Burn baby, burn.
Nope. We’re not talking about burning your clients’ locks with that flattening iron. That would be the sound of tens of thousands of businesses crashing and burning — at an alarming rate of 80 percent within the first 18 months of entrepreneurs launching their operations.
That’s not the scenario you want to face after starting your business, whether you decided to go the booth rental route or go all out with your own personal salon.
Make sure your business is a long-lasting success. Just avoid these 5 mistakes that could send your business down the wrong road:
1. Investing too much up front. One of the first things you need to consider when running a business is the cost of overhead. What is overhead? For a hairstylist, it can include everything from rent and electricity to the equipment you use for hairstyling. You want to keep this to a reasonable amount.
That doesn’t mean to go the cheapest route. Buy quality equipment without going to the top of the line to make an impression. Likewise, choose a booth rental model that lands you in a great spot without taxing your budget.
2. Poor use of assistants. If business is regularly booked with clients, you may be seeking help so that you don’t drown. It can be a great investment to ensure that you have the ability to continue to grow.
However, think through the reasons for hiring assistants. Is it to wash hair so that you can focus on cuts, styling and coloring? Good move, especially if you find that your clients are backed up. Just make sure the pay isn’t over the top. Washing hair can be an entry-level position. Also, hire wisely. An enthusiastic and talented assistant could be trained to start taking over some other responsibilities.
Are you hiring an assistant to handle phone calls or book appointments — the administrative stuff? You may not need an assistant at all. Look into point-of-sale tools and apps that allow customers to book appointments online.
3. Failing to market your business. Use social media, signage, and professional business cards to get the word out about your business. And be consistent. Your first love may be hairstyling but you need to fall in love with sharing about your business through Facebook, Instagram, Twitter and other social media platforms that are relevant to your audience. Remember to strive for a mix of discounts, styling tips and trends. The use of visuals are extremely important in this business. Your followers will want to see those beauty shots.
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4. Forgetting that you’re in business to conduct business. We get it. You have friends, family, friends of family, friends of friends. If you start giving free or discounted services to everyone, you’re headed for disaster. By all means, go ahead and offer discounts — just to all your customers and prospects as a way of generating new business. Consider offering these during your less busy periods — after holidays, for instance. Be strategic.
5. Managing your operations haphazardly. Whether you’re operating your business as a booth rental or as a studio salon, it’s important to regularly analyze your expenditures and your earnings to ensure that you’re profitable. Many companies can operate with a steady stream of clients without ever making a profit. After reviewing your operations, you may determine that you could better manage your time or raise your rates to ensure profitability.
-Easy for you, Easy to love-
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