You may cut hair all day, but you certainly don’t want to cut your profits. If you work as an independent hairdresser or barber, you have to run your own business. That puts the quest for profitability squarely in your hands.
If you can lower expenses without reducing the quality of your service, you keep your clients happy while putting more money in your pocket. If you’re renting a chair, that’s probably your biggest expense. You may want to shop around for a better deal or negotiate with your current landlord. For example, if you’re bringing in extra clients to share with other hairdressers, you may have the clout to work out a lower rental price. Also, look into ordering some supplies in bulk to lower their overall costs and reassessing your insurance liability coverage. You may even want to build a hair studio in your home so you don’t have to pay chair rent.
The busier you are, the more money you make. Plus, if demand is high, you can start to raise your prices. To reach new clients, take to social media. Post pictures of the best cuts and styles you do, and ask your clients to give you a shout out when they post SnapChats or Instas of their new dos. If social media isn’t your thing, reach out to old clients through email or over the phone, and entice them back into the chair with shots of your latest work or special offers. You may also want to consider traditional marketing, such as direct mailings, flyers handed out on the street, and newspaper ads, especially in small communities.
Get Out of the Salon
Whether you work out of your home or rent space, consider getting out of the salon. For example, wedding parties often want hair stylist to help with updos at the wedding venue. Senior citizens who have trouble leaving their homes may also be interested in paying barbers to come to them. If you make your business completely mobile, you reduce your overhead substantially, which helps with profits.
If you can also earn commission or profit selling hair styling products, you should focus on increasing sales. A few well-timed suggestions or introducing clients to a new product can help to boost sales. If you have a hard time selling the products you have, consider looking for new products. It’s a lot easier to sell hair products if you truly believe in them. Also, remember to upsell services. If you let your clients know about your blowouts or suggest a few highlights, they may become interested in taking the plunge and paying for that service. In addition to these ideas, make sure you’re focused on a goal. Outline how you want to build your business, and take steps to expand it (even in small ways) every day. Track your profits and profit margin so you always know how much you’ve grown.