How can Salon Owners Earn More Money?
Running a salon is a profitable business. There's no doubt about it.
Being a salon owner in today's time brings pretty nice financial growth & stability. As a salon owner, you can earn more, as it also opens other money-making opportunities.
If you had the pre-conviction that one earns only through providing beauty service, let me correct you & share with you other possible ways to make money.
In addition to running the salon, here are new additional ways to earn income.
Nine ways a salon owner can earn extra money.
Sale of products - retail business.
As a salon owner, there are a lot of different product brands that want you to showcase their products in your salon. They look forward to you using & selling their brand products at your salon. Choosing the best products that are ideal for your salon & its customer can get you to earn extra cash by selling these products to your customers.
You have to pitch your customers the products as per their needs while they visit you for their service.
This works in percentage or commission, depending on your contract.
But remember, there are many salons in the same locality. So keep products that are unique, exclusive & show results. That's why they would want to come to you, right?
And also, don't make it look like a sales job. You want them to make a purchase but not at the cost of sounding like a sales agent.
Everybody loves gifts, but nobody knows what's the best thing to gift. Therefore, gift cards are everyone's safest & best bet. When someone purchases a gift card, you get money in advance & also your brand is being promoted.
One notch higher is corporate gifting. You can tie up with corporates or partner with them to avail beauty services at your salon.
Create beauty content.
Everybody loves expert advice. There is so much that people want to know. Personal problems need personal attention & solution. There are online platforms where people ask their queries, beauty-related questions, etc. And by answering such questions & solving their issues, you can earn money. All you have to do is post a lot of content - trending, helpful, & in demand. People read these & ask their questions; if they find them useful, they will keep coming to you. You can later then incentivize your expert opinion.
Offer subscription models.
Subscription means paying upfront to avail of service later on or at a fixed amount. When you get your clients to subscribe to your salon every month, you get them tied to use your service over & over again. This benefits you in two ways - one, you earn money as a subscription fee. Second, you get repeat service as they spend more because they get the service at a discounted price.
Rent out your space.
Put the extra space into some use. As salon space is usually open six days a week & almost from late morning till night. It's not possible to rent it at that time. But there are other options too like renting to educational institutes, etc. when your salon is not holding its business, you can let other do their business.
Booth rental model.
This is something that is not quite popular in India but quite profitable. Here you rent your part of the space to someone in a similar business as you. No, this doesn't mean you are increasing your competition. How this works is, it complements both of your work, also they pay you to rent. Like maybe your salon is specific to ladies, renting a chair to a barber who services men won't take the attention of you or your business. In fact, it just adds to your publicity.
Allow space for other businesses.
Salon service is a pampering session. But maybe you can rent a small space or area outside for something like a pop-up show or someone who wants to showcase their products. This doesn't have to take up considerable space. Maybe as small as a 6/6 table can also help you earn some extra money. You could partner with other businesses that would complement your service, from a coffee bar to some munching bar. There are always some small brands that would not hold up much space but could add value to your salon. This doesn't even increase your liability, either. The person would want to rent because of your location or your footfall.
There is a vast scope. When everything has gone online, who doesn't wants some assistance or help on topics like beauty & more? Remember you must be an expert on the subject, so keep yourself updated & have something to offer that people come to you for advice & suggestions.
Offer online courses.
If you hold the expertise, why not leverage the fact & pass it on too. You could open your learning school (if you don't want to run it long); what about small teaching batches for beauty courses.
Teach related to the work like some new techniques, or marketing stuff or how to manage finances - topics are endless. You can choose your forte, courses for salon owners, or courses to teach the staff team. Conduct classes on topics like hairstyles and hair care that people would love to join because of your expertise.
But if you are still wondering, why is it necessary?
We have a few reasons to give you. Having a side passive opportunity to earn money helps.
It provides funds for growth opportunities that let you grow your business.
It also helps pay for fixed costs, which you can't miss out on while your salon business runs slow.
Having a side course of income really helps at a time of slow business.
But while you get ideas to increase your income opportunities.
Don't forget that the significant income is from the salon service's primary business.
So while you add to a new source of income, let it not affect your current service & earnings. It should complement your service, not overshadow it. Remember, not to let it overtake or overrule it.