority-owned organizations. That being said, minority business owners have a better chance of qualifying for these loans if they participate in SBA’s 8(a) Business Development program.

The 8(a) program helps “socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society.” The 8(a) program can also help minority business owners gain access to the capital they need in case they don’t qualify for SBA’s 7(a) loan. Once accepted into the program, organizations hold membership for nine years. Check here for eligibility requirements.

SBA Community Advantage Loans

Also run by the SBA, The Community Advantage program offers financial assistance for businesses based in underserved markets and communities. The program is a good option for small business owners who are looking for a large amount of capital but do not qualify for traditional financing. Loans are offered up to $250,000. Take a look at your local SBA district office for more information on the program.

SBA Microloan Program

For minority-owned businesses that have smaller capital needs, the SBA Microloan program offers federal loans of $50,000 or less. These microloans are made by third-party lenders—usually nonprofit community-based organizations that also offer professional assistance to business owners. Check out your local SBA district office to find microloan options.

Accion U.S. Network

While these loans aren’t created specifically for minority business owners, they do target low- to moderate-income businesses that don’t usually qualify for traditional lending. This makes Accion a great option for minority business owners and new entrepreneurs. The nonprofit-lending network has organizations in 50 states offering loans from $200 up to $300,000.

Union Bank

For business owners with large capital needs, Union Bank offers financing for up to $2.5 million. The program is under the Equal Credit Opportunity Act, and is “designed to empower woman-, minority- and veteran-owned businesses,” according to its website. The business loans and lines of credit are exclusively for minority-owned businesses and owners must meet the bank’s designation of “minority,” which is the same as the EEOC’s.

Community Development Financial Institutions (CDFI)

CDFIs offer financial assistance to minority and economically distressed communities. Below are a few programs to consider:

  • Native Initiatives is a CDFI that grants access to credit, capital and financial services to help Native Communities thrive and grow.
  • The Business Center for New Americans is a CDFI that offers loans from $5,000 to $50,000 specifically to immigrants, refugees, women and other minority entrepreneurs. The organization is also focused on business owners who were turned down by a bank for a number of reasons that include the borrower’s credit score being too low or that the requested amount is too small. The best part: there is no minimum credit score required to qualify for a loan.

There are 950 CDFIs nationwide that are certified by the CDFI Fund, which is a part of the U.S. Department of the Treasury. Take a look at the CDFI Fund’s database to search for businesses in your area that have received awards.

Consider starting at the local level

Because many of the programs that provide funding to minority-owned businesses operate on the state or local level, getting to know the agencies in your community is a smart first step.

How else would you learn that the program WESST helps political refugees in New Mexico start businesses? You would also never know that the National African-American Small Business Loan Fund offers loans ranging from $35,000 to $250,000 to African American-owned small businesses in New York City, Chicago and Los Angeles.

Starting at the local level also helps you get to know the terrain better, and find people who can help you. Those people include mentors, advisors, lawyers and accountants. These working relationships can help you find lenders who provide loans to minorities in your industry. Get in touch with your local Chamber of Commerce or talk to a mentor to learn what local opportunities are available.

Don’t rule out business grants

Few things beat free, especially free money. Most small business grants are difficult to obtain due to the competition, but the following resources are worth exploring due to the fact that they are, well, free.

  • Grants.gov provides information to more than 1,000 programs across 26 federal agencies that can help minority business owners tailor their search.
  • The USDA Rural Business Enterprise Grant Program offers free money ranging from $10,000 to $500,000 for rural businesses. The money can be used for a number of purposes, including purchasing equipment, and acquisition and development of real estate. To qualify, the business must employ no more than 50 employees and have less than $1 million in annual gross revenue. The business must also operate in an eligible rural area. Check out the USDA’s Rural Development state offices for more information on eligibility and the application.
  • Partnerships for Opportunity, Workforce and Economic Revitalization Initiative (POWER) was started by President Obama to help businesses in communities that were hurt by changes in the power and coal industries. The initiative is congressionally funded and has awarded $94 million in 114 investments since its start. Take a look here for more information.

Why an Entrepreneur Trip

How can I help you…

I decided to pivot my EntrepreneurTrip Purpose after a weekend of contemplation. I think there is something beautiful to be had by helping.

I guess I’ve always been a kind of collector. Not so much of stuff but information and experiences. This realization hit me hard as I am about embark on this EntrepreneurTrip. I am thinking about how I could gather the stories of diverse communities of business and what similarities of entrepreneurship there are across the USA.

It does sound compelling especially for someone like me. Then it hit me, what am I giving (not just collecting). Good storytelling takes time and effort – that’s a gift.

A crafted story being more powerful makes sense as humans we like well crafted things. It may be appreciated by humans more than any other animal. Well prepared food, thoughtful clothing, and nuanced stories (even if they are often seen as similar).

Having it flow in live and in unedited form is not as palatable as the crafted version. I love creating live media and generally don’t look back too much. Knowing how I am, how can I do the most Good in the moment?

So I’m traveling across the country as so many have before, how do I create a well crafted experience that helps?

I am open to suggestions. I think I should ask HOW CAN I HELP in every interview and see what happens. These business builders are helping me as I thrive in hearing those stories of challenge and success.

What do you think? [comment below]

I will be in 11 or so towns. No sponsors, no fanfare, just gathering and listening. What’s the point? What’s it for? How does it help?

If I just decided to do one good thing in each town instead, would that be better?

I think so.

I am now intent on seeing what doing good feels and looks like in entrepreneurship – not as social entrepreneurship but as caring in communities of founders. What does specific and directed caring look like for the business owners and me.

Join the EntrepreneurTrip Slack Channel to see what goes on with our community of care and compassion for founders.

We are on Facebook (primary live video interviews and partner organization updates), Instagram @entrepTrip (fun visuals from Trip and behind the scenes), and Twitter @entrepTrip (related articles, quotes from interviews, behind the scenes.

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