406 Creative Nail Salon Names (2024)
April 10, 2024
April 10, 2024
Did you know there are over 56K nail salons in the U.S.? You need a great nail salon name to make your business stand out.
We’ve compiled a list of over 400 nail salon name ideas to help you find inspiration for your nail business name. In addition, we provide naming tips and information about how to register your nail salon business name once you’ve chosen one.
Good nail salon name ideas normally include some or all of the following:
Keep reading for lots of nail business name ideas.
Consider some of these nail salon name ideas before you name your nail business.
1. Perfectly Polished
2. Artistic Touch Nail Salon
3. Glamourous Nails Studio
4. Whimsical Nail Wonderland
5. Elegant Tips & Toes
6. Beautifully Buffed Salon
7. Enchanting Nail Boutique
8. Chic & Unique Nails
9. Radiant Nail Reflections
10. Blissful Nail Haven
11. Divine Nail Creations
12. Serene Nail Sanctuary
13. Lavish Nail Oasis
14. Opulent Nail Emporium
15. Charm’s Nail Art
16. Majestic Tips
17. Exquisite Nail Salon
18. Gel Nails on the Square
19. Allure Nail Atelier
20. Flawless Nails Salon
21. Sassy & Classy Nails
22. Vivid Nail Dreams
23. Dreamy Nail Escape
24. Sparkling Nails
25. Royal Nails
26. Delicate Nail Delights
27. Dazzling Nails
28. Posh and Pampered
29. Enchanted Nails
30. Blissful Nails
Pro Tip: Using an adjective like perfect, artistic, glamour, whimsical, elegant, or beautiful along with nail, nails, or salon can be a great way to come up with good nail business name ideas.
There are plenty of other nail business name ideas. Consider some of these.
1. Polished & Poised
2. Gilded Tips & Toes
3. The Painted Palette
4. Mani Matchmaker
5. Blissful Digits
6. The Buff & Polish Bar
7. Bubbly & Beautified
8. The Polished Peacock
9. Glitter & Grace
10. Serene Sips & Tips
11. Brushstroke Brilliance
12. The Nailing Project
13. Bohemian Bliss Nails
14. Wink & a Mani
15. Classy Claws
16. The Tipsy Touches
17. The Quirky Cuticle
18. Polished to Perfection
19. Luxe & Lacquer
20. The Nail Foundry
21. The Pampered Paw
22. Fingertip Fantasy
23. The Art of Manis
24. The Royal Mani
25. Zen Polish
26. Vibrant Varnish
27. The Polished Posse
28. The Nailery
29. Nails, Chromified
30. Brushed with Brilliance
Pro Tip: Once you find nail business names you like, make sure they are available as web domains and trademarks.
The best nail business name will also work well with a logo. Think about what the logo would look like for each of your potential nail salon names.
Your nail business name and logo will be used on everything from your website to invoices and will help potential customers remember your company.
You might want to choose a good nail salon name idea from the list below.
1. Rose Nail Lounge
2. Azure Nails & Spa
3. Willow Nail Studio
4. Sunbeam Nail Salon
5. Ocean Breeze Nail Retreat
6. Crimson Nail Boutique
7. Silk Nails & Beauty
8. Moonlit Nail Haven
9. Golden Nail Palace
10. The Nail Sanctuary
11. Pearl Nail Bar
12. Vixen Nail Emporium
13. Midnight Nail Lounge
14. Serendipity Nails & More
15. Sapphire Nail Oasis
16. Emerald Nail Studio
17. Ruby Red Nails
18. Aura Nail Atelier
19. Lavender Nail Boutique
20. Crystal Nail Creations
21. Mystic Nail Spa
22. Coral Nail Paradise
23. Diamond Nail Haven
24. Enchanted Nail Escape
25. Charm Nail Studio
26. Secret Nail Hideaway
27. Orchid Nail Emporium
28. Ruby Nail Artistry
29. Siren Nail Sanctuary
30. Aurora Nail Boutique
Nail salons can sprinkle some humor into the name for their nail services. Consider some of these funny nail salon business name ideas.
1. Punny Nail Shack
2. Nail it or Bail it Salon
3. The Nailinator
4. No Pain, No Polish
5. Nailed It!
6. The Fingernail Follies
7. Funny Fingers & Twinkle Toes
8. The Nail Nerd
9. Tipsy Tips Nail Bar
10. Claws for Celebration
11. The Mani-Mirth Manor
12. The Polish Parody
13. Snip ’n’ Snark Nail Salon
14. Whiskers Nail Den
15. Hilarious Hands
16. Nails & Nonsense
17. Cuticles Nail Club
18. Chuckle Nail Chalet
19. Tickled Pink Nail Bar
20. Puns & Polish Parlor
21. The Cuticle Cabaret
22. Sweet Feet Nail Boutique
Pro Tip: Nail business name ideas can incorporate some humor by using puns or alliteration. Figuring out what works for you and your clients’ senses of humor can make picking a name an even more exciting venture.
When your nail business is a pressing matter, you might consider a company name from this salon name ideas list.
