- Have a clear Mission, Vision, and Core Values
In our salon, The Skin Coaches, when we first started, we had a mission and a vision sort of! It wasn't solid enough that every time we looked at it and thought its strong enough for our salon to actually propel itself into the future and build a legacy for myself and my family. So until we really started to structure our mission, vision, and core values, that's when things started to shift.
In our salon, The Skin Coaches, our vision is to ‘Make people feel beautiful’, and our mission is to ‘Be the destination clinic of the Outback, to transform, educate, and inspire our clients and their skin’. My mission and vision and core values here at Millionaire Salon Coach is: My vision statement, ‘To transform and impact 200,000 beauty salons. My mission statement is ‘We create financially free beauty salons through alignment of mission, vision, and core values’, and my core values are engage, educate, inspire, teamwork, growth, accountability, results.
As you can tell, with these, they sound like massive, massive statements, which is what they are. They're supposed to be massive statements, that every time you look at it, do you get butterflies in your stomach, does it inspire you to do greater things, does it inspire you to push your team of therapists in your salon to growth opportunities, get outside of your comfort zone? so you know you can add the most value, have the greatest impact in life, and from your salon to your clients that you can possibly have?
So check your mission, vision, and core values are absolutely solid. This exercise is vital, vital to your salons growth. Lets look at any other successful person in the world, look at Elon Musk, Jeff Bezos, Bill Gates, Warren Buffett, all those people, their companies have a clear mission, vision, and core values, that actually propel their team and their businesses into the future, which has helped them create their legacy. I'm not saying that it’s the only way they created hundreds of billions of dollars. But what it does do is inspire our team to want to achieve more, and gives them a bigger reason to actually work with our salon, for more than just money.
- Aligning Your Team
Aligning your team with your mission, vision, and core values is absolutely vital. It's fantastic once you've got your mission, vision, and core values set down. Print them out, put them on the wall, but then the next challenge is we need to align our teams with them, because if your team of therapists, technicians, clinicians, front of house, if they're not aligned with what your salon is about, with the foundation was built on, they're never going to be truly inspired to actually achieve the level of revenue and impact and results in your clients that you require them to, because they're not aligned. They're sort of just turning up for a paycheck. They're a little bit disengaged!
So the next challenge is making sure you align your team with your mission, vision, and core values, but to do this, we need to understand what your team's personal, professional, and financial goals are for 10, three, and one years. I know this sounds crazy, but we did this in our salon and we've replicated it time and time again. This has led our salon to be a multi-million dollar salon. I do not say that to impress you, I just say that to impress on you the importance of doing these things. But we weren't always like that! We never used to do all these things, so these five key strategies I'm laying out now were everything that we never used to do, and until we started to do this from the money and time I invested in my own coaching, this is when it really started to change.
So make sure that you align your team with that, but first, you have to understand what your team's personal, professional, and financial goals are. What do they want to achieve from working in your salon? Why should they thrive to do their best every single day in your salon? How is your salon going to help them succeed, grow, and become better in themselves and their lives? Once you get that nailed down, you're going to find that everything in your salon, your revenue, your sales, everything's going to start to increase, because everyone has a higher purpose and a clearer understanding of why they are there working for you in your salon.
Price your Salon to be Profitable not competitive
So often in our industry, we're so busy looking at our competitors to find out what they're doing. "Oh, are they copying us? Should we copy them? What are their prices like? Oh, I don't have as many clientele, because maybe my prices are too expensive. I'm $10 more than old mate down the road." By the way, I'm talking about myself here. This is how we used to think in our salon, but I'm saying this in hopes that you'll be able to resonate. "Oh, okay, look, our eyebrow waxes are $10, $14 more expensive than people down the road. Should we drop our prices?" We dropped our prices, and all it did was negatively affect our future, our income, and our revenue in our salon, and obviously our happiness as salon owners!
We had a high-end salon. I don't say that, again, to sound cocky. I'm just saying that to paint the picture, and our operating costs were higher, because we paid our staff a lot more money, but we tried to be competitive, and it actually turned around to bite us in the ass, because we were too busy trying to compete, not be profitable. We lost focus on why we were actually doing what we were doing, and this is before the time we had a clear mission, vision, core values, and had our team aligned with that, so you can see it all starts to tie into itself.
