Monday Musings #2: Money Matters

When I first starting doing nails as a hobby, I was lucky that I had a full-time job with a decent salary that could fund my expenses on my hobby. Apart from the approximate $10,000 I poured into my Diploma course at the Pink Room International Nail Academy and other nail courses, I also invested in over $10,000 worth of products and furniture for my home-based salon. That’s about $20,000 in total to ensure that I was properly-trained and well-equipped to operate a home salon.

Of course, you could probably start a home salon with much less. If you insist on proper training, you would still have to spend over $4,000 on the Diploma course in Pink Room, but you can purchase very basic furniture and a starter range of products for probably $1,000. You could stick to offering just gel services so that you only need to stock gel polishes and not normal nail polishes as well. You could use a cheap UV lamp rather than an LED lamp, and start with maybe 25 colours and some simple embellishments. So, theoretically, $5,000 would be sufficient to start a home salon. In fact, that was how I started, and as time went by, I spent more money upgrading my skills and investing in more products.

Without a full-time job, however, I doubt I could have done all that. After all, when you first start out, you’re starting from zero, and you’ll need time to build up your customer base. Before you get a steady stream of customers, you won’t be getting much income from doing nails. Unless you have enough savings as a buffer to live on while building up your business, you’ll end up worrying about how to get by.

So, if you’re thinking of starting a home salon, consider doing it part-time. Hold on to your job and offer your nail services on your days off, or after work. When you start getting regular customers and filling up all your available slots, it’s a sign that you can consider switching to doing nails full-time.

Agree? Disagree? Let me know your thoughts!

Advertisements

One thought on “Monday Musings #2: Money Matters

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s