How much profit can I expect to make

[justine.p]

Hi All,

I am a complete novice, about to embark on an OPI Complete Works course, with Lena White, with a view to provide manis, peds, gels etc, but I am finding it hard to get an idea on what sort of profit I can expect to make, working from home, or mobile if necessary.
I have a good client base potential, through my son's prep school, but just wanted to gauge how much I can expect to make, after my initial outlay for course fees, basic stock (to begin with).
If anyone can offer some words of wisdom I would be very greatful!

 

[weezie]

Surely this depends on how much you charge and how booked you get. :hug:

 

[justine.p]

I appreciate that and I realise my question is a little vague, but as this whole market-place is an unknown entity to me I will of course research what kind of prices other mobile nail techs charge in hertfordshire (significantly around St Albans), but I am in the dark as to how much kit I will need to outlay for before I get a return and what the return is likely to be... does that seem any clearer, or do you think I am asking "how long is a piece of string"??

Appreciate your reply, and you can give me the benefit of your wisdom.

 

[justine.p]

Need some guidance here girls (and guys of course). I need to convince my husband that shelling out £1200 for a complete works course if not a waste of money and the kit I will end up with will put me on the road to earning an income. However, I am more than a little unsure as to how much profit I can expect to make???
I live and will be working in Hertfordshire area (from home wherever possible) and if any other nail geeks can give me an idea on general income / profit I would appreciate it.

Thanks again

X:hug:

 

[geeg]

Need some guidance here girls (and guys of course). I need to convince my husband that shelling out £1200 for a complete works course if not a waste of money and the kit I will end up with will put me on the road to earning an income. However, I am more than a little unsure as to how much profit I can expect to make???
I live and will be working in Hertfordshire area (from home wherever possible) and if any other nail geeks can give me an idea on general income / profit I would appreciate it.

Thanks again

X:hug:

As I'm sure you know, there are no guarantees of how your business will perform against your competition locally as so much is down to YOU and how well you perform and operate it.

IF however you are looking for some statistics, then I can tell you that your nail product usually costs about 13% of your outlay in your business. The rest of the variables such as utilities and rent etoc etc are what you need to work out as with any business plan. Work out how many customers you need and for how long before you recoup the investment you have made in your fututre.

Not an easy time to be starting up a business in nails. New custom will be hard to come by at this time ... keeping regulars is the challenge for most of us now as the recession begins to really bite.

Good luck.

 

[Shellkelly]

I also had to convince my husband about paying out for a nail coarse. He is a self employed builder so nails aren't really his thing. But he knows that even with this credit crunch, women will still get their hair and nails done. I just looked at the prices for my local beauty salons and undercut them by a couple of pounds. I've had friends say that even if I charge them a pound less they would come to me. You would still make a good profit but it does depend on how many clients you can get in a month.

 

[geeg]

I also had to convince my husband about paying out for a nail coarse. He is a self employed builder so nails aren't really his thing. But he knows that even with this credit crunch, women will still get their hair and nails done. I just looked at the prices for my local beauty salons and undercut them by a couple of pounds. I've had friends say that even if I charge them a pound less they would come to me. You would still make a good profit but it does depend on how many clients you can get in a month.

It is always nice to have supportive friends but what most friends SAY and what many actually DO are two different things and business relys on much more than doing friends as we all know.

Good profits require lots of satisfied customers, the use of great professional products with great skill. The last (the great skill) comes only with time and therefore, new businesses are slow to grow under these circumstances.

If you think you 'have it' then go for it by all means and good luck, but answers to the questions posed have to be realistic and not sugar coated if they are going to be meaningful.

 

[Shellkelly]

It is always nice to have supportive friends but what most friends SAY and what many actually DO are two different things and business relys on much more than doing friends as we all know.

Good profits require lots of satisfied customers, the use of great professional products with great skill. The last (the great skill) comes only with time and therefore, new businesses are slow to grow under these circumstances.

If you think you 'have it' then go for it by all means and good luck, but answers to the questions posed have to be realistic and not sugar coated if they are going to be meaningful.

That's true.

 

[ADP]

Hi All,

I am a complete novice, about to embark on an OPI Complete Works course, with Lena White, with a view to provide manis, peds, gels etc, but I am finding it hard to get an idea on what sort of profit I can expect to make, working from home, or mobile if necessary.
I have a good client base potential, through my son's prep school, but just wanted to gauge how much I can expect to make, after my initial outlay for course fees, basic stock (to begin with).
If anyone can offer some words of wisdom I would be very greatful!

I am hoping to do a course this year, but will continue my other career alongside being a Mobile Nail Technician. It's very usual for the first year of business to either a) End the year at a loss b) Break Even or c) Make a small profit....I guess this would apply to this line of business too.

I have told my friends that I will initially charge them £10 to do their nails, then as I become more competent, it will rise to £15, anyone they recommend, or any new clients will be @ £5 cheaper than the shops do..

I really want my new business idea to work too...but I do understand this is going to be hard work, word of mouth is the best advertisement but I will do my best to advertise myself too..I'm just not planning on earning great amounts for quite a time after qualifying, if I do, then that will be a huge unexpected bonus !

