Business Builder

Episode 208

5 September 2023

Across the world, financial management is typically the single biggest area that salon owners struggle with.

When asked financial questions about their business, in many cases, their answer is a mixture of “I get my accountant or bookkeeper to look after that stuff,” or, “I get my wife or husband or partner to manage all that.”

And that's where the problem starts. The game of business is primarily a numbers game, and you can’t play the game if you don’t understand what the numbers are telling you! If you own a business, it’s your responsibility to get control of the numbers so that you can run it effectively. It’s not the responsibility of your accountant, bookkeeper, or anyone else to do that for you.

This episode was inspired by a question that was asked in the Grow My Salon Business Money Course, and it demonstrates how the depth of a seemingly simple financial concept can only be discovered when you know the right questions to ask!

In this Episode:

[02:40] Why, as a salon owner, you need to understand the financial side of your business.

[03:32] The purpose of the Grow My Salon Business Money Course.

[04:14] The question that inspired today’s episode.

[05:40] Why you should run a daily sales report at the end of every business day.

[06:42] What you can learn from running a daily sales report.

[08:08] The different layers that lead to the results in a daily sales report.

[10:38] Why questions are comparable to Russian dolls.

[11:13] Confidence that comes with understanding the numbers side of your business.

[12:17] How to enroll for the Grow My Salon Business Money Course.

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!

They do matter in the rankings of the show and help other people find my podcast.

I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

Until next time!
Antony

Links and Resources:

Grow My Salon Business

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Episode 205

15 August 2023

“I have been in business now for ten years, and as a salon owner, I seem to work harder now than I ever have, but by the time I pay my team and the business overhead, there is never the profit left in the business that I had imagined!”

Does this sound familiar? Just because you are talented with a tint brush, a pair of scissors, and a blow dryer doesn’t mean you are automatically going to be able to run a successful salon business. But don’t despair; just like you learned how to be a brilliant hairdresser, you can learn to be a brilliant business owner too.

A lack of “business savvy” is one of the main reasons that so many salons don’t succeed, and so in today’s episode, I’m going to share with you the six most important elements to focus on to ensure that yours doesn’t become one of the unlucky ones.

From setting budgets to managing revenue projections and lots more, tune in today to get a better understanding of how you can achieve your financial goals as a salon owner!

In this Episode:

[00:47] Where to find out more about the Grow My Salon Business Money Course.

[01:29] The question that inspired today’s episode.

[03:10] The main reason that hairdressers choose to open their own salons.

[03:40] A common misconception that hairdressers have about opening a salon.

[04:11] Why so many salons are not financially successful.

[04:40] The importance of taking responsibility for your finances as a salon owner.

[05:55] How to “get business savvy.”

[07:36] Why you should never underestimate the importance of setting budgets.

[09:41] The importance of measuring and monitoring key performance indicators.

[12:03] How profit is defined and how much profit the average salon makes.

[13:00] Advice for finding the balance between pricing and productivity.

[13:52] How to conduct a financial performance evaluation.

[16:09] Invaluable resources to tap into on your journey as a salon owner.

[16:49] An overview of the lessons that you will learn in the Grow My Salon Business Money Course.

[17:55] A reminder of the six points discussed in this episode.

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!
Antony

Links and Resources:

Grow My Salon Business

Money Course | Website | Facebook | Instagram | TikTok

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Episode 202

25 July 2023

As every salon owner knows, the employee costs in any salon are always the single biggest overhead. Over the past few years, the cost of living has been consistently rising in all parts of the world, and this is putting pressure on salon owners to increase wages.

Balancing combined employee costs so that your business can retain talent while still making a profit is a challenging task! In response to a listener's question, this episode focuses on how to determine what you should be paying your front-of-house staff.

All team members in a salon are important (and should be treated as such), but at the end of the day, a person’s salary should be directly correlated with the amount of value they are adding to the business!

In this Episode:

[01:21] The question that inspired today’s episode.

[01:40] Every salon’s biggest overhead.

[03:26] The challenge of balancing combined employee costs in your salon.

[04:16] How value should influence wages.