1. Press-On Perfection Boutique
2. Instant Glamour Press-Ons
3. The Quick Fix
4. Ready-to-Wear Nail Haven
5. Snap & Go Nail Emporium
6. Press-On Paradise Salon
7. Insta-Nails & More
8. Elegance Press-On Studio
9. Pop & Press Nail Oasis
10. Fast & Fabulous Nails Inc.
11. Click & Stick Nail Bar
12. Peel & Play Press-Ons
13. Nail It Easy
14. Instant Chic Press-On
15. Peel, Press & Wow
16. Ready in a Snap
17. The Quick Press-On Studio
18. Click & Chic Nail Boutique
19. My Pop-On Polish
20. Insta-Glam Nailz
21. Simply Press-Ons
22. Click & Go
23. Snap-On Nail Shack
24. Click & Charm
25. Ready, Set, Glam!
26. Press-On Perfection
27. Click & Carry
28. Quick Glam Nail Quarters
29. Snap & Show Nail Retreat
30. Insta-Chic Nail Club
Pro Tip: Including keywords related to press-ons in your nail names is a great way to let people know that your nail artists focus on providing quick service.
Nail art is one of the most complex types of nail services in the competitive beauty industry. Consider some of these unique nail salon names to let people know you specialize in artistic nails.
1. Artistic Touch Nail Gallery
2. Creative Canvas Nail Studio
3. Masterpiece Manicures Salon
4. Vibrant Nail Atelier
5. Brush & Blush Nail Artistry
6. Palette & Polish Haven
7. Artistic Aura Nail Emporium
8. Canvas & Color Nail Lounge
9. Chromatic Creations Nail Spa
10. Brushstroke Nails Sanctuary
11. Artisanal Nails & More
12. Dreamy Nail Oasis
13. Eclectic Elegance Nail Gallery
14. Muse & Manicure Nail Chalet
15. Abstract Nail Retreat
16. Bohemian Nail Boutique
17. Kaleidoscope Nails & Spa
18. Serene Nail Emporium
19. Fusion of Colors Nail Atelier
20. Artistry Avenue Nail Sanctuary
21. Chromatic Canvas Nail Lounge
22. Vivid Visions Nail Gallery
23. Dreamy Designs Nail Spa
24. Enchanted Easels Studio
25. Palette Nail Haven
26. Rainbows Nail Chalet
27. Whirls Nail Boutique
28. Imagi-NAILS Oasis
29. Brush & Bling Nail Emporium
30. Abstract Nail Atelier
Pro Tip: Nail businesses specializing in nail art should use a unique nail business name that includes words relating to art like artistic, brush, canvas, or whatever style of art you specialize in.
French nails provide an elegant look, and you should have an equally unique nail salon name, especially if you specialize in French tips. Consider some of these nail company names for your French nail services.
1. Chic Clous Nail Salon
2. Elegance en Blanc Nail Parlor
3. Parfait Poli Nail Lounge
4. Ooh La La Nails & Spa
5. Belle Beauté Nail Boutique
6. L’Art de L’ongle Nail Studio
7. Blanc Brillant Nail Atelier
8. French Finesse Nail Haven
9. Rêverie de Roses Nail Retreat
10. Charme Château Nail Chalet
11. Magnifique Manicures Salon
12. Lueur de Luxe Nail Emporium
13. Parisian Perfection Nail Sanctuary
14. Beauteous Blanc Nail Gallery
15. Douceur de Diamant Nail Spa
16. Élégance Éternelle Nail Lounge
17. La Beauté Blanche Nail Boutique
18. L’Éclat d’Argent Nail Oasis
19. Doux Douleur Nail Atelier
20. La Fleur Fleurie Nail Pavilion
21. Charmant Ciel Nail Hideaway
22. Belle et Bien Nail Studio
23. Delicate Digits Nail Salon
24. Joie de Vivre Nail Emporium
25. La Lune Lumineuse Nail Boutique
26. Finesse Française Nail Retreat
27. L’Amour en Blanc Nail Chalet
28. Lumière de Lune Nail Lounge
29. La Vie en Rose Nail Spa
30. Doux Désir Nail Atelier
Pro Tip: Everything sounds just a little sexier when you use the French language. Consider beautiful French words to give your nail salon name some mystique.
Nail business names can reflect class to help present a high-end reputation. Consider some of these classy nail business names.
1. Classique Couture Nail Salon
2. Opulent Obsessions Nail Atelier
3. Sophistique Salon & Spa
4. Eclat Elite Nail Lounge
5. Regal Reflections Nail Boutique
6. Luxe Legacy Nail Studio
7. Prestige & Polish Nail Parlor
8. Grandeur Nail Emporium
9. Decadence Nail Retreat
10. Noble Nails & Spa
11. Haute Heritage Nail Chalet
12. Majestic Manicures Salon
13. Refined Radiance Nail Haven
14. Timeless Temptations Nail Oasis
15. Exquisite Elegance Nail Gallery
16. The Nail Pavilion
17. Elegant Edge Nail Boutique
18. Polished Panache Nail Studio
19. Sovereign Styles Nail Atelier
20. Elite Nail Lounge
21. Regency Refinement Nails
22. Magnificent Manicures & More
23. Royal Ritz Nail Retreat
24. Grandiose Nail Emporium
25. Prestige & Panache Nail Studio
26. Elegant Nails
Pro Tip: Once you have the perfect cute nail salon name, consider how you will make the atmosphere a match.
Unique nail salon names should stand out from the pack. Consider some of these catchy nail salon business names.
