Money
Episode 278
14 January 2025
Being in business isn’t easy in fact, “Being in business is hard, and it’s not about to get easy, so stop waiting for it to!”
Having said that, being in business brings with it opportunities for personal and professional growth, a sense of control and opportunities for financial gain as well as the flip side of financial gain, which is obviously ‘financial loss’.
And it's the financial side of running a business, which is typically the weak spot for salon owners everywhere, so in today's short podcast, I talk about the five key areas you have to get on top of when it comes to creating a financially successful business.
IN THIS EPISODE:
00:40 The Challenges and opportunities of running a business
01:53 Why some businesses succeed and others fail
04:06 The importance of financial management
06:09 Five key steps to financial success
09:05 How we help salon owners gain clarity and confidence in handling their business finances.
Want MORE to help you GROW?
📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/
🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/
RATINGS + REVIEWS
🙏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.
👉 Here's what you do:
– On your phone, Click here (Read steps below first)
– Scroll down to ‘Ratings & Reviews'
– Tap on the empty purple stars and rate 5 stars
– Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏
Until next time!
Antony
RESOURCES MENTIONED IN THIS EPISODE:
Join the waitlist for our upcoming Online Money Course https://growmysalonbusiness.com/courses/money
👉 FOLLOW US!
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Episode 273
10 December 2024
Every salon owner wants their business to grow, but many never break down that desire for growth into a tangible action plan for how to bring that real growth about.
Growth begins with first defining ambitious but achievable growth targets, identifying who and where the potential for growth will come from and then ensuring that your team has the resources needed to deliver on the goal.
In today’s episode, I talk you through a real example of how one salon owner increased her salon’s annual revenue by $100,000 so that she could pay cash for a new BMW just through an increase in salon hair treatments.
IN THIS EPISODE:
[00:57] The Importance of growth in your salon business
[02:05] Setting realistic growth goals
[03:49] Identifying growth opportunities
[04:42] Creating a strategy for predictable growth
[05:37] Breaking down the numbers
[07:01] Overcoming challenges to achieve growth
[09:48] Recap and final thoughts
[13:06] Additional resources
Want MORE to help you GROW?
📚Check out our Bestselling GROW Books https://growmysalonbusiness.com/books
🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/
RATINGS + REVIEWS
🙏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.
👉 Here's what you do:
– On your phone, Click here (Read steps below first)
– Scroll down to ‘Ratings & Reviews'
– Tap on the empty purple stars and rate 5 stars
– Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏
Until next time!
Antony
RESOURCES MENTIONED IN THIS EPISODE:
👉 FOLLOW US!
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Episode 267
29 October 2024
What does it take to produce half a million dollars a year behind the chair?
Turns out it’s not being a celebrity stylist, or a fashion week back stage superstar stylist or having a huge social media following.
Instead, it’s about stability, relationships, giving clients a great experience, word-of-mouth referrals, being organised, being goal-oriented, looking after yourself, consistency, flexibility, listening, hard work, making genuine connections, and genuinely being a nice person.
Today is another episode where I am talking to a hairstylist who you may not have heard of before.
But amongst other things, what makes her so special is that she produces very high revenue figures behind the chair…
And I want to find out what it takes to do that.
My guest on today's Podcast is Maxwell Snow from the Van Michael salons in Atlanta, Maxwell is one of those hairstylists who produces around half a million dollars a year behind the chair…
In today’s podcast, we will discuss:
- What’s the key is to doing extraordinary numbers behind the chair…
- The benefits of working a four-day week
- Finding balance
And lots more!
IN THIS EPISODE:
[00:49] Meet Maxwell Snow: High-earning hairstylist
[02:53] Discussing Maxwell's revenue and earnings breakdown
[04:45] Maxwell’s work ethic and clientele
[08:43] Daily routine and work schedule
[10:39] Maxwell’s specialisation and services
[15:59] Motivation, personal drive and overcoming challenges
[22:11] Embracing life after a near-death experience
[23:59] The importance of authenticity and hard work
[25:43] Balancing work and personal life
[27:39] Upselling and rebooking strategies
[36:33] Lessons learned and advice for newcomers
[42:59] Final thoughts and social media presence
RATINGS + REVIEWS
🙏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.
👉 Here's what you do:
– On your phone, Click here (Read steps below first)
– Scroll down to ‘Ratings & Reviews'
– Tap on the empty purple stars and rate 5 stars
– Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏
Until next time!
