i plan to run a nail art business in big bazar premises in hyd.rent 10k @rs 7 per nail design chrge customer?

Question

how would it run if i were to run at rs.7 per nail .the customer there are all budget oriented the mall being close to old city ...will this new nail art business be a hit there like in prasad's mall?

Answer 1

For those reading this question and who are from the USA or other countries, this is an India (Hyderabad) based business question. Rs=Rupees like $=Dollar

Now, irrespective of where you are located, some fundamentals that you need to understand in starting/planning to start a nail business are:
1. Location in terms of TRAFFIC i.e. Foot Traffic that contains your target audience in sufficient numbers. Location in terms of LEASE (time) & RENTAL (money committment).
2. Define your TARGET AUDIENCE: Those who will pay for your service the relevant price that would help you stay and grow your business profitably. Based on your estimation (approximation after market research or demographic data on a city/district/your area population etc) of the potential number of customers you service in a day or you expect to you would then work on the PRICING. This would also depend on the CAPACITY of how many people you can service at the same time and that drives your BUSINESS MODEL...i.e. you service clients in serial order i.e. in Queue i.e First come first served or by appointment only model.
3. PRICING: Based on your estimation say if 50 people stopped by or set up appointment your retail nail service business in a day, and you serviced about 15 to 25 people on average a day...also take in to account whether YOU would be the only one providing the service or you would have OTHER PROFESSIONALS or assistants to help you get things done in a quality and fashion you want to deliver service....because that is a huge cost...if you work, your business sense would give you flexibility in whether you take home money or not each day, but if you hire or are in partnership, then you would be out of money from your pocket whether there is business or not...i.e. irrespective of whether you made money or not, you would still have to pay your people.
4. EXTENSION of products/ services; Do you plan to sell other stuff that would make up for the loss (if at all in the experimental stage) during hte start up learning phase? Also, look out for COMPETITION.

Therefore, the questions regarding the Rs 7.00per nail and the comparison with Prasad Mall though a correct one, you would still need to do some market research or a quick survey by standing at the mall and asking questions and observing the foot traffic for "your targeted market segment"...who knows you may find it much more profitable at your location than even the one at Prasad's Mall :)

Good luck :)

Answer 2

7 a nail is a lil pricey, since they have come down a lot since they first came out. Full set is 15.00 here Good Luck!

Answer 3

Call your local Small Business Administration and ask them