How To Do More For Your Business With Less.
This has been a novel year filled with seemingly bottomless uncertainty, sacrifices, and disappointments. Between the national economic downturn, city wide riots, and massive layoffs, the aftermath of 2020 will be one that we will be recovering from for years to come. However, one thing we can take away from these past 8 months is all of the small, minute moments that we originally take for granted every day. This pandemic has shown us the importance of keeping a healthy grasp on family, friends, security, and our wellbeing. With that being said, there is no better time to start executing your dreams and following through with your career than in the midst of a downturn. It is the season of growth and rebirth so why not take advantage and rebuild yourself and your career along with our country? For some people, that season of growth includes finally opening your dream salon/ spa.
Being a business owner is a daunting task even in the most booming economic situations and more so when you’re facing a financial structure like today’s uncertain economy. It takes courage, enthusiasm, and optimism in addition to extensive planning, resource management, and financial wisdom. If you are ready to start focusing on your personal growth and feeding your wellbeing, here are a few effective ways that you can take those next steps to opening your own salon/ spa and becoming a business owner.
Set Realistic Goals
Starting a business is not something you can accomplish over night– it takes continuous dedication and determination to not only get your business off the ground but to keep it running. In order to do that, you need to start small and execute your vision before expanding your horizons. Set realistic expectations along side your ideal expectations. Essentially, map out your starting point and your finishing point and a timeline you’d like to follow to connect the two. As the old adage goes, Rome was not built in a day. It was built brick by brick and by many hands. It was until then after months and years of continued hard work and execution that the city slowly started taking shape into the global capital it is today. In laments terms, start small and don’t be afraid to rely on your team to help.
Check Your Debt Downturn
Manifesting your dream can be so overwhelming but also empowering that you may get a little carried away in the design and creative phases. I know you may love those $800 light fixtures or the top of the line salon chairs but when you are first getting started, it’s important to remember to keep your spending to a minimum. Whatever money you have left over, learn to invest it into your advertising and other marketing plans to generate revenue. Anything that does not directly generate revenue for your business is considered non-essential and once you’ve got a more looser grip on the reins, save those more materialistic purchases for a later date. If you’re struggling with keeping essential and non- essential purchases separate, try asking yourself these following questions:
- Do we need this to perform our services?
- Does this item result in efficiency gains?
- How long will it take to pay itself off?
- Are there any cheaper alternatives?
- Is this a WANT or a NEED?
Don’t be afraid to hold onto your money with a death grip and don’t be afraid to be stingy. One thing 2020 has taught us is that we need more than just a rainy day fund saved. When you’re facing an economic downturn, you need something more equivalent to a tropic depression saved for worst case scenarios i.e. Coronavirus.
Get Your License
A salon/ spa owner’s greatest overhead cost is labor. In a strong economy, employers can afford to hire extra professionals to handle any excess of clients . However, when facing the downturn of the decade, employers will be stuck needing to hire and schedule more strategically to help keep payroll costs stagnant. Having another licensed professional on hand who doesn’t incur those additional labor costs can really help save you some time, money, and upset clients. Also, if one of your employees quit, you will not find yourself hastily hiring a replacement because you will be able to step in for the time being. Being rushed to make executive decisions can often lead to hiring the wrong people, ultimately affecting your brand image and starting a chronic turnover cycle.
Automate as much as you can. Everything from appointment booking to consultations to checkout. This pandemic has brought with it a whole new line of health and safety protocols. Clients are already accustomed to waiting in their cars versus a waiting room, getting their temperatures taken upon entry and paying through their phones at checkout. Take advantage of this! Though automation does require a little more time to readjust to, these are all procedures that we can carry with us through the entirety of our business while also cutting costs on staff and staff management.
All in all, being an entrepreneur is harder to achieve than it is to spell but one thing is for certain– it is well worth it. Despite all of the never ending chaos and uncertainty we’re facing, do not let this economic downturn be the reason that you don’t turn your life up. If you’re looking to take that next step towards your future and your dream career, head on over to our programs page to see what we have to offer for you. Yes, we are open full-time and we are practicing continued health and safety measures. Your dreams and passions matter to us but so does your wellbeing. For more information, check us out at www.creativeimages.com.