10 Steps to Starting a Nail Salon
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Pros and Cons of Opening a Nail Salon
How Much Does It Cost to Open a Nail Salon?
1. Coming Up With a Business Plan
2. Finding Funding
3. Opening a Business Bank Account
An employer identification number (EIN) from the IRS Formation documents and ownership agreements Business license
4. Finding a Location
5. Acquiring Proper Licensing and Permits
6. Choosing a Business Structure and Registering Your Business
Sole proprietorship Partnership Corporation Limited Liability Company (LLC)
7. Getting Insured
General Liability Insurance This protects against any claims caused by bodily injury, property damage, and personal injury that arise from your salon business operations. Commercial Property Insurance This covers costs associated with repairs, as well as loss of income, due to damage of building and salon equipment. Professional Liability Insurance This protects against claims that your professional advice or salon services caused a client financial harm. Workers Compensation Insurance This covers your employees lost wages and medical treatment in case of injury and is mandatory in almost all states.
Create a website with your location, services, hours, and appointment booking Claim your business on Google Maps Create social media accounts Encourage customers to post their finished looks Run Google or social media ads Collect customer email addresses and create a newsletter with updates and occasional discounts
9. Hiring Employees
10. Finding an Accountant
3 Small Business Loan Tips
Online lenders generally offer fast application reviews and quick access to cash. Conveniently, you can compare small business loans by filling out one application on Lantern by SoFi. If you are launching a new business or your business is young, lenders will consider your personal credit score. Eventually, though, you’ll want to establish your business credit. SBA loans are guaranteed by the U.S. Small Business Administration and typically offer favorable terms. They can also have more complicated applications and requirements than non-SBA business loans.
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