Antony
RESOURCES MENTIONED IN THIS EPISODE:
The Key to Six-Figure Salon Success with Brandon Darragh
What Does it Take to do Over Half a Million Dollars a Year Behind the Chair? with Denise Deering
From Small City to Big Sales: Jyl Craven's Path to $600,000
👉 FOLLOW US!
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👉 FOLLOW MAXWELL!
Episode 258
20 August 2024
We all have a money story. An event or series of events in our young lives that shape how we see money, how we value money and how either we learn to master money, or it masters you.
Inevitably your ‘money story’ will largely be influenced by your parents and your exposure to their habits and thoughts around money.
But as a business owner the money story you have from your upbringing and the thoughts and habits you have developed may not serve you well in business.
In business, you need to learn to master money, or it will master you.
That doesn’t mean that you have to become an accountant or bookkeeper.
But it does mean that you need to learn to manage the money that flows through your business so that you can build a profitable business and create the lifestyle that you want for yourself and your family.
In today's episode we discuss:
- Why not everyone should be self-employed.
- What your accountant’s job is.
- Why financial management is your responsibility.
In this Episode:
00:52 Childhood lessons on money
03:06 The reality of running a business
05:47 The importance of financial management
07:06 Your role vs. the accountant's role
08:37 Taking control of your salon's finances
10:05 Opportunities through financial success
11:09An invitation to the online 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
Website | Facebook | Instagram
The Money Course – Now open for enrolment
Episode 255
30 July 2024
Should you mix salon ownership with coaching, teaching, podcasting, session work, course creating etc?
These are all things that I have done or are currently doing… And they all provide reward, both in terms of personal fulfilment and the potential for financial gain.
And they are right for some people, and definitely not right for others.
In this week’s episode we look at the numerous opportunities that salon owners might consider pursuing and ask the question: are they a distraction or a benefit to building a salon business?
In this Episode:
01:57 Exploring the side hustle of coaching and education etc for a second stream of income
03:51 Antony’s career journey and how that led to growmysalonbusiness.com
05:14 Balancing salon ownership and side hustles
06:35 The realities of being a traveling educator
13:30 The challenges of coaching and education in the hair and beauty industry
15:00 The glamour and hard work of salon ownership
20:41 Final thoughts and resources
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
Website | Facebook | Instagram
Episode 248
11 June 2024
One of the ways we learn in life is by making mistakes.
But the problem is that the mistakes you make in business have a financial impact.
Sometimes, that impact is small, but other times, mistakes have a big impact on the profitability of your business.
So, as much as possible, although making the occasional mistake is inevitable, you need to learn from them quickly so that you reduce the chance it will happen again.
In today's episode, I'll discuss 9 ‘financial management' mistakes that many salon owners make every single day, and they pay the price as a result.
In this Episode:
[00:10] Learning from Mistakes: The Bike Analogy
[01:39] Financial Management Mistakes in Salons
[02:20] Mistake 1: Inadequate Pricing Strategy
[03:00] Mistake 2: Poor Cash Flow Management
[03:50] Mistake 3: Underestimating Operating Costs
[04:29] Mistake 4: Inefficient Expense Tracking
[05:19] Mistake 5: Not Understanding Profit and Loss
[06:32] Mistake 6: Poor Debt Management
[07:10] Mistake 7: Lack of a Salon Budget
[09:24] Mistake 8: Ignoring Financial KPIs
[10:20] Mistake 9: Over Staffing
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
Website | Facebook | Instagram
Episode 245
21 May 2024
What’s your number?
There is one number that we don’t talk about enough in this industry and that is probably because although it sounds simple to understand, it isn’t always easy to work it out.
So what’s the number I’m talking about?
It’s the number that represents the amount of revenue you need to generate each week to keep the doors open and keep the lights on.
And that number is referred to as your breakeven point… Or breakeven number.
In this episode I discuss why knowing the breakeven number is essential for every salon owner to ensure that you’re running a profitable business.
In this Episode:
[01:07] The one number that we don't talk about enough in this industry
[03:04] Typical errors salon owners make when estimating their breakeven point.
[07:32] Positive note: How knowing your breakeven number can guide better financial decisions.
[10:53] The formula for calculating the breakeven point
[12:04] Wrap-up: Where to find more information and links to resources.
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
Website | Facebook | Instagram
Join the Money Course Waitlist!
FREE Masterclass – ‘The Financially Savvy Salon Owner'
Register here to save your seat
Episode 241
23 April 2024
The entrepreneurial journey is an ever evolving process and every stage brings with it unique challenges and opportunities.
The creative aspects of the salon industry are often what attract people to it, but if you’re going to make a success of yourself in a creative industry, it’s every bit as important to focus on the financial side too.