1. Glam Pop Nail Studio
2. Sparkle & Shine Nail Bar
3. Chic Flicks Nails
4. Trendy Tips & Toes
5. Sizzle & Spark Nail Lounge
6. Lush Luxe Nails
7. Bliss & Bling Nail Haven
8. Dazzle Drive Nail Emporium
9. Radiant Nail Retreat
10. Urban Edge Nail Boutique
11. Vivid Vibes Nail Palace
12. Funky Fingers & Toes
13. Groove & Glam Nail Club
14. Pizzazz & Polish Nail Spot
15. Mod Manicures & More
16. Pop & Polish
17. Hip Hop & Nails
18. Glitz & Groove Nail Junction
19. Flash Nail Studio
20. Fab Fusion Nail Oasis
21. Snazzy Nail Salon
22. Bold & Beautiful Nails
23. Verve & Vogue Nail Plaza
24. Funky Nail Chalet
25. Bounce & Bling Nail Salon
26. Snazzy Nail Lounge
27. Finesse Nail Retreat
28. Chic Clicks Nail Boutique
29. Groove & Glisten Nail Emporium
30. Trendy Tints & Tips
Pro Tip: The best nail salon names are colorful and catchy. Think about your brand identity and brand values when considering nail name ideas. Then use fun adjectives to make the name unique and memorable.
1. Frostbite Nails
2. Rebel Polish
3. Ice Cold Tips
4. Razor’s Edge Mani
5. Urban Matrix Nails
6. Neon Pulse Nails
7. Chrome Crush Nails
8. Arctic Aura Manicures
9. Stiletto Nails
10. Electric Elegance Nails
11. Midnight Mirage Manicures
12. Thunderbolt Tips
13. Cosmic Nail Creations
14. Tropical Wave Nails
15. Nova Nail Studio
16. Quantum Quirk Nails
17. Blaze & Ice Nails
18. Cyber Chic Nails
19. Aurora Borealis Nails
20. Nail Palette
21. Eclipse Elegance Nails
22. Celestial Sleek Nails
23. Zenith Nail Pro
24. Stellar Shimmer Mani
25. Ignite & Inspire Nails
26. Enigma Nails
27. Supernova Nails
28. Matrix Manicures
29. Pulse Perfection Nails
30. Sleek Nail Story
1. Chromatic Nail Odyssey
2. Kaleidoscope Nail Nirvana
3. Celestial Mani Universe
4. These Whimsical Nails
5. Voyage Nail Escapade
6. Friends, Family, Nails
7. Euphoria Nail Soiree
8. Illusionist’s Nailscape
9. Artisanal Nail Fantasia
10. Surreal Salon Odyssey
11. Mirage Manicures & More
12. Ethereal Nail Adventure
13. Fantasia Fingers & Toes
14. Symphony of Style Nail Soiree
15. Divine Digits
16. Enchanted Nail Extravaganza
17. Reverie Nail Soiree
18. Mirage Magic Mani
19. Surreal Nail Nirvana
20. Artful Nail Voyage
21. Dreamy Delight Mani Adventure
22. Radiant Reverie Nail Oasis
23. Whimsy & Wonder Nail Gala
24. Celestial Canvas Nail Odyssey
25. Ethereal Essence Manicures & More
26. Surreal Nail Serenade
1. Elite Nail Creations Co.
2. Premier Nail Innovations Company
3. ProNails Solutions Inc.
4. Eminent Nail Artistry Co.
5. Signature Nail Designs Company
6. Apex Nail Studio
7. Prime Polish Pro Co.
8. Paramount Nail Solutions Company
9. Apex Artisan Nails Co.
10. Vanguard Nail Crafters Company
11. Executive Edge Nail Designs Co.
12. Noble Nail Studios Inc.
13. Precision Nail Art Co.
14. Sovereign Nail Coatings Company
15. Regal Nail Aesthetics Co.
16. Superior Nail Art Company
17. Pinnacle Nail Artistry Co.
18. Empyrean Nail Creations Company
19. Distinctive Nail Innovations Co.
20. Supreme Nail Solutions Company
21. Eminent Nail Atelier Co.
22. Vanguard Nail Artisans Company
23. Prominent Nail Crafters Co.
24. Illustrious Nail Designs Company
25. Noble Nails Co.
26. Paramount Nail Artistry Company
27. Sterling Nail Solutions Co.
28. Royal Nail Studios Inc.
29. Top Tier Nail Designs Co.
30. Premiere Nail Artisans Company
If you never intend for your nail business to expand beyond yourself, your name might be the best nail salon name. Alternatively, you could name your salon after a loved one or person who’s inspired you. Consider some of these examples:
1. Bella’s Lavish Nails
2. Lily’s Beauty & Nail Boutique
3. Olivia’s Elegant Nail Lounge
4. Emily’s Opulent Nail Oasis
5. Ava’s Sophisticated Nail Salon
6. Sophia’s Artistic Mani
7. Amelia’s Magnificent Manicures
8. Mia’s Artisanal Pedi
9. Artistic Nail Salon by Gloria
10. Evelyn’s Haute Nail Haven
11. Harper’s Exquisite Nail Designs
12. Chloe’s Stylish Nail Studio
13. Scarlett’s Chic Nail Creations
14. Grace’s Nail Stop
15. Nora’s Nail Retreat
16. Riley’s Noble Nails
17. Cherry’s Nail Zenith
18. Zoe’s Lush Nail Lacquer
19. Aurora’s Nail Spa
20. Kaylee’s Luxe Nail Lounge
21. Hanna’s Lavish Nail Locale
22. Bonnie’s Nail Garden
23. Violet’s Polished Toes Nook
24. Pen’s Vivid Nail Varnish
25. Hazel’s Nail Design Emporium
26. Eleanor’s Nail Hideaway
27. Luna’s Luminous Nail Nook
28. Brooke’s Stylista Nail Salon
29. Savanna’s Blissful Nail Boutique
30. Carly’s Nail Palace
31. The Nail Pallete by Muriel
32. Bobby’s Manicure Addicts
Pro Tip: Nail shop names with your first or last name in them might create an expectation that you’ll be working with all the clients. If you intend to sublet to other nail technicians, you might not want to use your own name.