[05:55] Different titles that are given to front-of-house staff.

[06:51] Varying degrees of responsibility given to front-of-house staff.

[09:41] Why titles matter.

[11:04] A key factor that should determine front-of-house staff wages.

[12:48] Examples of how front-of-house staff value can be measured.

[13:52] Different ways to financially reward front-of-house staff.

[15:05] The risk you take by not increasing wages.

[17:40] The decisions you need to make before deciding on your front-of-house staff wages.

[18:28] Invaluable resources available on our website!

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!
Antony

Links and Resources:

Grow My Salon Business

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Episode 193

23 May 2023

Which of the five business stages are you and your salon business currently in? What is the vision that you have for your business? And what is currently holding you back from making it a reality?

Building and running a business is a journey, and like all journeys, it will be filled with challenges (and hopefully triumphs). Unfortunately, many businesses fail before they even really get going; don’t let yours be one of them!

There are five clear stages in the game of building a business, and in this episode, I run through what it takes to successfully get through each of them and make it to the next.

In this Episode:

[01:27] The importance of continuous evolution on your business journey.

[02:49] Obstacles that you may be faced with as a business owner.

[04:46] Characteristics of Stage One of business ownership.

[05:50] Factors that commonly prevent salon owners from progressing from Stage One.

[07:32] Stage Two: Learning to work “on” rather than “in” your business.

[09:00] The resource that can help you extract yourself from certain aspects of your business.

[09:45] What a successful and an unsuccessful Stage Three looks like for salon owners.

[11:21] Stage Four: Rinse and Repeat.

[12:49] Stage Five: Building a legacy.

[14:13] Questions to ask yourself to help determine where you currently are on your business journey and how to get to where you want to be!

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!
Antony

Links and Resources:

Grow My Salon Business

Website | Facebook | Instagram | TikTok

Salon Management Checklist

The E-Myth Revisited

Book

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Episode 188

17 April 2023

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!

Antony

Links and Resources:

Grow My Salon Business

Money Course

Website | Facebook | Instagram | TikTok |

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Episode 185

28 March 2023

When you buy an existing salon business, there will inevitably be things you want to (and possibly need to) change.

Sometimes everything goes well, and the transition is a huge success for the new owner, the employees, and the clients. However, just because the salon business model is simple doesn’t mean a salon is a simple business to run, and taking over an existing salon can also end in tears, financial losses, and half of the team walking out.

Nobody wants the latter experience, so tune in to this episode to hear what you can do to limit the risks of buying a business and make the experience a positive one for everybody involved.

In this Episode:

[01:54] Common reasons for failed salon takeovers.

[04:01] The importance of having a deep understanding of the business that you are buying.

[07:06] Advice for building relationships with existing team members.

[08:07] Examples of small, easy changes that are often beneficial to make early on as a new owner.

[09:13] How to approach your dealings with the “unofficial leader” of an existing salon.

[12:14] The importance of treading lightly but also accepting that you won’t be able to make everyone happy when you are making changes to a business.

[14:24] Key factors that are likely to cause tension when they are altered.

[17:06] Why involving your team in some of your business decisions is a good idea.

[18:50] A foundational pillar of a successful business: open, honest communication!

[20:20] A reminder that everyone is replaceable, and it takes time to become the true “owner” of a business culture.

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!
Antony

Links and Resources:

Grow My Salon Business

Website | Facebook | Instagram | TikTok

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Episode 182

7 March 2023

Change is a theme that has been coming through strongly in the interviews that I have been having on the show.

Even though we are in the ‘business of change’ (i.e. we change the appearance of those who sit in our chairs), the salon industry is often slow to embrace things like changing attitudes, technology, or business models.

In business and life, I firmly believe that change is not only good for your business but also essential for keeping you inspired and motivated. But I am just as firm in my belief that some foundational elements don’t ever need to change.

So, tune in for an episode where I share my thoughts on implementing change while being careful not to throw out the good with the bad!

In this Episode:

[02:51] How your values evolve over time and subsequently influence your career.

[04:41] Foundational skills that are essential to success in the salon industry.

[06:48] The challenge of developing people skills.

