Future-Proofing Your Business

In this episode Nathan explains why he’s been away for the last few weeks, it was a time of reflection where he took some time to really think about his business and this show. What have been some of the challenges and what are the opportunities to future-proof the business? KEY TAKEAWAYS As a salon owner, like me, you are definitely starting to notice the difference in every part of your business. We have just ended our best year ever, but when you look at the bottom line you realise there isn’t a lot of cheese left. I’ve never been in that situation because I’ve always run our business as a proper business: focussed on profit, reinvesting capital back into my team and the business and continually trying to help it grow and scale We all know our costs are rising in so many different areas, costs on loans have changed, inflation has gone past 10% so everything has gone up having a huge effect on your bottom line. But, I took a step back and started looking at it in a positive nature and I thought: “What can we do to start future-proofing the salon?” We’ve got 6-18 months before there’s a slowdown. Let’s focus on the short term. How long until your clients drop a week off between visits? That length of appointments might start to stretch because families might start feeling the pinch and will cut back on certain things. You’ve probably got team members who are asking to be paid more for doing exactly the same job because they’re also starting to feel the impact of these things as well. We are also starting to make sure that, as a business owner, we look after our teams – they are your stock. What additional services can you offer? There’s probably more that you can do. How about offering a subscription service for your clients where every 8 weeks you send them a bottle of shampoo and conditioner and a styling product. Could you offer a loyalty programme where you offer your guests better rewards? Don’t give then a percentage off because it’s no good for you as a business, give them a free service, like a blow-dry or treatment, this way you’re utilising other members of your team. BEST MOMENTS ‘It doesn’t matter almost what you do. It’s the first time in a long time that I’ve not really had too many answers.’ ‘Our industry, particularly the hair industry is one thing that people now can’t live without. The pandemic showed us that. I’m confident in this.’ ‘What can we do as salon owners to start preparing? I think you’ll have to get a little more strategic and start looking at every single part of your business. One of the best ways to do this is pretend to be your guest, open the door and look at every part of it, how does it look and smell and how are you greeted? Focus on the client journey from the moment they enter to the moment they leave. What are areas you can work on?’ ‘I’d much rather lose some of my margin to make sure that our guests have much better quality hair when they come into the salon. I’m sure, if you talk to you’re open and honest with your product companies they will give you a better discount.’ ABOUT THE HOST Welcome and thank you for reading this, I’m Nathan Plumridge salon owner and Hair Stylist. I’ve been in the industry for nearly 30 years and have been a salon owner for 23 of them. I have been fortunate enough to work and learn with some of the biggest names in the industry and this has given me the experience and drive to now be here with you sharing my experiences. CONTACT DETAILS  www.hairlifeshow.com Instagram is @nathan.hairlife  Email me at [email protected] show was brought to you by Progressive Media