Good names for nail salons can be as simple as providing a location indicator. Just be careful when choosing a name for nail business operations. If you get too specific you might have to change the name if your shop front moves to another location.
1. Central Park Nails
2. Sunset Strip Salon
3. Broadway Beauty Co.
4. Golden Gate Glamour
5. Beverly Hills Nails
6. Magnificent Mile Manicures
7. Hollywood Hills Nail Studio
8. Times Square Tips
9. Rodeo Drive Nails
10. Mile High Mani-Pedi
11. Miami Beach Manicures
12. Vegas Strip Salon
13. SoHo Chic Nails
14. Napa Valley Nail Retreat
15. Santa Monica Shoreline Salon
16. Sunset Boulevard Nails
17. Alamo City Artistry
18. Windy City Nails
19. Bourbon Street Beauty Co.
20. Silicon Valley Salon
21. Riverwalk Nail Studio
22. Music City Manicures
23. Emerald City Elegance
24. Rocky Mountain Retreat
25. Key West Kanvas
26. Palm Beach Polish Co.
27. Ocean Drive Oasis
28. Liberty Bell Nails
29. Painted Lady on the Promenade
30. Hollywood Boulevard Beauty
Pro Tip: Including the city, county, or references to local landmarks can be a good way to indicate your new nail salon is a local business. Make sure to check keyword volumes to see what people are searching for before choosing the best local indicator.
After you have found some unique nail business names, you’ll need to:
Learn more about starting a business.
There’s still a ton to do after brainstorming and choosing from your favorite nail names. You’ll want to make sure you’re licensed and insured, find a great location, and start marketing to your target audience.
What kind of nail name ideas do you like?
Brandon Boushy
Are you struggling to find new business startup loans? Don’t worry; you’re not alone. Fifty-nine percent of business owners do not have their funding needs met, but we’ll show you how to improve your odds of getting startup business loans.
Startup companies can still get loans. Lee Smith, the owner of Urbanity, was six months out of college when he wrote a 75-page business loan and got a $250K loan. Today he’s making over $1.5 million selling clothes. That’s a great return on investment, and it shows how much the right plan and funding can help you succeed.
We’ve partnered with National Business Capital (NBC), the number one online site for getting small business loans approved. They’ve helped secure over $2 billion in business loans for over 25,000 small businesses like yours. That’s an average of $80,000 for business startups.
[su_note note_color="#dbeafc"] We’ll explain:
A startup business loan isn’t a specific type, but a catch-all for business loans you can get to start a business. Startup business loans are one of the hardest types of business loans to get. Since the company has not built a track record, the decision is made based on how well the lender can tell the business owner thought through the business plan.
Lee Smith, the owner of Urbanity told us:
[su_quote]I sat down for two months and put together a 75-page business plan. I went and got a loan for a quarter million dollars.[/su_quote]
Check out our interview with Lee below:
[su_youtube url="https://youtu.be/_wUc28d8KkE"]It’s hard to get a startup business loan because startup businesses often fail in the first five years. In those cases, a business startup loan might not be paid back, which causes lenders to be more cautious when lending to a startup business. Don’t worry! There are ways to improve your odds!
A startup business loan will normally rely on the personal credit history because the business does not have the same financial records and credit length to evaluate whether the risk is worth taking. Because banks back the business owner, a business startup loan often requires a personal guarantee. You’ll want to make sure you have the following before you apply for business startup loans:
Keep reading for more about each one.
You’ll want at least a 650 minimum personal credit score when applying for a business startup loan, but higher is better. A higher personal credit score improves your odds of approval and normally reduces the interest rate.
You’ll need at least two years of personal and business tax returns for most lenders. National Business Credit does not normally require tax returns.
You might need three months to three years of bank account statements depending on the lender. National Business Credit is typically three months.
These help lenders establish how much money people owe your small business and can be used to help secure financing.
This document is another proof of revenue. It also helps lenders calculate a commonly overlooked cost of doing business.
Unpaid invoices fall into two categories:
Be prepared with a business plan that shows lenders that you have considered how you will make your business thrive.
Remember to have copies of your business license, LLC or incorporation documents, EIN, and other documents that prove you are a legal business entity. Corporations are commonly viewed as more credit worthy because they have more reporting responsibilities that make it easier for companies like Dun & Bradstreet (D&B) to analyze your credit.
Check out our blog about how to get a business loan to learn more about D&B and other business credit-building tips.
The best small business startup loans are the ones you can actually get! Fortunately, National Business Credit has some loans that are really simple to get:
Let’s look at each.
An equipment loan requires a 650 FICO score OR $120K in annual sales. The equipment secures the loan, so if you don’t pay the business loan, you won’t be able to operate. Find out more about NBC’s equipment loans.
