In episode 71 of the Hello Hair Pro podcast, we talk about common misconceptions about running a business. Then we dive into the value of perseverance before rounding out the episode with some tips for success. Jen has been doing hair for over twenty-three years and has accumulated some serious insight behind the scenes. She's worked as an employee, rented a chair, and then spent the last thirteen years building two salons. I (Todd) have run and managed businesses, including a trucking company and several restaurants, before opening my own micro gym business, which I operated for ten years before joining Jen and building Hello Hair Co. We've seen a lot and want to help others avoid and work through some of the mistakes we've encountered throughout the years. Let's jump in! Common misconceptions The overnight success One of the biggest misconceptions about business is the idea of overnight success. When you first launch your salon or other business, getting caught up in the excitement and falling into the trap of thinking that success is just around the corner is easy. Unfortunately, the reality is that most businesses don't make it past year one. The ones that do make it learn that it takes time and hard work to build a successful salon business. Get rich quick Another misconception is the idea of "get rich quick." Starting a business is not a quick way to make money. It takes time, effort, and dedication to build a profitable business. You should maintain realistic expectations about the time and money it will take to get your business up and running. It's low risk Owning a business being low risk is another misconception. Starting a business is a high-risk venture, and it's important to understand that there are no guarantees. You need to be prepared for the possibility of failure and have a plan in place in case things don't go as expected. There's no need for business education and experience Another misconception is that you don't need any education or experience to start a business. While it's true that you don't need a formal education to start a business, it's essential to have the knowledge, experience, and an understanding of how companies operate. This knowledge will help you make informed decisions and increase your chances of success. Too often, we see people dive in head first with little to no planning, only to be stopped hard in their tracks. Everyone can be an entrepreneur Not everyone can be a successful entrepreneur. Starting a business is not for everyone and requires specific skills and characteristics. It's important to be honest with yourself about whether or not you have what it takes to be an entrepreneur. If you don't naturally possess the qualities needed, you'll have to take the time to develop them. Perseverance The importance of perseverance It's important to understand that there are no guarantees of success. Most people will close their businesses within their first year of operation. Perseverance is crucial for any entrepreneur hoping to avoid adding to failure rate statistics. Overcoming obstacles There will be many obstacles along the way. Some of those obstacles you'll expect, but many will come as a surprise and throw you off your game. You'll want a strong sense of perseverance to overcome these obstructions and keep pushing forward. Without perseverance, it's easy to give up when things get tough, which can be the difference between success and failure. Long term vision Perseverance also allows you to adopt a long-term mindset. Business is not a short-term venture; it takes time and effort to build a successful business. A long-term mindset lets you see the bigger picture and focus on the end goal rather than getting caught up in short-term setbacks. Resilience Perseverance also helps you to become more resilient. Resilience is the ability to bounce back from failure and keep moving forward. It's important to understand that failure is a part of the process and is not the end of the road. Perseverance allows you to learn from your failures and use that knowledge to make better decisions in the future. Adapting to change Perseverance also helps you to adapt to change. The business landscape is constantly changing, and it's crucial to pivot and adapt to new circumstances. Perseverance allows you to stay focused on your goals, even when the path to success is unclear. You must be flexible and open to new ideas and changes. Without perseverance, it's easy to give up when things get tough. Keep pushing forward, and don't give up on your dreams. Tips for becoming successful As a hair professional, you know that success in the industry takes more than just a passion for hair. This is especially true regarding opening and running a salon business. Here are some thoughts for success as a hair professional: Develop a strong business plan Firstly, you must develop a strong business plan. This means defining your target market, services, and pricing and setting clear goals and strategies for achieving success. A strong business plan can help you stay focused and on track as you grow your business. Your business plan guides your decision-making and how you steer the company. Networking Networking is also an essential aspect of success in the hair industry. Building relationships with other hair professionals, salon owners, and industry influencers can open doors to new opportunities and provide valuable advice and support. There's nothing wrong with starting the conversation on social media, but creating relationships in the real world trumps all. Seek out mentorship Seeking out mentorship can also be a valuable asset on your journey to success. A mentor can guide, advise, and support you as you navigate the challenges of starting and growing your business. Friends, family, and colleagues are ok, but the overwhelming majority of successful business owners will pay for mentorship because they understand the value and the return on investment. Continuously learn Like the technical aspects of doing hair, continuously educating yourself is also a key component of success in the business world. Stay informed about the latest trends, tools, and developments in business to stay competitive. Flexibility and adaptiveness Being flexible and adaptive is crucial. The salon industry is constantly evolving, and it's important to pivot and adapt to new circumstances. Your success is independent of others It's paramount to recognize that your success is independent of others. Refrain from comparing yourself to other owners, focus on your goals, and stay true to your vision. The success of the salon across the street will not impact your ability to succeed. Closing thoughts In conclusion, success in the hair industry takes more than just a passion for hair; it takes a well-rounded approach. Develop a strong business plan, network, seek out mentorship, continuously learn, be flexible and adaptive, stay organized, and recognize that your success is independent of others. With the right mindset, perseverance, and action, you can achieve success as a salon owner. Book a call to learn more about how we can help guide you along your journey of salon ownership!