21 March 2022
After a challenging few years where our lives were ruled by the fast-spreading pandemic, we have now learned to live with it in our midst. However, this adjustment has taken a long time, during which many business owners have struggled to make ends meet – let alone make a profit.
One industry hit particularly hard was the salon industry. Due to social distancing guidelines and restrictions on in-person appointments, many salons were forced to close their doors. Many salons had to close for good because they did not have the finances to stay afloat. So, as we emerge from the effects of the pandemic, it is no surprise that salon owners want to increase their business profits to enjoy better financial stability.
Whatever stage of growth your salon is in, this article will provide you with the tools you need to increase your profitability and grow your business.
As a salon owner, one of the best tools you have available is control over your salon pricing structure. If you want to increase your profits, the first thing you should do is review your pricing.
According to Info Entrepreneurs, “the price you charge for your product or service is one of the most important business decisions you make. Setting a price that is too high or too low will – at best – limit your business growth. At worst, it could cause serious problems for your sales and cash flow […] Established businesses can improve their profitability through regular pricing reviews.”
When reviewing your pricing you should consider; how your prices match up to the industry standard, the benefits your customers gain from your service, and how to cover your fixed and variable costs.
Business owners are always tentative about increasing their prices and this is understandable. After all, increasing your prices might mean you lose clientele. However, if you are transparent about your pricing changes and you take the time to explain any increases to your clients, you will be less likely to lose custom and more likely to strengthen your relationship with your clients.
As a business owner, your priority should always be meeting your clients’ needs. Peoples’ lives are increasingly busy and what today’s consumer wants more than anything is convenience. According to Forbes, “the easier it is for them [customers] to get needed information and complete a purchase with you, the happier they’ll be. In the long run, convenience may just decide your ability to grow your business.” And there is nothing more convenient than contactless payments.
Business owners are increasingly looking for ways to appeal to their customers and stay ahead of the competition. Contactless payments are an increasingly popular payment method for businesses as they allow customers to make fast payments on the go, with the tap of their card, wallet, or phone. Contactless payments make it easier than ever before to accept payments from your clients, offering convenience to both the customer and the business owner. It’s secure, easy, and fast.
When you run a salon, it’s fair to say you spend most of the day rushed off your feet. From answering the phone and booking appointments to welcoming customers through the door and ensuring everyone pays before they leave, there are plenty of demands on your time. There are only so many hours in the day. So, if you want to increase your salon profits this year it’s important you make the most of the technology available to you.
SalonIQ’s booking software is the perfect way to run your business effectively, free up some of your time, and increase your salon profits. With the help of SalonIQ’s booking software, you can accept bookings from customers 24/7, manage your diary online, and maximise your client bookings.
Did you know that 81% of customers are anxious about calling a company and booking an appointment? Simply providing customers with the option to book online can increase your customer intake dramatically – especially since 40% of online bookings actually happen outside of business hours. Sometimes, adopting the right technologies can be one of the best ways to boost your profits and grow your business.
Online banking is one of the most effective ways to increase your salon profits and maximise salon efficiency. The more you know about your business finances, the better. Without online banking, it can be very difficult to closely monitor your finances and understand business cash flow. With online banking, you can keep an eye on every transaction that goes in and out of your business, set aside tax, make faster transfers, pay invoices and employees with ease, and keep track of your earnings.
If you want to increase your salon profits, managing your money is essential. According to Forbes, “with online banking services, companies can save both time and resources while also keeping track of their expenses in a convenient and cost-efficient way. Gone are the days when a company representative had to go to the bank in-person to deposit a check or withdraw cash for wages, as all of these operations can now be done almost exclusively online.”
If you want to increase your salon’s profits, you need to upskill your staff. Online training tools are a great way to do this. Online training can be completed from anywhere, making it a convenient option for many business owners. With online training tools, you won’t need to request that staff stay after-hours to attend in-person training events. Instead, they can complete their training online and in their own time.
Utilising online training tools is one of the best ways to boost profits across your business. Rather than having one or two people who specialise in providing certain services, you can upskill your whole team so that if an individual is off sick or booked up for the week, you can still offer the same quality of service to your clients, regardless.
According to The Hub, “learning and development strategies are constantly evolving, as technology continues to push through new and exciting opportunities. Now is the time to ensure that you don’t let your business or employees fall short due to sub-par development opportunities.” If you want to boost your business profits, engage and retain your employees for the long term, and grow your business, you should be taking advantage of online training opportunities.
The world of business is constantly changing and evolving. Technology is making business ownership more manageable than ever before. We believe that with the right tools, and plenty of hard work and determination, you can increase the profits of your salon for long-term success.
Megan Johnson is a professional nail technician and nail artist based in London. Passionate about promoting a more sustainable and eco-friendly business model within the beauty industry, Megan enjoys sharing her experience and advice as she continues to grow her client base and presence in the industry. Follow Megan on Twitter: @MeganJohnsonUK.