If you have assets to bank your startup business loan, you can qualify for a business loan with three months of bank statements and a soft pull of your credit. People with higher credit scores and higher asset values are more likely to qualify for asset-backed startup loans.
If you have stellar personal credit, you can qualify for a line of credit or a personal loan and use it for your startup business financing. Alternatively, you can refinance your mortgage and pull out equity for your startup business.
Franchises tend to have an easier time getting a startup business loan. If you’re considering a startup loan as a franchisee, check the SBA franchise registry to make sure the business is on the list of companies that get easier and faster approvals.
There are other business financing options that small business owners may come across, but the majority of business loans are not open to startup companies unless they have:
The Small Business Administration is a government agency that helps small business owners succeed. They offer four main services:
Let’s look at the business loan options available from the SBA.
A new business can apply for an SBA loan or business line of credit. There are three categories of SBA loans:
Let’s look at each.
7(a) Loans are the SBA’s most common loan program if you are buying real estate because they back loans of up to $5 million that can be used for:
Businesses have to meet the following qualifications to get small business loan:
[su_note note_color="#dbeafc"]If you are buying an existing business or franchise, you may need to ask the existing business owner for the following:
Check out the SBA for more 7(a) information.
This SBA loan is for businesses to upgrade property through a Small Business Development Center as long as they have less than:
A 504 loan is meant to create both business and job growth through the construction or upgrading of:
You cannot use a 504 loan to increase working capital or inventory, restructure debt, or speculate on real estate. Learn more about 504 loans.
These are the smallest type of startup loan you can get from the Small Business Administration. They are up to $50,000 and can be used for anything except buying real estate or restructuring debt. A microloan lasts for no more than six years and will normally have interest rates of 8% to 13%. Find a microloan lender.
Applying for startup business loans is simple. Just follow these seven steps:
As mentioned before, you’ll want a 650+ personal credit score or an 80 business credit score from D&B. If you don't already have the necessary business and personal credit score, consider these options:
You can also use NAV to find ways to build your business credit score.
You’ll need to sort through and choose the type of startup loan you want to apply for if you go through a financial institution, but lenders like National Business Capital (NBC) will discuss the best startup loan options for you. NBC will help you get better startup financing because they work with 75 business lenders. That means you get the best business startup loans for your scenario. You can choose from:
Find out why more people go to online lenders for startup financing than traditional financial institutions.
In this step, you’ll look for a financial institution that will help with your startup financing. You can get a startup loan from:
Let’s look at each of these.
If you have a bank account with a local lender like a credit union, they are more likely to approve you than larger banks or online lenders. Unfortunately, fewer small business owners apply for bank loans from smaller banks according to the FED Small Business Survey.
According to the Federal Reserve Small Business Survey, most business owners go to a traditional lender like Wells Fargo, Chase, or Bank of America when they apply for business loans, but they do not offer great odds of approval. You’re better off going to almost anyone else. The table below shows what percentage of business owners apply at each location and what the odds of approval are. Finance companies and small banks are the most under-utilized.
These lenders focus on activities like equipment financing. They tend to be alternatives to a traditional business loan, but they have the best approval odds because the monthly payments are secured by something other than your word and credit history.
If you need credit, business lines from vendors can be a phenomenal way to start a business. The loan amount may not be as big, but there are benefits to running a lean startup. These may be online or in-store. Synchrony (formerly GE Finance) is a major player in this market, but you can also find plenty of other lenders on National Business Credit.
Online lending tends to be more friendly to small business startup loans for bad credit. The loan amount might be lower than other business loans and the interest rate higher, but when you want funding for a business start up it makes sense to consider them. One of the nice things about National Business Credit is they bring together private lenders for business startup loans. This helps you get better credit offers and reduces the number of hits on your credit.
Make sure you have all the documents you need to apply for a startup loan. If you don’t, they can hold up the processing time, which for many lenders can be three to nine months. Make sure to ask about the business loan application process before you get started. That way you are fully prepared with everything you need to apply for startup capital. We discussed what you’ll need in earlier sections of the blog.
If you haven’t already, you’ll want to update your business plan with the most up-to-date information. Better information helps you be more likely to receive a line of credit or business loan. Pay special attention to the financials and the explanations, especially on how you’ll use the business line of credit.
Once you have everything ready, it’s time to apply for your small business loans. Startup companies will often be denied credit from traditional financing options unless they have a good personal credit score, business credit, and offer a personal guarantee. Online lenders tend to be more generous as long as you have a 650 credit score and are using the loan amount for something that can secure the business.
Before you accept startup loans for new business ventures, you’ll want to consider:
Let’s look at how each of these impact business success.
Before you accept startup business loans with no revenue, you’ll need a plan to pay them back. The payments will be a combination of interest payment and principal. Depending on the loan, you might have:
Make sure you can afford the payments otherwise you may default on the loan or lose your business. This is especially important if you have a period of time between when you accept the startup loan and when you receive revenue. If you keep part of the loan aside to pay the loan payments, you can protect against this risk.
Your interest rates are effectively a business expense. Every time you pay interest, you have less money to reinvest in your business. We created a table of common startup loans to show you how much you’ll be spending on interest for different types of loans using the SBA data and calculator.net.
