Bridget Haren
I’ve been in the industry now for over 27 years and have built a multi award winning salon business. As I worked my way through the Money Course, I realized that I had been missing a piece of the puzzle. It wasn't just about understanding numbers; it was about gaining clarity and confidence in managing my salon's finances properly.
Before the Money Course, I had already enrolled in the Super Stylist and Management courses, both of which proved to be extremely beneficial in other aspects of salon ownership. The Money Course was the next step for me because it tied everything together and showed me a clear vision of where I needed to go with my business.
One of the biggest things for me was that I really wanted to be able to go to my accountant and know what she was talking about because, prior to the Money Course, I didn’t feel knowledgeable or confident enough to do that.
As the salon owner, I wanted to know what it was costing me on a weekly basis to keep the doors open. I wanted to know what it would cost me to turn on the lights, how much it costs me in staff, how much my wages are, what my colour percentage is. Because once you are able to measure and understand that, then you are able to focus on what is and isn’t working.
Now when I meet my accountant, I have a clear understanding and don’t just nod along but actively participate in the financial discussions about my business. The Money Course really helped me and gave me the confidence to be able to go in and say, “No, I need this to be where I need it to be so I can understand it.” It helped me to explain what I needed from my accountant and not just what she needed from me.
An important thing for me was that I needed to reduce inventory costs because products that are just sitting there are not making you money. So with the templates that are actually in the management course and the templates that are in the money course, what I was able to do was use those templates to create what I needed for my business.
So, after the money course we were able to put a process in place so that we have better control of our inventory because I now know exactly how much stock I need or don't need.
Another aspect that was important to me was the emphasis on benchmarking. For years, I'd been flying blind, unaware of how my salon stacked up against industry standards. The course not only provided benchmarks to strive for but also guided me on how to achieve them.
Implementing the strategies learned from the course has had a positive impact on my salon's success. By managing and reducing inventory costs and understanding the importance of cash flow and developing staff targets, I've not only increased revenue but also created a more motivated team. This has had a positive impact on every aspect of my business, from client satisfaction to employee morale.
The online format of the course was another highlight for me. As a busy salon owner, flexibility is key, and the ability to access the course at my own pace was amazing. The coaching calls provided additional support, and it was good to see fellow salon owners facing similar challenges.
I've actually loved working through the courses, they all align with each other. The Super Stylist course really set us on fire as a team, and combined with the Management and now the Money course, It's brought me back to loving my business again
I now understand the financial side of my business better, I'm being more responsible about it. I’ve put systems in place so that I know the expenses that are coming up, so I've already put the money aside because I know it is up to me to grow my business, and it is up to me to know all these things.
If you don't know about the money side of your business, then you shouldn't be in business because you're setting your business up for failure.
The Money course really made me open my eyes to the fact that it's my business, and I need to be in control of it. The confidence I have now from doing the money course is huge and I feel myself growing as a business owner.
