This week, we're talking about MONEY, honey!
The majority of the WEALTHIEST People I know have a few things in common, one of which I want to discuss today.
Multiple streams of income.
As a stylist, especially if you are already a "successful" stylist, you may feel like you're capped at generating more income and the only way to increase your revenue is by raising your prices.
That's one way. And I often suggest doing that especially if you're booked out and in high demand. Increasing your prices will, for lack of a better word, "filter out" the clients who can't afford you and will clear space for those who are willing to pay premium prices for luxury hair.
With that said, there are some of you who don't want to increase your prices (mostly out of fear, and I WILL discuss this in a future post).
Increasing prices are just ONE way to make more money, let's talk about some other possibilities for you to generate more income in your business. As usual, this is just some perspective for you to think on. Take what works, leave what doesn't.
1. SELL RETAIL
This to me is a NO BRAINER and it STILL blows my mind how many of you are not consistently selling retail. A lof of you are in salon suites which means that 100% of the profit made from selling retail goes straight to you! 100%!
If I could give you some advice on selling retail:
- do not assume what you client can and cannot afford.
- you are selling them products to maintain the beautiful work you just did. don't let them go home and wash it down the drain with drugstore crap.
- tell them what you're using and why you're using it.
- AT THE LEAST...make sure they take home shampoo and conditioner. Support products are great but EVERYONE uses shampoo and conditioner. EVERYONE.
2. CREATE YOUR OWN PRODUCT LINE
If the idea of selling retail scares you a bit, then creating your own line to retail may take some of the anxiety away. After all, your clients are already supporting YOU in your space, why would they not want to support you and your products? This doesn't have to be as financially daunting as it seems. Surprisingly, its quite easy to create your own salon brand of products through various private label manufacturers and isn't as expensive as creating a line from scratch.
3. BRAND AFFILIATIONS
Thanks to social media its easier than ever to connect yourself with a brand. Many brands are often looking for brand affiliates, brand ambassadors and stylists to help spread the word about the brand. This could be anything from companies who manufacture color, to companies who make foils and clips and even independent educators are offering affiliate links. This is great for a few reasons.
- Sometimes, you may not be making MONEY from being affiliated with certain brands but you will generally receive products in exchange for your partnership (this saves you money!)
- Some companies will pay you a percentage if your affiliate link is used...and you can actually make really good money depending on the company.
(PS- if you've taken The FUNdamentals and you want to be an affiliate, LMK...)
4. BECOME A BRAND EDUCATOR
If becoming an educator has always intrigued you, trust me when I tell you this: brands, manufacturers and distributors are ALWAYS looking for great educators. Depending on your levels of experience (sometimes no experience is needed), you can get booked to do a few classes a month to a few classes a week...and often times you can travel, too depending on the brand.
Now, we always say, no one gets into brand education to make serious money but it's a great way to supplement some income especially on the days that you don't work behind the chair.
Becoming an educator for a brand or a distributor is a GREAT way to get your feet wet in the education realm and you can get amazing training and knowledge. I started educating for a brand 16 years ago and learned SO much along the way...I would highly recommend you get in contact with your favorite brand or sales rep and ask about how you can become a brand educator.
5. SALON MERCH
Along with product sales and possibly creating your own product line, selling salon merchandise is a great way to make some extra cash. In line with the idea that your clients already support you, creating some merch that's branded with your salon logo or phrase can score you some extra $$$ in the bank. PLUS..they will be a walking advertisement for your business.
6. INDEPENDENT EDUCATION
In the last decade, independent education has blown up and I believe is slowly taking over the industry. More and more stylists are looking directly to other stylists for guidance, tips, tricks, business help and so much more. Now, I know what you're thinking...the market is over saturated.
There is no YOU in the industry.
If there is a skillset or a service that you have mastered, why not share it to the industry and help everyone else learn?
Independent education can look SO different from person to person, so I'll outline some ideas for you and how you can monetize them.
YouTube is a GREAT way to grow yourself and your brand. Creating videos on YouTube is perfect for those of you who are not interested in teaching in-person and there's a lot of learning that happens making YouTube videos that will HELP you along your journey. First, you will learn how to edit videos. Second, you will get better and better at teaching and communicating and lastly, you can DEF make some serious money on YouTube. They key is consistency though. You can't just stop after 3-4 videos.
If you're into creating some Indi education, a GREAT tool is to have a podcast. And let me tell you, it's not as difficult as it may seem. Look up different platforms to host your podcast and get to recording. Find your niche and just talk about it. Trust me, over time, more and more people will subscribe and if you want to, you could def monetize your podcast and make some extra money.
C) ONLINE EDUCATION
Online education in and of itself can be so varied. You could create and online class (on Kajabi or teachable), you could do an online webinar (zoom), you could create a subscription site and upload videos weekly with a monthly charge, you could create a paid Facebook group, a patreon page really ANYTHING. Do a little bit of research and find something that is do- able for you and roll with it. There will be a lot of learning on the way but ultimately, online education is a GREAT way to make extra money while still being very involved in the industry.
These are all just ideas to get the wheels rolling in your mind. If you're looking to increase your take home, I want you to take some time and really explore some of these options for you. You have nothing to lose and everything to gain from trying and failing and trying and succeeding. The key is...you've got to START. Start thinking about HOW you can create more income, make sure its on the front of your mind and you'll see...ideas will start rolling in to you!
(this is how manifestation works, guys)
Happy business building, Happy Hair coloring and CHEERS to your success BTC and BEYOND!
(for any of you who are interested in Educating and/or building an Indie Education Company and you're looking for some guidance, please please reach out to me. I can def help with some things! araz@combededucation or hit me up on the 'gram!)