Interest for Different Loan | ||||
Type of Loan | Total Interest | Total Repaid | Monthly Payment | Interest per Year |
6 Year $50K Microloan 8% | $13,119.67 | $63,119.67 | $876.66 | $2,186.61 |
6 Year $50K Microloan 10% | $16,693.02 | $66,693.02 | $926.29 | $2,782.17 |
6 Year $50K Microloan 13% | $22,266.78 | $72,266.78 | $1,003.71 | $3,711.13 |
25 Year $250K Fixed Rate 9.52% | $406,315.50 | $656,315.50 | $2,187.72 | $16,252.62 |
10 Year $250K Fixed Rate 10.52% | $155,141.03 | $405,141.03 | $3,376.18 | $15,514.10 |
High rates are one of the main reasons that successful small business owners discourage taking out small startup business loans with bad credit.
Next, we’ll discuss why business lines of credit are some of the best small business loans you can get.
Always choose a business line of credit over a term loan if you are offered it. Lines of credit are some of the best loans for startup business operations. Term loans pay you a lump sum upfront and you pay interest on the full amount. A line of credit is similar to how a business credit card works; it charges you interest on the amount of credit you use.
Let’s look at how that can impact your payment using the 25-year loan from the example above. Pretend you only need $25K in the first month. Instead of paying $2,187.72, you’d pay 9.52% interest on $25,000 making it where your payment is only $218.77. You just saved $1,968.95.
As you pay the line of credit off, your available credit goes back up. This doesn’t happen with a traditional loan.
A startup loan will impact your working capital and cash flow. Let’s look at a few definitions:
Working Capital = Current Assets (convert to cash in less than a year) minus Current Liabilities (must be paid within a year)
Cash Flow = Money In minus Money Out
Here’s how a loan impacts your capital and cash flow:
The duration of the loan will impact the payments and interest rates. Assuming the loan amount stays the same, you’ll see the following impacts on other aspects of the loans for startup business operations.
Once you get approved for a startup loan, it’s time to put your business in hyperdrive. Use the loan for the purposes you stated in the startup loan application. If you received an SBA loan, make sure you aren’t using it for items that are specifically excluded from your terms. Lee told us:
[su_quote]I spent way too much on the build-out (remodeling the business.) If I had it to do over again, I would have reduced the amount spent on bathrooms and invested in more inventory.[/su_quote]
Next, let's look at some alternatives to loans for startup businesses.
Creativity offers a ton of ways to start a business without applying for a startup loan. Consider some of these alternatives to a startup business loan:
We’ll look at each of these below to help you with more ideas to get business funding.
You can use business credit cards instead of a startup business loan. It’s easier to qualify for these forms of credit, but they most likely won’t cover more expensive costs like buying equipment or property. In addition, business credit cards tend to have higher interest rates than startup business loans. That means lower profits.
Startup grants are by far the best way to get money for your small business if you can get them. The Small Business Administration has grants for:
Check out other SBA grants.
Friends and family can help you become a small business owner. They can either give you money or offer you a startup business loan. You’ll need to find a provider that offers loan servicing for individuals, but it can be done.
I financed my home through a friends and family loan that was managed by WestStar to get a lower interest rate than was available on the open market. You may want to ask if they service business loans that way too.
Business owners can also get startup funds through crowdfunding. When you use this method to start a new business, you may be committing to deliver a product in exchange for help covering business expenses. Learn how Pooch Selfie approached crowdfunding below:
[su_youtube url="https://youtu.be/TFvmb2E3-Kw"]Selling equity requires incorporation, but business owners can raise far more money through selling equity. This method of fundraising involves selling stock, which means the business has multiple small business owners and each is entitled to part ownership. You’ll want to hire a business lawyer to help you draft the incorporation documents if you plan on taking this approach.
It’s not always easy to get loans for startup business operations, but if you can acquire one, it can help you accelerate your business growth. Just make sure you have a solid plan for how you’ll use it or you may find yourself in a worse spot than when you started.
What kind of business loans have you used?
Equipment Financing
Asset-Based Lending
SBA Microloans
Personal Loans
Credit Cards
Other: Specify
The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.
Here's the interview with the owner of Urbanity:
[su_youtube url="https://www.youtube.com/watch?v=_wUc28d8KkE"]
A world without Alzheimer's Disease and other dementia.It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.