Good Luck !

 

[weezie]

I don't do nail enhancements, I do all beauty treatments thought and natural nail care. I personally worked in a salon for 3 years until starting up my own business I felt this gave me the experience and guidance to have the confidence that I was offering a top quality experience. In order to keep clients and get them to recommend you to their friends, resulting therefore in a successful business you need to be the best you can be at what you do. Have you considered investigating what opportunities there are in salons in your area to gain experience. Even if it was reception on the weekends.

My guidance to starting up self employed would be keep your prices high end but competitive and to make sure that you only use professional products and to have professional business cards and price lists. Unfortunately it will take a lot more cash to get your products in but if you are competent and have good client service skills you could be earning a good wage. I would say though it took me a year to get to the stage where I was "doing well" at the beginning you do need financial back up. I had this from savings I made while working in a salon. :hug:

Word of mouth is your best friend, I have never paid for any advertising and am now in my third year pretty confident about my earnings. If you are good at what you do and make use of every opportunity you will succeed. I know therapists who pass up work because it is mildly inconvenient, at the beginning I did not let one client slip by, I booked them in whether it meant I missed out on my social life and it has paid off.

It's a fact that it you work hard you will succeed!

 

[justine.p]

Thanks to all... its so great to get such friendly feedback, which offers impartial, honest advise. Its exactly what I need.
I hadn't realised the 13% for materials ratio, so that's a good starting point for me. I also realise of course that my overheads will include costs for utilities if working from home and the possibility of fuel, if working on a mobile basis.
I am lulled into maybe a slightly false sense of security, as my son goes to a private school, where I can envisage a high demand market, but this will depend on of course my capabilities and indeed, as you say, satisfied customers spreading the word.
I intend to set my prices lower than local salons and may even offer initial treatment at an introductory price...
Thanks a million to all who replied :hug:

 

[bessy4444]

Bought business is not kept business. If you slash prices the customers you are targeting will just go to the next cheapest. Something to keep in mind.

 

[mdskora]

one other thing to think about is working smarter not harder... by undercutting your prices and working from home you will ( in my area anyway) give the wrong impression that you are "not good enough" to work in a salon...
I would rather service 4 ladies a day at $40 an infill.. than 8 at $20.... same profit but double the work load.....
Just something to think about.
X Mel

 

[RedAdmiral]

I have never slashed or discounted my services - even when I was a newbie, it doesnt make sense. I charged less than many salons but not much. I tell all my students to start charging no matter what even if the client is giving a donation to their products and this starts them on the road to charging for their time. Mel is right it gives out the impression that you are not good enough and it is about working smarter not harder! The worst case is that next year when you complete further training and feel your work is top dollar you wont be able to charge it as your clients wont like the price increase!

 

[pazzy]

It's like the nail course adverts you see ' do nails earn ££££' - what they don't say is 'only if you any good at it tho!!!'

My brother paid £5k to do an electricians course foolishly believing he would be a qualified electrician - but to be any good - you need to practice and practice - just like nails. And if you want it bad enough - you will succeed.

Also part of your learning after the course isn't going to make you any profits as you will only be covering your product costs at first.

xx

 

[Shellkelly]

one other thing to think about is working smarter not harder... by undercutting your prices and working from home you will ( in my area anyway) give the wrong impression that you are "not good enough" to work in a salon...
I would rather service 4 ladies a day at $40 an infill.. than 8 at $20.... same profit but double the work load.....
Just something to think about.
X Mel

I think that answer is a bit out of order.
Have you thought that maybe some people would like to spend more time with their family. I'm planning to work at home for that reason, not because I'm not good enough to work in a salon.
Nobody would do a clients nails for half the price anyway.

 

[geeg]

Any new technician thinking they will take custom from salons just because they are offering cheaper nails is sadly very mistaken.

Over 25 years in business has taught me that just the reverse is true. I was always more expensive than my competition and the signals that sent out was that I was good enough to command premium prices for my work.

You are correct though in charging a small amount for your work while practising. When you are fully competent and doing work as good as your competition (or better) you must charge realistic prices or you will just work twice as hard as your competition to get the same money they earn doing many less clients. Not smart.

 

[geeg]

I think that answer is a bit out of order.
Have you thought that maybe some people would like to spend more time with their family. I'm planning to work at home for that reason, not because I'm not good enough to work in a salon.
Nobody would do a clients nails for half the price anyway.

I don't think Mel's answer is out of order nor was it personal but a general observation. She has really only said what I said slightly differently.

People do make assumptions about one (rightly or wrongly) all the time based on how they dress, the colour of their hair, and yes whether or not they work from home .. you can't change that even if they assume wrongly. sometimes we just have to 'suck it up'.

There is nothing wrong with a home business but a salon business does give out different vibes ... that is the way of the world.

 

[vonavitch]

ok my first year was a loss and to be honest on my Inland Revenue course that I went on it was explained that in the first two years you will be lucky to make a profit and yes they were correct. If you take into consideration no salary for two years all the money I made went on products, Inland Revenue and training for those two years it was hard going but since July last year I have started giving myself a wage and that in itself to me is a profit.