“Your greatest asset is your earning ability. Your greatest resource is your time”. Brian Tracy
Whether you own your own beauty business or work as a therapist in a salon or spa, it’s highly likely you’re there to make money.
Providing you’re well trained, friendly and professional, the chances are you’re running a busy column and your salon or spa is buzzing with guests. However, are you making the most of your earning potential?
There are only so many hours in the day, so there is a limit to how productive any single person or treatment room can be. You’ll eventually reach the point where you just can’t earn any more from treatments, even if you wanted to.
If that’s the case for you, what can you do to grow your business?
Here are my top 4 tips to leveraging your time and making more money:
Sell retail products
Selling products will turbo-boost your business. Let’s take an example:
Mrs Smith comes in every 3 weeks for lash extensions, which means you’ll see her roughly 17 times a year. She spends a total of £595 on lash extensions and lash extension top ups.
Each time she comes in you sell her a related product, such as a sealer, mascara, make-up remover or eyeliner. As a result, Mrs Smith spends an average of £15 per visit on products, increasing her annual spend to £850 per year.
Now imagine you had 50 clients like Mrs Smith. By selling similar products to each of these clients, you could increase your turnover by £12,750 per year, with arguably very little extra effort. Not bad hey?!
Action: Stock up on your retail products and don’t be shy to promote them.
Become an affiliate partner or independent consultant
Being an affiliate is similar to retail in a way, however rather than buying the products wholesale and marking them up, in this case you’re usually selling someone else’s stuff in return for commission.
Another way of doing this is to become an independent consultant for a direct marketing company like Arbonne or Neal’s Yard, building a new revenue stream on the side.
Action: Ask yourself, ‘what complementary brands could I confidently promote that my clients would love?’
Grow your team
Consider adding a new member to your team. Maybe you could invite in a complementary therapist who offers a different treatment? Maybe you could add a part time therapist to cover the days you have off?
Action: Managing a team isn’t for everyone, so talk the pros and cons through with someone you trust before jumping straight in.
Raise your prices
Sometimes the best thing to do is to raise your treatment prices. Maybe you’ve invested heavily in training and development and know you offer a great service that clients love.
Many salon owners and mobile therapists worry they will lose clients by raising their prices. The fact is, you’ll probably lose a few. However, you’ll be bringing in more money from fewer clients, which will more than make up for any losses.
Action: Ask yourself, ‘Am I charging what the service is really worth?’ Benchmark your local competitors, audit your website and marketing materials and make any tweaks necessary to up-level your image and service.
I’d love to hear from you. Share your business development challenges and strategies by leaving a comment below.