NAICS Code | NAICS Title | Description from US Census Bureau |
115114 | Postharvest Crop Activities (except Cotton Ginning) | Crop harvesting and processing services including cleaning, shelling, curing, grading, cooling, sun drying, fumigating, sorting, and packing. |
115210 | Support Activities for Animal Production | Live stock and domestic animal breeding, breed documentation, boarding, herd improvements, (5) livestock spraying, and sheep dipping/shearing. |
212114 | Surface Coal Mining | Companies in developing, cleaning, sizing, and screening surface mining of coal. Does not include the actual mining of coal. |
213112 | Support Activities for Oil and Gas Operations | Companies providing support services for oil and gas operations including exploration; excavating cellars and slush pits; well surveying; cutting, running, and pulling casings, rods, and tubes; cementing and shooting wells; perforating well casings; chemically treating and acidizing wells; and cleaning out, bailing, and swabbing wells.Does not Include geophysical surveying and mapping, construction, site preparation, and transportation activities. |
238140 | Masonry Contractors | Companies in masonry work, bricklaying, stone setting, and other stone work. The work performed may include new work, additions, alterations, maintenance, and repairs.Includes: Bricklaying Block laying Masonry pointing, cleaning, or caulking Marble, granite, and slate, exterior, contractors Concrete block laying Foundation (e.g., brick, block, stone), building, contractors Stucco contractors |
238220 | Plumbing, Heating, and Air-Conditioning Contractors | Companies involved in the service, installation, maintenance, cleaning, and repair of heating, ventilation, and air conditioning (HVAC). Includes:Cooling tower installation Duct work (e.g., cooling, dust collection, exhaust, heating, ventilation) installation Lawn and fire sprinkler system installation Mechanical contractors Fireplace, natural gas, installation Commercial, industrial, and scientific refrigeration system installation Furnace installation Building connections and hookups to sewers. |
238290 | Other Building Equipment Contractors | Building contractors except electrical, plumbing, heating, cooling, or ventilation equipment. New work, additions, alterations, maintenance, and repairs of building equipment including:Machine rigging Automated and revolving door installation Millwrights Lightning rod installation Boiler and pipe insulation installation Elevator installation Commercial-type door installation Conveyor system installation Commercial or industrial revolving and overhead door installation Dismantling large-scale machinery and equipment Elevator or escalator installation Satellite TV and internet dish installation for homes Built-in vacuum system installation Installation of gas pumps |
311212 | Rice Milling | Companies that do any of the following: mill, clean, polish, and package rice. |
325612 | Polish and Other Sanitation Goods Manufacturing | Companies producing polish or other cleaning chemicals. |
332813 | Electroplating, Plating, Polishing, Anodizing, and Coloring | Companies that perform the following on metal products: electroplating, plating, anodizing, coloring, buffing, polishing, cleaning, and sandblasting metals and metal products for trade work. Companies may also be in this category if they work on metal and other products. |
332994 | Small Arms, Ordnance, and Ordnance Accessories Manufacturing | This U.S. industry comprises establishments primarily engaged in manufacturing guns (small arms), other ordnance, and/or ordnance accessories. |
333111 | Farm Machinery and Equipment Manufacturing | Companies manufacturing agricultural, farming, turf, and ground care machinery or equipment. Includes planting, harvesting, and commercial grass mowing equipment.Types of machines manufactured in this NAICS code: Combines, harvester-threshers Cotton gins Feed processing equipment for farms Fertilizing machinery for farms Haying machines Milking machines Planting machines for farms Plows for farms Poultry brooders, feeders, and waterers Farm tractors and attachments |
333131 | Mining Machinery and Equipment Manufacturing | Companies manufacturing:Underground mining machinery and equipment, such as mining cars, coal breakers, core and rock drills, and coal cutters. Mineral beneficiating machinery and equipment used in surface or underground mines. |
333241 | Food Product Machinery Manufacturing | Companies that manufacture machines used in food and beverage manufacturing including: Dairy product machinery and equipment, like ice cream freezers, homogenizers, and pasteurizers Bakery machinery and equipment like bake ovens, dough mixers, and pastry rolling machinesMeat and poultry processing and preparation machinerySlicers, choppers, and mixers |
333310 | Commercial and Service Industry Machinery Manufacturing | Companies manufacturing commercial and service industry machinery including:Optical instruments and lenses (except ophthalmic) Photography and photocopying equipment Vending machines Commercial laundry and drycleaning machines Office equipment Car maintenance equipment (except mechanics' handtools) Commercial cooking equipment |
334510 | Electromedical and Electrotherapeutic Apparatus Manufacturing | Companies manufacturing:Electromedical and electrotherapeutic devices Magnetic Resonance Imaging (MRIs) equipment Ultrasound equipment Pacemakers Hearing aids Electrocardiographs Electromedical endoscopic equipment |
335210 | Small Electrical Appliance Manufacturing | Companies manufacturing:Small electric appliances and electric housewares Household-type fans (except attic fans) Household vacuum cleaners Electric home floor care machines Examples: Residential bath fan manufacturers Home carpet and floor cleaning equipment manufacturers Residential ceiling fan manufacturing Curling irons manufacturing Electric blankets manufacturing Portable electric space heaters manufacturers Electric portable hair dryer manufacturing Household portable cooking appliances (except microwave, convection ovens) manufacturing Portable humidification system manufacturing Electric scissor manufacturing Home ventilation and exhaust fan manufacturing |
335999 | All Other Miscellaneous Electrical Equipment and Component Manufacturing | Companies manufacturing industrial and commercial electric apparatus and other equipment. Examples of products include: AC-to-DC and DC-AC converters Uninterruptible power supplies (UPS) Surge suppressors Inverters Appliance cords made from purchased insulated wire Solid-state battery chargers Electric door openers Electric bells Extension cords made from purchased insulated wire Similar equipment for industrial-type and consumer-type equipment. Does not include: Communication and energy wires and cables Relays Generators Lighting equipment Transformers Household appliances Motors Switchgears Industrial control Control systems Batteries Wiring devices Carbon and graphite products |