Until we really started to focus and ask, "Okay, what do I need to be to be profitable? How do I have to price my salon? Where do our products have to be priced? How do our services have to be priced?" Once we really knuckled that down, so to get to that point, I did some math!
Now, I'm saying math and everyone's like, "Oh, no, math." We know that numbers are absolutely... They can be boring, but they are vital to our success, because numbers tell us exactly how our salon's performing and exactly what we can and cannot purchase, or what do we have to improve on, or what do we need to cut out?
When I really started to focus on what our salon needed to make per hour, I knew then exactly that we had to increase a lot of our prices on our services. We actually cut out probably nearly five to six services out of our menu, because they just did not serve our mission and our vision, and they just didn't make us any money. We started to lose like $10 an hour on certain treatments, right? And over time, $10 or $5 an hour in certain treatments doesn't sound like much, but if you're doing 30 of those a week, it adds up. That's $300 that week, and if you start to span that out, 10 weeks, 12 weeks, 20 weeks over the year, that's six, 10, 20. That's 20 grand a year that you could be losing, so it's absolutely vital that you price yourself to be profitable.
Here's a quote I love, "Price is only an issue in the absence of value," so the more value you can add to your clients and the more perceived value that you can give them and they notice it, they're going to be happy to pay the price, the higher price. I know it's fearful, I've been through the process of raising our prices and thinking, "Okay, how many clientele am I going to lose?" But if you can add that extra value where they feel like they're worth the money that they're paying, they feel like they're more than the price that they're paying, which they should be!, then they're not really going to crack a stink about the price you're charging.
Some people might argue about the prices, but that is completely normal. You just have to figure out how you can get past that objection and still charge that price, because you're worth it, your salon's worth it, and your team are worth it, and your clients are worth it. So make sure your salon is priced to be profitable, not competitive.
Once again, I know this sounds crazy, but I'm telling you this will be the turning point in your salon. If you do feel stuck with it, if it's not something you're comfortable with, we've been through the whole process, so reach out to myself
Click the link below, and book a meeting with myself, and we will go through exactly how you can successfully increase your prices in your salon without getting too many objections or challenges from your clients!
Implement a Incentives Program
Once you've done number three, your salon's priced to be profitable, you're starting to make more money, then you can start to implement an incentives program.
What this does is highly motivate and highly inspire the team to do more. For example, in our salon, once we did one, two, and three, we did number four, an incentives program, and then some therapists, on the regular, take home $600 extra a week on top of their weekly wage, so anywhere between $300 to $600. You do that, that's an extra $24,000 that they're taking home annually on top of what they're already getting paid, and that does not leave the salon out of pocket. The salon actually makes two-and-a-half times on products and then 3.2 times profit revenue on services, and the therapists and the staff also get incentivized, so the salon makes money and the therapists make extra money, so what it does, it creates an environment of inspiration, motivation, and confidence, right? It instills an environment, a salon environment and a salon vibe, of security, and self-growth, and achievement. So implementing an incentive program's absolutely vital, but first, you have to really make sure that you do number one, two, and three.
- Invest in your Self Development
Make sure that you invest in your self-development, because for you to become a more effective leader and salon owner, you first need to develop yourself, so you know what areas you need to move forward and what areas you need improving on! You will know how to create a better team of therapists.
The more you increase your self-development, the more you increase your mindset and your awareness. You are going to be able to have a better mission, vision, core values, align your team, and not be so concerned about how you're charging, pricing, and selling. So, the better you invest in yourself, the better you're going to grow, the faster you're going to grow, the more impact you're going to have.
I'm sure you've experienced things like this in your life before in the past, so for example, for myself, I spent... Once again, I'm not saying this to brag. I'm just saying this to say how important it was for me. This is what I needed to do for myself, so I could become a better parent, a better leader, a better salon owner, and a better person for my community. I invested over $100,000 in self-development, actually $150,000 in self-development, with my business coaches. I did that because it's just what I needed personally, and we've made a lot more money off that from me making that investment, so investing in your self-development is not a cost, It's not an expense, It's an investment. I highly recommend investing in your self-development.
Once again, if you're not too sure who to go with, click the link below and book a call with myself. Let's get a discussion going, because I would love to see your salon's growth and success go 10 times more than where it is now, so you can have more abundance in your life. Let's go!
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