Do you ever feel like successful salon owners have a magic touch when it comes to, well, being successful? It can seem like these people are always doing the ‘right’ thing at the ‘right’ time and that nothing ever goes wrong for them.
But the truth is successful salon owners aren’t magicians; they just do things differently to the average person. Owning a thriving salon is far more about making the right decision, based on the right information and taking the right action.
The best part is, being a successful salon owner is something you can learn by implementing a few winning strategies in your business. If you feel like you’re always trying and failing, start using these five strategies in your salon and watch as your business thrives.
- Surround yourself with new ideas
New ideas about products, services and even business development should all be welcome additions to your salon. As soon as you stop investing in new ideas, you’ve stopped providing yourself (and your salon) with opportunities for growth.
Salon owners who take the time to engage in professional business development courses, read quality business books and work with a business coach are constantly exposed to fresh business ideas, strategies and motivation. As a result, these people generally see more business growth, greater profits and foster a more supportive and exciting work environment.
Don’t get sucked into a web of complacency – there’s always something new to learn and implement into your salon!
- Implement the great ideas you learn
It’s not enough to just know about new ideas – you need to actively implement these into your salon for it to be successful. For example, taking part in a professional business development course is a great first step, but the difference between those who thrive and those who fail is the action that comes next. Successful people will go away and implement some or all of the great ideas they’ve been exposed to.
If you’re going to invest time and money on attending conferences, buying books, doing seminars or getting a business coach, you should ensure you’re getting bang for your buck.
- Learn from your mistakes
Another myth surrounding successful people is that they never make mistakes. Everyone makes mistakes, but it’s about how they’re handled and how quickly they are identified that separates successful people from the rest.
Successful salon owners aren’t afraid to make mistakes because they understand that this is a great way to learn. When you’re trying new things, there’s always a risk involved but there’s also a chance to achieve great things. It might be cliché but you really don’t know until you try, so don’t be afraid to experiment with new things and make mistakes.
- Monitor your numbers regularly
Knowing and understanding your numbers means you’re more likely to see things coming and can launch into damage control before your business is affected by things. Monitoring your numbers is an important thing for all business owners, but it’s too often overlooked in the beauty industry.
It’s also important that you actually take time out to read and understand the valuable reports your software programs can generate. These programs can help you monitor your staff productivity, rostering, retail and service sales, client attraction and client retention. Once you’re monitoring these closely you’ll be able to see where your salon can cut costs, optimise sales and improve overall.
Never underestimate the power of knowing your numbers!
- Understand the difference between revenue and profit
Many salon owners think that increasing sales (revenue) will automatically lead to increased profits, but often this is not the case. For example, if you offer a 50% discount on facials, you will most likely generate lots of revenue from new and regular clients, however if it turns out that your now $45 facial actually costs $55 in product, consumables and labour, you will be losing $10 on each treatment.
This means that each facial is actually increasing your expenses and not generating any profit for the business. This amazing discount could actually end up costing your salon heavily. This is why I always prefer to value add, rather than offer discounted treatments. If you are going to offer discounts, it’s important that you know whether there is sufficient profit in each sale to help cover your expenses and stay in business.
There are so many ways that successful salon owners achieve success, but these five are a great starting point. If you need help transforming your salon from one that’s barely keeping its head above water to one that’s thriving, get in touch with Beauty Salons Coach today!