Know Your Numbers in the Salon Industry.
As a hairdresser, you will be familiar with the numbers on a tube of colour or a bottle of peroxide, but if you don’t understand key performance indicators or profit margin percentages, you are doing yourself and your business a major disservice!
Hairdressers are known to be good at building relationships and thinking creatively, but within the industry, there is recognition that when it comes to ‘financial management,’ it’s often our weak spot. This is a generalization, but unfortunately, there is no doubt that it is a big part of the reason why so many salons don’t survive.
This episode explains the importance of knowing your numbers if you want to create a thriving, sustainable salon business (and where you can go to get this financial education!)
In this Episode:
[01:00] Common generalizations about hairdressers (that are mostly true!).
[02:21] The main reason that so many salons don’t survive.
[05:31] Factors that make the salon business model relatively simple.
[06:09] The misconception that many hairdressers have about opening a salon.
[06:58] Numbers that hairdressers are and aren’t (usually) good at.
[08:30] Problems that you will run into if you don’t understand the financial side of your business.
[09:43] The life-changing power of understanding your finances.
[10:43] Value in attending the Money Course I have recently launched.
Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!
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Until next time!
Antony
Links and Resources:
Grow My Salon Business