In this episode of the Grow My Salon Business Podcast, I address a common question from salon owners about the distinction between business profit and the owner's wage.

We’ll cover why salon owners should receive both a wage and a return on their investment. 

Drawing an analogy with other investments, I explain the importance of separating these two income streams and discuss various ways that salon profits should be allocated within the business. 

IN THIS EPISODE:

[01:15] Listener question: Why are the Salon profit and owner's wages two separate things?

[02:00] Investment and profit explained

[03:09] Analogy of the stock market vs salon business

[05:56] Discussing investor vs employee earnings

[06:32] Explaining the salon owner's investment and profit

[08:50] The different uses of business profit

[10:46] Conclusion and course reminder

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)
- Scroll down to 'Ratings & Reviews'
- Tap on the empty purple stars and rate 5 stars
- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

RESOURCES MENTIONED IN THIS EPISODE:

The Financially Savvy Salon Owner - Free Masterclass - Save your seat!

The online Money Course - Enrolment is open!

👉 FOLLOW US!

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**PLEASE NOTE: There was an issue with the audio on the episode published earlier today. This episode has the corrected audio.**

Today's guest is Susan Wos, an American-based former hairdresser turned business broker who specialises in the salon industry and has now worked with clients in America, Canada, Dubai, UK and Australia… 

Susan brings valuable insights of the inner workings of the salon industry to the brokerage business.  

In today’s podcast, we discuss:

- How much is your salon really worth?

- When is the right time to sell your salon? 

- What are the biggest misconceptions about buying and selling salon businesses?

As well as…

The importance of keeping clean financial records, understanding the value of independent contractor income versus employee-based models, The dynamics of selling to existing staff, and why it’s important to plan an exit strategy from the start.

And so much more!

IN THIS EPISODE:

[01:13] Introducing today's guest: Susan Wos

[02:01] Susan's journey from hairdresser to business broker

[05:05] The challenges and insights in selling salons

[10:12] The intricacies of valuing a salon business

[14:17] The impact of self-employment on salon valuation

[17:51] Discussing market trends and buyer-seller dynamics

[21:44] Emergency sales: The strategies and considerations

[23:53] The importance of valuing your business realistically

[24:26] Planning your exit strategy early

[25:21] The importance of building a sellable business

[30:27] Selling to existing staff

[33:35] Typical buyers in the salon industry

[43:38] Connect with Susan Wos

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘 Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

RESOURCES MENTIONED IN THIS EPISODE:

Free Business Valuation Calculator- https://salonspaconnection.com/free-salon-business-valuation/

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👉 FOLLOW SALON SPA CONNECTION!

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What do you need to know - Or what should you know in order to open your own salon? 

Whether that's a traditional employee-based salon, a rental salon, or even a salon suite, what is it that you should know so that you give yourself the best chance of success? 

Because, regardless of the type of business model that appeals to you, I think that it’s important that you set yourself up to succeed before you go into debt or spend your life's savings on going into business unprepared.

In today's episode, I review 6 points that I think every potential salon owner needs to learn or know about before they go down that path of business ownership.

IN THIS EPISODE:

00:57 Introduction to salon regulations and licensing

01:54 Essential knowledge for opening a salon

03:44 The importance of understanding business responsibilities

05:10 Developing financial skills and pricing models

06:46 Comprehending the different business models and employment laws

07:47 Commitment to continuous learning

08:30 Joining professional trade bodies

10:07 Conclusion and upcoming Money Course

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘 Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone, Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
Antony

RESOURCES MENTIONED IN THIS EPISODE:

GROW Business School Live - 2 Day event

The Money Course 

👉 FOLLOW US!

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I've been in the industry a long time, and as a result I’d like to think that I know a lot about all things to do with hair and hairdressing.

But one area I haven’t had a lot of practical hands-on exposure to, is the ‘Hair Extensions’ side of the business.

Heavily influenced by social media and reality TV influencers, the ‘hair extensions’ business has become a huge part of the salon industry, and as a revenue producer, it is certainly not something to be ignored.

