Do you realize the impact of giving your clients discounts? I’ve heard some version of this for years, from so many Hair Stylists in all corners of the country. What about you? Are you guilty of discounting ‘willy nilly’? We often don’t realize, that “I’ll just take $5 off her bill (so she’ll like me, so she won’t leave me, because she probably can’t afford it), can quickly and easily turn into $25 a day - or more. That doesn’t sound like that much, right? But try that 5 days a week and that’s $125, which is $500 in a month!! You’ve nickeled and dimed your way out of enough money to potentially cover your booth rent, a car note, or, you fill in the blanks ___________.
This topic is on my mind for two reasons, one, because I met with my Be Your Own Boss Quarterly Mastermind Group last week and our session was based on my ‘Where’s Your Money, Honey?’ online training. When we start to take a look at the numbers, we can make different, more strategic decisions about our Beauty businesses. It’s what my last guest on Beauty SuperStars Talk, Jane Carter, did as she’s preparing to launch a new product line that’s designed to help Hair Stylists prosper, instead of the big box stores who are looking out for their bottom line, more than her (Black owned) company or the consumers they serve.
My second reason is the conversation I had Hair Product maven, Jane Carter, who spent the better part of her life creating a product line that turned into a global brand. It’s the stuff that dreams, or at least, made for TV movies are made of, right? She met with me on Beauty SuperStars Talk to warn us that the waters that may look calm, and maybe even sexy, may also be infested with sharks. You see, she built this multi million dollar brand from scratch, from her basement, only to find herself separated from that company - and not by her choice. And she doesn’t want you to make the same mistakes.
I don’t know about you, but I don’t know many people who have taken a product from their basement to stores and beauty supplies, nationwide and throughout the world, so I am all ears to hear her thoughts on what to do and what not to do. In addition, she had the benefit of being the daughter of an Accountant, who left no wiggle room - as she shared with us - either it’s a Profit or it’s a Loss. It’s that simple. So whether you’re wanting to start to run a more profitable salon (a necessity these days) or you are interested in starting your own brand, what does she recommend?
Fill a need - What challenges are your clients having? What challenges are you having? When you look at the market, what are the trends and what needs do they fill? Are there any ‘holes’ that aren’t being filled?
Know your numbers - It’s the only way that Jane is able to make such a generous offer to the Hair Stylists who want to work with her and her new product line. In your salon, it’s about knowing how much is coming in, how much is going out and on what, as well as what your key numbers are.
Keep the money in the family - After having worked with distributors and having been on the losing end, Jane suggests that doing things on a smaller scale may be just as, if not more profitable. And that the ability to connect directly with your customer, via online platforms and create an even more valuable relationship and lead to stronger, more consistent sales and referrals.
My hope is that you will begin to look at your business in a different way. If you are in need of some support around getting your numbers in order, in an easy and non threatening way, you may want to consider my online course that’s called “Where’s Your Money, Honey? for 2020” and if you act quickly, it’s only $15 from now through Black Friday! Click Here!
To hear more of what Jane has to share, click here to watch her full interview.
Miki Wright, founder of www.BeautySuperStars.com, is respected as a Leader in the Beauty Industry; from her work as an Award Winning Hair Designer, highly praised Platform Artist, Competitor, Educator and a Business Coach who gets results. Wright has been a long time Educator for Hair Shows such as the International Beauty Shows, Bronner Bros. and the ISSE Hair Show.
Wright was the owner of one of the first African-American owned spa facilities in the country! In addition, her salon was selected by Salon Today Magazine as one of the “200 Fastest Growing Salons” in the country, for three consecutive years! Her salon was featured in the Washington Post, Washingtonian Magazine and Essence Magazine, which brought Black women from across the US into her salon and spa for pampering!
She helps Hair Stylists and Salon Owners to ‘get more clients and make more money'. Miki recently launched Beauty SuperStars Talk to showcase the stories and celebrate the excellence of Black Beauty Industry Professionals. Join her LIVE every Tuesday at 7pm ET at https://youtube.com/mikiwright or listen to the Podcast on the while you're on the go!
Be sure to visit www.BeautySuperstars.com for your FREE Financial Survival Guide for Hairstylists!