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Expanding Your Business: Risks and Rewards Expanding your business can be tempting for many salon owners. But is it the right choice? We're big on using BOTH sides of our minds, the creative side AND the logical side, for this exact reason. It's tempting to expand based on emotion and assume everything will be ok. Although, taking a look at numbers, logistics, and reality tell a different story. One thing is for sure; you must have a solid foundation, including systems in place, before expansion. Otherwise, you could be in for some serious overwhelm and frustration. This blog post will cover critical topics to consider when expanding your business, including franchising, multiple locations, and expanding your current location. We've owned and operated businesses in a ton of different industries for an accumulated 25 years or so, with ties to the beauty industry for over 23. Enough about us; let's dive in! Franchising: A Unique Expansion Option Franchising is a business model in which someone pays a royalty to use your business name, model, systems, etc. While rare in the hair industry , it's still an option to consider if you want to expand. The key to franchising is having well-established systems and processes in place and a strong brand that somebody can easily replicate. Admittedly, I'm not well-versed in franchising. If you're interested in exploring the option further, seek out someone capable of helping you. Multiple Locations: A Popular Expansion Choice One of the most common ways to expand your salon business is by opening another location. Multiple locations can help you reach a wider audience and increase your revenue, but it also comes with challenges. For example, you'll need to hire, train, and manage additional staff, increase your marketing and advertising efforts, and manage the finances of multiple locations. At this level, a management layer that's strong enough to run things in your absence isn't an option but a necessity. These people must be well-versed in and buy into your company's mission, vision, and core values. Expanding Your Current Location: A Lower-Risk Option Another option for expanding your business is to grow within your current location. This option might mean knocking down a wall, taking over another unit, or increasing your existing space's size in another creative way. Expanding your current space can be a lower-risk option than opening multiple locations, but it still requires careful planning and execution to ensure success. We strongly encourage the optimization of your current setup before expanding. One example is rearranging your salon layout to create space for additional stations, etc. Overcoming the Challenges of Expansion Expanding your business is not without its challenges, including: Perfecting your systems Hiring, training, and managing staff Increasing revenue to cover increased costs Marketing and advertising Financial management Increased risk It's crucial to keep in mind that bigger is only sometimes better. In most cases, expanding too quickly can lead to out-of-control increased costs, decreased revenue, and a lack of focus on your core business. Carefully and thoroughly work through a strategy and create a plan you can double and triple-check before making any moves. The Importance of Customer Service I've noticed a shift in the industry, or at least what's reflected on social media, that puts hair pros before the clients. That mindset is a massive mistake, puts businesses at risk, and is reckless. While I agree it's vital to have boundaries and take care of yourself, this is a service industry. Based on what I'm seeing, I assume the mindset stems from ego. I've worked for restaurants, gyms, delivery companies, etc., and when you put being of service at the top of your priority list, magic happens. Building solid relationships with your customers is vital to retaining their business, and providing excellent customer service is the foundation of this relationship. Some tips for delivering top-notch customer service include: Building and nurturing relationships Dealing with difficult or demanding customers effectively Communicating clearly and effectively Following up with customers to ensure their satisfaction Measuring and tracking customer service metrics In closing, expanding your business can be a rewarding experience, but it requires careful planning and consideration. Make sure you have a solid foundation, consider your challenges, and prioritize customer service to ensure your business is booming. Reach out to have a conversation and find out how we can help your salon business!

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!

It's a new calendar year; now what?

The state of the modern salon industry is a topic of much discussion and debate. From sign-on bonuses and employee retention issues to salon-hopping hair professionals and owners stuck in outdated practices, it's clear that something is amiss. So, what exactly is everyone looking for, and how can businesses better meet the needs of their employees and clients?

Perspective, Evolution, and Some Math!

This post is to scratch the surface on marketing and share some simple ideas

" Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all. " ~Dale Carnegie

" Don't sit down and wait for the opportunities to come. Get up and make them. " ~Madam C.J. Walker