Most salon owners who come to me for coaching are at a specific point in their business. They’ve done as much work on their business development as they can but realize they are finding it difficult to get any further on their own. Some of my clients have been in this particular spot for a long time and are now at Situation Critical when it comes to their cash flow. In a word, they are cash-strapped and frozen at a much lower revenue ceiling than they anticipated.
Every business must have cash flow…or it doesn’t last long. It takes (some) money to make money.
Can you identify with this situation? If so, I have three things you can get working on right now to create powerful and quick changes to your cash flow.
1. Repeat What Works.
What does this mean? Think about which service or product consistently brings in clients. What is working well already? Put your focus to promoting that service and product this coming month and watch your sales grow. Occasionally, even I catch myself feeling there must be some new fan-dangled way of marketing to bring in more clients and forget to look back on what's worked best for me in the past. Duh! Why reinvent the wheel?
2. Clean up your conversations.
What are you talking about as you work with guests? If you are in the habit of chatting about personal lives (and is the dominant part of the conversation), when is there time to discuss beauty, wellness, and your professional recommendations? Leaving it until the end of the service just feels awkward and your client perceives your fumbling as a lack of confidence. No sale.
3. Put yourself “out there.”
If you are cash strapped, there is one thing I recommend you better get comfortable with: HUSTLE. Talk about what you do, what makes your business different and who your ideal clients is to people you meet. The person you are talking to may not need your services, but they may know someone who does!
Agreed...you may feel apprehensive at first (I always do!), but push past this initial feeling of discomfort and put yourself out there every day to increase awareness about your business in your area.
There are formal ways to network (Meet Ups, eWomen Network, Chamber of Commerce, BNI) or informal (the line-up at the grocery store, school pick-up/drop-off, joint ventures with other entrepreneurs, etc). Pick one you are most comfortable with and make the commitment. When I was building my business I gave my cards to bank tellers, other moms at sports & school, clothing store clerks, and photographers...most of whom became clients and strong brand ambassadors.
My three recommendations have two things in common: focus and action.
I get that it’s not always easy to switch mindsets from a fearful place of ‘lack’ to trusting there is enough. However, I assure you, by putting your focus to repeating what works, cleaning up your conversations and networking consistently, you will begin to feel financial relief and begin moving your salon from cash-strapped to cash flow.