Check out the nail polish selection available today, and it is clear that the polishes make up an enormous market. In fact, it is estimated that over $768 million of nail polish was sold in the United States in 2012 alone. Given the variety of colors and the growing popularity of nail art, there is no reason to expect the market to stop burgeoning any time soon. People like having brand and color choices, and that represents opportunity for the right entrepreneurs.
There are several paths a business owner can take if interested in a nail polish business startup. One path is to manufacture a unique brand, requiring a heavy capital investment in plant facilities and equipment. Another option is buying nail color products and branding them for resale. Yet a third option is becoming a wholesaler or distributor, selling products to salons and department stores. A fourth type of nail polish business is one in which a manicurist sculpts, polishes, and adds nail art to real or false nails as an independent contractor. Depending on the option chosen, the nail expert can rent space in a salon, or rent or own retail space. In some areas, it is possible to work out of the home, though it is important to check local and state laws.
The nail polish business plan needs the same critical sections that all plans include. The mission statement and business description can describe the business type, primary purpose and goals, legal structure, and so on.
Other information includes:
• Training and experience as a manicurist
• Types of primary products, which can include nail polish colors, base and top coats, etc.
• Products other than polishes included in product line, i.e. hand and nail creams, polish remover, nail art, nail effects, false nails, etc.
• Branding, i.e. high-end, unique colors, range of finishes, long lasting, chip resistant, latest trends, etc.
• Required permits and licensing, including health permit
• Personnel requirements, i.e. nail technicians, salespersons, receptionist, etc.
• Online and offline marketing plan for B2B or business-to-customer, making use of social media and mobile devices to stay connected
• Product and services pricing, ranging from polish-only to full manicure and polish
• Financial plan with five-year pro-forma statements indicating steady revenue growth and controlled operating expenses
• Initial capital requirements for manicurist stations, warehouse space, vehicles, retail space, etc.
There are thousands of nail lacquer, enamel, and polish formulations on the market today. One of the crucial aspects of the business planning is explaining how this particular nail polish business will differentiate itself in the marketplace. For example, how will the business owner integrate the newest fashion trends or advanced product formulations into the business, while continuing to adhere to the brand?
Developing a successful nail polish business plan is not as simple as it may appear at first glance. That is why OGS Capital( https://www.ogscapital.com/) is here to assist entrepreneurs in achieving their business goals through effective business planning.
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