Inflation! The buzz word of today.
Turn on the news, talk to your piers, read any news article, buy groceries, get gas……..it’s here and it’s real!
Iv’e been through this before, as a Salon owner back in 2008. I won’t sugar coat it, it’s not easy.
Yet, it is a part of life and just like the past couple of years, we have to “adjust fire”. Change is the only constant in life. You can be sure, over the next several months there will be a lot of changes….both good and bad.
In speaking with several of my clients, it appears what I experienced in 2008 is what many are experiencing now.
Not able to find Technicians.
This is not a problem that has occurred because of inflation, it’s been an ongoing problem since the beginning of time. However, inflation does add to the challenge. Why?
- Schools are fewer. It cost more $$ to keep a school alive and consequently, many do go out of Business during trying times.
- Booth renting or room rental. Many Technicians think going out on their own, makes them more $$$. I’m sorry, this just isn’t true IF you are following all the rules and regulations of your State, your City and your Government. One would think that our Technicians would rather stay in a stable environment. However, it seems to be the opposite during these times.
- Fewer licensed Technicians. Part of why schools don’t survive during challenging times is when prices are raised, less attend school. Consequently, there are more jobs than there are Technicians. Heck it cost me $500 when I obtained my nail license. Now, we are talking about thousands of dollars
Over spending is another reason our Salons suffer during inflation. In a time when running a Business should be more frugal, many have not trimmed down what they spend.
Although any Business owner should know what their budget is, they should be reviewed and adjusted accordingly.
- Keep a careful eye on your product purchases.
- Stock only the quantities you need for a shorter period of time. Another words, don’t buy 3 months or a years worth, buy smaller quantities. Work with Companies you know will have what you need, when you need them.
- Check your frivolous expenses. Items like water, wine, coffee, snacks, pastries. Should you re-evaluate? I guarantee you your clients are not going to leave because you didn’t have a vanilla latte available for them.
- Re-evaluate your Business policies. Insurances for example. Even Business credit cards and such. Are you getting the most bang for your buck? Take advantage of the perks many Business cards are offering.
Contrary to what you might believe, personal services is STILL growing and growing strong.
We all knew that once Covid restrictions lifted, revenge beauty was going to come on strong…and it did. Article after article I am reading, continues to talk about how people are taking better care of themselves. Our Beauty Business is still growing strong.
However, we can’t rest on our laurels. What are you doing to keep your Business strong?
- Keep yourself visible.
- Social media. Targeting potential clients.
- Community events
- Get off the text and get on the phone. Talk to your clients, talk to clients you haven’t seen in a while.
- Join network groups
- Be creative
What I went through during our last inflation was very stressful.
I moved my Salon and expanded in 2003. With me came a full house of Hair Stylist, Nail Technicians, Massage therapist, Skin care specialist, Permanent makeup specialist. We were hopping.
By the time the recession hit in 2008, it was me. Me and me alone in my 2000 sq ft brand new, absolutely gorgeous facility. To survive I;
- Worked more hours
- Curtailed my spending
- Continued with my network groups
- Kept myself involved in local Businesses
- Kept creative
- Kept visible
There is a very major factor in survival during times of inflation.
We have to remember why we are in this Business in the first place. The #1 reason I hear is “to help people”.
One of the areas we can help others AND ourselves is to offer your clients “1 stop shopping”. INCREASE YOUR RETAIL availability.
- Toe/foot props
- Foot creams
- Hand creams
If you make these items available to your clients, they won’t have to nor will they want to drive all over town to purchase. We should have these items available anyway. As I’ve said before, why are you sending them to Walmart, Walgreens, CVS or whatever stores are near you? Reap the benefits of retail by making them available to your clients. Market your retail by stressing the idea of 1 stop shopping.
Also remember, Centre For Beauty offers assistance in setting up an on line store for you. $75.00 can get you a store with your name and logo and 10 items which you can offer through your store. Work smarter, not harder. Be creative in your marketing and keep those clients in your store…..not someone else’s.
Ultimately, it wasn’t inflation which caused me to get out of my Salon. It was the people.
I know you have heard this from me before, yet the best piece of advise I can give you is You are better off being alone than settling for a body to take up space.
- Always stick with your core values
- Always stay positive
You will experience change, you will experience struggles with personal, you will experience client concerns…..you will be able to manage it all.
Many people, because of Covid have already been weaned out of this Business.
If you are still here and reading this, you are something special. You survived! And, you will survive these times as well.
We have to remember…we are not alone. There are Businesses which have it way worse than ours and there are a few that may even have it better. My point is, it isn’t about them…it’s about you.
It’s about surviving through crisis and coming out stronger for it. Been there, done that and I will continue to fight for survival no matter what…..will you?