Today’s guest is Sean Hanna, a London-based hairdresser and multi-salon owner, property owner, business consultant, and entrepreneur in the real sense of the word!
In this episode, we discuss:
- The phases that a business owner evolves through during a successful career
- The importance of managing the numbers
- Why you need an exit strategy…
And lots more!
In this Episode:
[02:35] Sean provides an overview of the six phases of business ownership.
[06:31] The question that Sean is most commonly asked by salon owners.
[06:52] Why Sean wrote his ebook, The Entrepreneur’s Guide to the Galaxy, and where you can access it for free.
[09:03] Finding the balance between the creative and financial elements of a salon business.
[12:31] Sean’s educational background and his approach to managing money.
[18:45] The motivation behind the founding of Sean and Skyler’s colour-only salon and the lessons they learned from it.
[25:02] Why you need an exit strategy and when you should start developing one.
[34:10] The evolution of Sean’s business and advice for growing your own.
[37:11] The model that Sean uses to help salon owners exit their businesses.
[40:36] Factors Sean takes into consideration when deciding whether to close a salon.
[44:43] Where you can connect with Sean.
[45:23] Final inspirational words from Sean.
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!
Special thanks to Sean for sharing his insights with me for this week’s episode. Until next time!
Antony
Links and Resources:
Grow My Salon Business
Website | Facebook | Instagram | TikTok | YouTube |
Sean Hanna
Episode 238
2 April 2024
Why is it that 80% of businesses that go to market never get an offer, meaning those business owners have to close the doors on all their hard work and walk away.
If you’re a salon owner, the day will come when you are going to relinquish control of your business.
This episode focuses on how you can increase your chances of being able to sell your business when that day comes rather than being forced to shut it down.
My guest is Zach Dogar, a business broker and exit strategy specialist in the hair and beauty industry.
In today’s podcast, we will discuss:
- Points for consideration when establishing the value of a salon business
- The biggest mistakes buyers and sellers make
- How to achieve the best sale price for your business
And lots more!
In this Episode:
[03:21] What Zach’s role as a broker entails.
[06:00] Some of the essential factors to take into consideration when valuing a business.
[10:36] Zach’s approach to dealing with assets.
[13:23] Why Zach takes a 5-year snapshot of a business’s financials when conducting a valuation.
[16:19] Why a business’s profitability is usually a deal-breaker for a sale.
[18:48] The three biggest mistakes that salon owners make in relation to the sale of their businesses.
[19:10] The biggest mistakes that buyers make when acquiring a business.
[22:57] When you should start thinking about your business exit strategy.
[26:08] The advantages and disadvantages of continuing to work in your salon after you sell it.
[30:41] How to choose a broker to help you sell your salon business.
[34:11] How the trend towards independent contracting in the salon industry is impacting the sellability of a business.
[36:09] Where to access a free questionnaire to understand the strengths and weaknesses of your business in terms of sellability.
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!
Special thanks to Zach for sharing his insights with me for this week’s episode. Until next time!
Antony
Links and Resources:
Grow My Salon Business
Website | Facebook | Instagram | TikTok | YouTube
Links to other related podcast episodes
Episode 006 | Episode 063 | Episode 185
ETS Corporate
Website | X | Facebook | YouTube
Episode 227
16 January 2024
In today’s episode, we’re going to focus on one of the most misunderstood concepts among salon industry professionals: the ‘P’ word (i.e. PROFIT).
Reliable data in the salon industry is often hard to come by. But, what is usually agreed on is that when it comes to profit margins, the average salon has a net profit margin of somewhere between 0-8%. The good news is that with a little bit of education and thoughtful strategising, that is something we can change!
So, if you’re unsure what exactly gross, net, and operating profit are, why you need to make a profit, or how to make your business more profitable, you’ve come to the right place!
In this Episode:
[01:37] The relationship between profit and return on investment.
[03:15] Why you can think of profit as a reward.
[04:02] The importance of profit for business growth.
[05:02] Additional benefits of ensuring your business is profitable.
[07:19] Why profit is such a misunderstood concept in the salon industry.
[08:58] The definition of profit.
[10:03] Typical salon business profit margins in comparison to those of other small businesses.
[10:45] The difference between a lifestyle business and a profitable business.
[12:03] Understanding gross profit.
[13:17] Understanding operating profit.
[13:34] Understanding net profit.
[15:32] Two strategies for increasing profit.
[16:51] How to develop a strategy for financial success.
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
Website | Facebook | Instagram | TikTok | YouTube | Money Course