[07:37] “If people don’t like you, then they don’t like what you do.”

[07:42] Inevitable changes that will continually take place in the salon industry.

[08:01] The timeless qualities that will never go out of fashion!

[08:19] An brief overview of our Super Stylist course.

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!

They do matter in the rankings of the show and help other people find my podcast.

Antony

Links and Resources:

Grow My Salon Business

Website | Facebook | Instagram | TikTok

Super Stylist Course

Find out more

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Episode 178

7 February 2023

If you stopped ten hairdressers in the street and asked them what marketing is, you would probably get ten different answers.

I’m going to guess and say that a big percentage of them would say that marketing is advertising.

And a big percentage of people these days would talk about marketing as being social media.

The majority would also probably say that marketing is about getting ‘New Clients’ into the salon, and perhaps that’s where the problem starts. Because although they are not wrong, marketing is about so much more than that.

In today’s podcast, I talk about what the purpose of marketing really is.

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!

Antony

Links and Resources:

Grow My Salon Business

Website | Facebook | Instagram | TikTok

Grow 4 Marketing Book https://growmysalonbusiness.com/books/

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Episode 174

10 January 2023

Most salon owners want more!

They want more team members.

They want more productivity from the team.

They want more consistency in standards.

They want more time for themselves away from the business.

And they want more profit in their business.

There is nothing wrong with salon owners wanting all of these things and more!

And all of this is possible.

But it involves work, commitment, and an investment of your time and money.

Now isn't the time to cross your fingers and rely on ‘hope' as a reliable business-building strategy.

Now is the time to get proactive and transform your business by finally getting on top of the ‘Management' side of creating a successful salon.

In today's podcast, I talk you through:

- How to develop a vision for your business.
- Why you need to define a culture that reflects your values.
- How to build a business that is not a part of you but apart from you.
- How to develop yourself as a leader and manager.

And lots more!

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!

They do matter in the rankings of the show and help other people find my podcast.

Links and Resources:

Grow My Salon Business

Website | Facebook | Instagram

To find out more about the Salon Management Course, visit GrowMySalonBusiness.com/Course/Management

Free Download

I have put together a freebie just for you! The Salon Management Checklist allows you to mark off what you currently have in place in your business so that you can identify where there are opportunities for you to improve.

Click here to download the Salon Management Checklist.

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Episode 169

29 November 2022

Over the last few days, I’ve released three short videos (each less than 20 minutes) about creating a productive and profitable salon culture, and I’ve repurposed that video content for this podcast episode.

Working in the salon industry is an exciting journey that can be broken down into three broad stages, each of which comes with its own problems and its own solutions. Getting the doors of your business open is just the first step, and it’s so important to be prepared for what comes next!

Whether you are just starting out with your first salon or you’ve been in business for a while, this episode is full of insights from my experience in the salon industry that will be useful for any stage of your journey!

In this Episode:

[03:17] Stage one: opening a business.

[04:11] My first experience of opening a salon.

[05:39] The day that signalled a turning point in my business.

[09:13] One of the most important roles of a business leader.

[10:38] Why the commonly held “build it and they will come” belief is false.

[12:57] Stage two: building a sustainable business

[15:13] The key factor that separates successful people from unsuccessful ones.

[15:37] A story that highlights the importance of paying attention to the finer details.

[18:25] The four categories of hairstylists that can be found in most salons.

[20:32] What it takes to be a Super Stylist.

[22:55] Stage three: building a scalable business.

[25:11] The 6 Key Performance Indicators that you should be focusing on to maximize productivity in your salon.

[27:57] An example of how you can transform your business by changing your mindset.

[29:40] The biggest challenge that salon across the world are facing today and advice for how to overcome it.

[36:26] How to make your next year better than the last!

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!

They do matter in the rankings of the show and help other people find my podcast.

Until next time!

Antony

Links and Resources:

Grow My Salon Business

Free 3-part video series – www.growmysalonbusiness.com/threevideos

An Invitation to Super Stylist – www.growmysalonbusiness.com/ssinvite

Website | Facebook | Instagram | TikTok |

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