339113 | Surgical Appliance and Supplies Manufacturing | Companies manufacturing surgical appliances and supplies including:Orthopedic devices Prosthetic appliances Surgical dressings Crutches Surgical sutures Personal industrial safety devices (except protective eyewear) Hospital beds Operating room tables. |
423810 | Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | Companies that are wholesale distributors of specialized machinery, equipment, and related parts generally used in construction, mining (except oil well), and logging activities including:Excavation equipment wholesalers Road maintenance and construction equipment wholesalers Forestry equipment wholesalers Scaffolding wholesalers Mining crane wholesalers |
423820 | Farm and Garden Machinery and Equipment Merchant Wholesalers | Companies that are wholesale distributors of equipment parts used on farms, gardens, lawns, and agriculture including:Animal feeder wholesalers Lawnmower wholesalers Milking equipment wholesalers Harvesting equipment wholesalers Planting machinery wholesalers |
423850 | Service Establishment Equipment and Supplies Merchant Wholesalers | Companies that are wholesale distributors of service company supplies and equipment including:Amusement park equipment wholesalers Beauty supply and equipment wholesalers Car wash supply and equipment wholesalers Drycleaning supply and equipment wholesalers Voting machine wholesalers Janitorial supply and equipment wholesalers Undertakers' supply and equipment wholesalers Upholsterers' supply and equipment wholesalers (excluding fabric) Municipal water treatment equipment wholesalers Does not include supplies and equipment used in: hotels, offices, restaurants, stores, schools, photographic facilities, health and medical facilities, transportation, and construction activities. |
424690 | Other Chemical and Allied Products Merchant Wholesalers | Companies focused on the wholesale distribution of chemicals and allied products Including:Acid wholesalers Industrial chemical wholesalers Automotive chemical wholesalers (except grease and lubricating oil) Industrial salt wholesalers Dyestuff wholesalers Rosin wholesalers Explosives wholesalers (except fireworks and ammunition) Turpentine wholesalers Excludes plastics materials, fireworks, paints and varnishes, agricultural and medicinal chemicals, and basic forms or shapes. |
488210 | Support Activities for Rail Transportation | Companies providing specialized services for railroad transportation, including servicing, routine repairing (except factory conversion, overhaul, or rebuilding of rolling stock), and maintaining rail cars; loading and unloading rail cars; and operating independent terminals.Cleaning rail cars and tracks |
488320 | Marine Cargo Handling | Companies providing port-to-port transportation and other marine cargo handling services (except warehousing).This may involve cleaning. |
488490 | Other Support Activities for Road Transportation | Companies providing services (except towing) to road users including:Bridge, tunnel, and highway operations Street cleaners Pilot car services (i.e., wide load warning services) Truck or weighing station operations Driving services, independent (e.g., automobile, truck delivery) |
532490 | Other Commercial and Industrial Machinery and Equipment Rental and Leasing | Companies renting and leasing machinery and equipment Companies provide products such as:Manufacturing equipment Metalworking equipment Telecommunications equipment Motion picture and theatrical equipment Service industry machines Furniture for public buildings Automated agricultural equipment Excludes heavy construction, transportation, mining, and forestry machinery and equipment without operators; and office machinery and equipment. |
561720 | Janitorial Services | Companies that clean building and transportation spaces and/or windows. Most will fall into this category.Custodial services Maids Service station cleaning and degreasing services Washroom sanitation services Homekeeping services |
561740 | Carpet and Upholstery Cleaning Services | Companies that clean and dye used rugs, carpets, and upholstery. |
561790 | Other Services to Buildings and Dwellings | Companies providing services to buildings and dwellings including:Building exterior cleaning services (except sandblasting, window cleaning) Pool maintenance and cleaning Chimney sweeping companies Duct cleaning companies Drain cleaning Gutter cleaning services Does not include exterminators, janitorial services, landscapers, or carpet and upholstery cleaning. |
562991 | Septic Tank and Related Services | Companies renting, cleaning, or pumping porta potties, septic tanks, and cesspools. |
562998 | All Other Miscellaneous Waste Management Services | These companies provide waste management services including:Sewer cleaning and rodding services Beach cleaning and maintenance Catch basin cleaning services storm basin or sewer cleanout services Catch basin cleaning services Commercial or industrial tank cleaning and disposal services This NAICS code does not include: remediation, waste collection, septic tank pumping and related services, waste disposal and treatment, operation of materials recovery facilities, and waste management consulting services. |
811192 | Car Washes | These companies clean, wash, and/or wax cars, vans, trucks, and trailers. Some businesses in this section include:Car detailing shops Self-service car washes Mobile car washers and detailers Car washes |
811310 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | These companies repair and maintain commercial and industrial machinery and equipment. The services include:Sharpening and installing industrial or commercial machinery saws and blades General and Automotive welding repair services Agricultural equipment repair Industrial heavy machinery and equipment on forklifts, commercial refrigeration, machine tools, construction equipment, mining machinery, and other heavy equipment. |
811490 | Other Personal and Household Goods Repair and Maintenance | Companies that repair and service personal or household-type goods without selling new goods normally include:Repair clothing Fix watches Clean and repair jewelry Repair and clean musical instruments Work on bicycles and motorcycles Repair and maintain motorboats, canoes, sailboats, and other recreational boats. This NAICS code does not include home and garden equipment, appliances, furniture, footwear, and leather goods. |
812320 | Drycleaning and Laundry Services (except Coin-Operated) | These companies perform one or more of the following: Drycleaning services Laundering services Provide drop-off and pick-up locations for laundry and dry cleaning services Specialty cleaning services for clothing with special cleaning requirements Textile cleaning such as wedding gowns, fur, hats. leather, draperies, suede, and pillows These companies may provide service at customers locations, in a store, or outsource the work. The following categories of laundry services are not in this category: uniform supply companies, coin-and-card-operated laundromats, carpet and upholstery cleaning companies. |
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