The beauty industry is always going to have a strong demand. People are always going to want to look their best, so setting up a business in the industry, such as a nail bar, can be really lucrative.
However, before you jump in and set up your own nail bar, one thing you’re going to need to take care of is the finances. Here, you’ll discover the true cost of setting up a nail bar you need to be aware of.
The Cost of Premises
The first cost you’ll need to consider is the premises you plan to use. You’ll need somewhere to set up the nail bar. You have two options here. You can either buy or lease a property.
Leasing a property tends to be the most affordable option for start-up businesses. However, it can still cost a lot of money to rent out a property. The costs will ultimately depend upon the location you choose.
You’ll often need to pay a premium to secure the lease, then there’s the rental costs, utilities, maintenance and repair, as well as a deposit which is typically three to six months’ rent. On average, you’re looking at around £1000 per month to lease a property.
Where you choose to base your premises will make a big difference to how much you pay. If you lease or buy a property in a major city, the costs are going to be a lot higher than they would in a quieter area.
Equipment and Tools
Once you have a property to set up the nail bar, you’re going to need plenty of equipment and tools. While some supplies such as nail polish, can be purchased in discounted bulk packs, other tools are going to be more expensive.
Write a list of all of the supplies you’ll need. This includes files, nail polish and equipment like an LED nail lamp. The cost of everything you’ll need quickly adds up. However, it’s important to know how much everything will cost before launching your business.
Staff costs are something else you’ll need to factor in. You’ll more than likely need to hire at least one other person to help you run your business.
When you take on staff, you need to pay them a salary. This will also need to be in line with the minimum wage. Remember, the cost of your staff salaries will depend upon where you are based. The wages in London for example, are much higher than they are in smaller, rural areas. So, this needs to be factored in.
These are just some of the main costs to consider when setting up a nail bar. If you don’t factor in the true cost, you could end up in significant financial difficulty.