Many salon and spa practitioners go into this industry with dreams of owning their own salon. And the beauty of the business models we have available to us (home-based, mobile, office space, room rental, storefront) is that you have the option of starting small with flexibility to grow, so as to minimize your financial risks.
But how do you start small then grow BIG?
Once you’ve got a steady clientele, a schedule that is consistently booked and perhaps even a wait list…. at what point should you expand your business?
There are 2 questions to ask yourself before you make a financial commitment to expand your salon business.
1) Is my schedule at least 80% booked?
The time to start seriously looking into expanding is when your productivity has reached 80%. If you’re at 90% or higher, you’re risking burnout and need to create a strategy so you don’t end up physically crippled or emotionally drained.
If you are currently 80% productive and you think you might want to expand your business, ask yourself…
2) Do I really have the drive to grow bigger?
This may seem ridiculously obvious, but you’d be surprised how many micro-salon owners I’ve come across who say they want a bigger business, but when I explain what’s entailed with the cost and leadership requirements of a larger space and more staff, they start reconsidering.
I don’t want to freak you out, but you need to know, specifically, what you’re planning on getting yourself into. Yes, fountains, beautiful lighting and décor is the vision you had for your dream salon, but did you look into the cost of that?
And what about your role as a leader? Are you willing to make those tough decisions that “no-compromise” leaders make? And are you prepared to coach your staff to help them reach the salon goals. Will you still have time to do your hands-on work? Probably not as much as you think.
Consider if you truly have the drive to plan, strategize and follow through with what’s needed to build this expanded salon and keep growing. Owning a business takes hustle; operating a bigger salon needs bucket loads of hustle.
Do you have the energy it will take to expand and sustain your business? Click to Tweet
It does not matter whether you have the drive or not. What matters is that you know... so you can plan accordingly.
It’s exhilarating to see your business finally maturing, but I urge you to see both the light and dark sides of your endeavor. Being prepared and creating strategies for what’s coming down the line is the difference between making record sales or laying off staff and closing your doors.
So whatever you choose…choose wisely, make your plan and follow through.
Want to know what I’d suggest to increase your sales without expanding? Sign up below for fresh news and you’ll receive next weeks article called Supercharge Your Salon Sales.