Episode 67: The Solo-prenuer Business Plan Made Simple
This episode is powered by SalonScale, SalonCentric, and Elite Beauty . TO GET YOUR FREE SCALE, AND FIRST MONTH FREE CLICK HERE!
SalonCentric is our GO-TO for all things hair products. You can get our faves Shades EQ, and all other Redken products!
Elite Beauty Society offers affordable all inclusive liability insurance. Whether you are working in your own salon suite, rented space, or as an employee, you can get covered for a with Elite Beauty Society by using code “ELIZABETH”. This code ALSO gets you 20% off your insurance plan!
This is the 3rd part of a 5-part series with SalonScale. If you missed the SalonScale introduction episode, click here to listen! This series is filled with free coaching on pricing and so much magic!!
SalonScale is an app that will tell you the exact cost of hair color being poured for every bowl mixed so you can start pricing your services more accurately and feel confident knowing that everything leaving your color bar is being paid for.
In today’s episode, Elizabeth Faye sits down with Alicia Soulier, CEO of SalonScale! We met Alicia at our Portland Hair Love Radio Podcast Tour, and immediately clicked!
This episode is all about booth rental and being a solo-preneur. Whether that in a salon or your house, we have all the answers for you!
2:15 BOOTH RENTAL AND SUITE LIFE ADVICE
What is a growth plan for a solo-prenuer?
The biggest thing you want to look at is how many people are servicing monthly, quarterly, and yearly. (SalonScale keeps track of ALL of this!)
-Look at how many customers you grow year after year
-What is the percentage you are booked
-What types of education have you taken in the year
Track this every single year so that you know exactly how much you have invested in education, and then you can increase your prices! If you are investing in yourself, you should be making more money! For example, if you spend $10,000 on education, you should be making an extra $10,000!!
Think about spending money on education as an investment! Each year, focus on one category. That way it’s so easy to #measureyoursuccess. Elizabeth’s advice “Commit to something and it will become the RIGHT THING!” YASSS QUEEN.
These check ups really become fun, because you’ll see the value and growth that you get from your hard work every year!
11:10 HOW TO APPLY COLOR PRICING
Since we are separating your labor and costs, you’re able to know exactly HOW much to charge instead of just guessing. REMEMBER, Parts + Labor = PRICE.
If you are charging $50 an hour, and spent 3 hours with your client, and the hair color was $15.50, you are going to charge them $165.50. IT’S THAT EASY!
By doing this, you always make sure you make the profit you deserve!
14:00 HOW TO PLAY LIKE A TEAM
At Elizabeth Faye Hair Salon, everyone prices the exact same, and are booth rental. Then they share a bluetooth scale.
Alicia was thinking about the end customer in mind when she designed her app.
HOW IT WORKS: The phone that is closest to the scale is the one that will be connected!
Alicia’s advice for salon pricing: She says that your pricing should be dependent upon your experience.
As an industry, we need to be more transparent! We need to be able to show our customers why we are charging what we are.
A lot of times you will charge more, but ended up using even more color than you thought, and so you are STILL undercutting your price.
It’s time we show our customers exactly how much everything is costing. That way you can be confident with your pricing and they can be content with your reasoning.
21:00 LET’S WRAP IT UP
Top 3 takeaways:
1. If you are a solo-prenuer you need to study your growth metrics, and figure out a plan to keep growing and make more money
2. Parts + Labor = PRICE
3. Things to track: Booking percentage, how many customers you have each year, and your education!
We are so excited for you to starting changing your with with SalonScale.
Don’t forget to share with your friends. :) Click here to get your free scale!
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