Begin by increasing prices, then follow by cutting down expenses, keeping on your education, and managing your time. Then watch your takings grow.
Nail salons at anywhere. Salon costs going nowhere. Competition getting furious. Give prices are a constant pressure. What’s a Nail technician to do to earn a little more money these days? NAILS talked to several successful nail professionals and concerned their advice in compiling these 10 ways to increase your income. They might not all work for you, but there’s certain to be something here to support you fatten your paycheck.
- Raise Your Prices.
It’s your most clearly option, but likely one of the hardest to do. But unless your prices keep up with your costs, your growing experience, and inflation, you’re going to be losing financial ground. According to the NAILS 1994 Fact Book, service prices have barely raised in five years. A lot of nail technicians and salon owners are hesitant to rise cots, in fear of driving away clients. To verify whether your services are priced suitably, research these questions: Do your present rates cover your supplies, tools, and labor expenses? Do they provide a sufficient profit margin that gives you an opportunity to earn a fair living? Do they reflect your talent, experience, background, and the request for your services? And do they furnish enough capital for you to expand your business? An answer of “no” to any one of these questions should cause you to thinking raising your prices. For example, if you have so many referrals that you have to turn business away, the law of supply and demand says that the high demand for your work will allow you to increase your prices to the point where you will have lower customers, but they will pay higher costs. The ideal is to rise your prices just enough that you weed out those clients who can’t or won’t pay you what you are worth.
- Provide More Services.
In an era where one-stop shopping is a huge winner, you can make more money by giving your customers more services to select from. What services are in need that you don’t suggest now? Do a survey of your existing customers to seek in what new services they would like to see you add.
Keep in mind several major considerations when expanding your services. You can add a fully new sort of services — say, hair care — but that will require an investment in equipment, personnel, and training. If you can’t afford to take that level, you can still expand your services basically by studying a new nail technique. If you don’t offer wraps, for example, register for a class and learn to do them.
You may need to invest a little time and money to find new skills. Can you pay for the investment? This is the time for expense/benefit analysis. In other words, will the time and money you spend to teach yourself (and probably others in your salon), as well as to stock the devices and furnishings, be returned to you with an acceptable profit?
- Begin Retailing.
This should be a piece of cake. A beautiful nail polish always needs a matching lipstick, and customers always want hand lotion.
Maybe you have noticed that your clients already have product preferences. If so, retailing gives the opportunity to capitalize on these hobbies.
According to the 1994 NAILS Fact Book, nail technicians who receive a commission on their retail sales add an extra $75 to their monthly taking.
Just as if you were preparing to offer a new service, the question of whether selling retail is correct for you needs an educated answer. Make sure the products you plan to offer are well-appropriated to your customer. Work with your manufacturer to develop a retail line, pricing strategies, and display options. Lots of distributors offer displays and other sales aims to salons willing to make a commitment to retail. Tedesco, for example, obtains free display cards and press kits for advertising.
- Create Your Accountant.
One manner of putting more money in your pocket is to restrict what goes out of it. Work with your accountant to get your finances in order and to make certain that you are getting every tax deduction you are permitted. If you don’t have an cost accountant, research getting one.
Besides preparing your tax return, an accountant can give a lot of money-saving advice and request budgeting systems for you. You can get help with business preparation, loan applications, and establishing an accounting system.
A general problem faced by most businesses is missed opportunities due to poor tax planning. Your accountant can support you with this, too.
- Improve Time Management.
Time is one of your most vital resources, so it pays to use it exactly. As lots of professions, Nail care means being harnessed to the clock. The variable is a few of customers that fit into the hours you invest. When you work efficiently, you can see more clients and raise your profitability. But good time management doesn’t mean doing everything faster- it means doing things too quickly and more efficiently. It means arranging the method you do things, the way you perform about work, or possibly the order in which you do things. By making just a few easy changes in your work habits, you may find that the number of work you can do rise.
A great book on how to organize your business priorities and strategies is Thriving on Chaos by Tom Peters. It particularly addresses business management problems and is as informative as it is motivational. This is better matched for the salon owner or owner-to-be.
- Use an Assistant.
Utilizing an assistant can help you expand your business and supply better service to your current customers. Properly scheduled, an supported program will allow you to have an extra client every hour effectively doubling your business without doubling your prices.
Briggs asserts that using assistants gives him a financial edge. “I often use assistants, and I can carry out more in one day with them than I can in a week without them,” he says. He uses assistants to greet customers, show them to their stations, and bring them refreshments. His assistants eventually “graduate” to doing more main services. “I think hands-on experience is where the talent is developed in a Nail technician,” Briggs says.
- Reduce costs.
Making the most of what you’ve got means monitoring your product usage, organizing your inventory, eliminating waste, and purchasing in bulk.
There are a few things you can do to maintain product expenses in line, like recapping liquids when they are not being used. Put only the number of product you need in your dappen dish for any extra will have to be disposed of.
When you do buy product, order in bulk to decrease your expenses. Even self-employed can have benefit of bulk ordering discounts by going in on an order with other independent contractors. Several distributors offer discounts for cash or credit-card payments. Researching all money-saving payment ways.
- Reactivate Old Clients.
Get clients you haven’t seen for a while to retrn to your salon.
Supposing a customer hasn’t left because she was not satisfied with your work, it usually isn’t as difficult (or expensive) to reactivate an old client as it is to find a new client.
If you continue an information of all your clients, go through it for those you haven’t seen in at least three months. There are many promotional ideas you can use to get these former customers in again. For example, you can send them a discount coupon as a “welcome back” gift.
- Eliminate No-Shows.
No-show is the same no money. Get your customers to either keep their meeting or make room for several by confirming their appointment the day before. (This would be a completed way to use an assistant.) Clients don’t remember appointments, and they do forget to cancel. You may realize that a quick courtesy call the day before will support you keep your salon all of customers.
Other trick is to utilize client appointment reminder cards. They can look just like your card visit or they can be associated with your card. Leave spaces for the date and time of the next appointment, as well as the nail technician’s name.
- Continue Your Education.
Time and time again, it has been shown that advanced education is the road to raise income, and it is surely true for Nail technicians.
The Nail industry abounds with specialized advanced education, but don’t restrict yourself to just beauty education. Your community college probably has accounting or management courses that will instruct teach you a lot about how to make your business more successful. The Small Business Administration (SBA) is in the phone book under “United States Government Offices”; it offers background services to business owners free of charge. It has management training workshops to teach you how to keep your business successful. SBA also sponsors the Service Corps of Retired Executives, which offers free counseling and can provide you all types of information, ranging from tax problems to legal matters.
Another great resource is your public library. Spend a little time at the library and you will study more information on marketing and promotions than you could ever use.
Although our tips are designed to help you earn more money quickly, your takings won’t skyrocket overnight. The most crucial thing is to be patient. Don’t be disappointed if you don’t see results right away. Have faith and you will be duly rewarded.
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