My guest on today's Podcast is Dina Demetriou, who is the head of education at ‘Beauty Works’ They are the market leaders in the hair extension business in the UK and Europe, and they have a global presence in the hair extension Industry…

In today’s podcast, we discuss:
✨ What are the biggest misconceptions around hair extensions?
✨ The different methods when working with hair extensions.
✨ Why and how you should start integrating hair extensions into your salon business 

And lots more!

IN THIS EPISODE:

[01:07] Meet Dina Dimitriou from Beauty Works

[03:40] Dina's Journey into hair extensions

[05:23] Common objections and misconceptions about hair extensions

[09:11] The Influence of social media and reality TV

[13:26] Discussing hair extensions and hair health

[19:45] The evolution of hair extensions

[21:59] How hair extensions can attract new and existing clients

[24:35] The rise of the extensionist

[25:33] Challenges and success in the extension industry

[28:04] Training and certification for extensionists

[36:12] Retail opportunities and aftercare

[40:04] Pricing strategies for extensions

[47:18] Connecting with Dina and final thoughts

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘 Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

👉 FOLLOW US!

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👉 FOLLOW DINA DEMETRIOU!

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👉 FOLLOW BEAUTY WORKS!

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For many salon owners, January is a time of the year when they’re getting the team refocused for the year ahead. 

Because traditionally, January is a time of new beginnings. It's when you let go of the year before, set goals and launch new ideas for the salon. 

So what’s the best way to get the team re-engaged motivated and excited for the coming year? 

Because if goals and ideas are to turn into reality, you need to get the team onside and excited about what the future holds. 

And to get the team ‘involved and onside’ means you need to get everyone together…

IN THIS EPISODE:

[01:23] Kicking off the New Year: Get your salon team excited and engaged for a productive new year.

[02:17] Planning and structuring your team meeting/event, including clarifying the event's purpose.

[06:03] Reflecting on the past year to review past successes and challenges.

[08:29] The importance of setting clear, actionable goals and prioritising them effectively.

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

RESOURCES MENTIONED IN THIS EPISODE:

Grow Business School Live - 2 Day Event in London 16th & 17th May - Find out more

👉 FOLLOW US!

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Being in business isn’t easy in fact, “Being in business is hard, and it’s not about to get easy, so stop waiting for it to!”

Having said that, being in business brings with it opportunities for personal and professional growth, a sense of control and opportunities for financial gain as well as the flip side of financial gain, which is obviously ‘financial loss’. 

And it's the financial side of running a business, which is typically the weak spot for salon owners everywhere, so in today's short podcast, I talk about the five key areas you have to get on top of when it comes to creating a financially successful business.    

IN THIS EPISODE:

00:40 The Challenges and opportunities of running a business

01:53 Why some businesses succeed and others fail

04:06 The importance of financial management

06:09 Five key steps to financial success

09:05 How we help salon owners gain clarity and confidence in handling their business finances.

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone, Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

RESOURCES MENTIONED IN THIS EPISODE:

Join the waitlist for our upcoming Online Money Course: https://growmysalonbusiness.com/courses/money

👉 FOLLOW US!

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In this episode, I’m talking with Mikey Denton, a former salon owner who shares his personal story of transitioning from a hairstylist to a business owner. 

Mikey discusses the pitfalls of relying on friends for business advice, the importance of getting everything in writing, and the impact of not understanding the financial and legal aspects of business ownership. 

He candidly reveals his journey through bankruptcy, the lessons learned, and how he is rebuilding his life and career. 

This episode offers valuable insights for aspiring salon owners on the importance of professional advice, meticulous planning, and cautious partnerships.

IN THIS EPISODE:

00:49 The challenges of transitioning to a salon owner

01:57 Introducing Mikey Denton: A cautionary tale

03:23 Mikey's journey: From opening to closing a salon

05:28 The downfall: merging businesses and legal troubles

13:41 Lessons learned: Business and friendship

18:25 Navigating bankruptcy and moving forward

25:46 Advice for aspiring salon owners

32:21 Final thoughts and farewell

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 
 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

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👉 FOLLOW MIKEY DENTON!

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Happy New Year! 

For most people the last few days of December are a time for winding down as 2024 draws to a close, but it’s also time to reflect, and to reinvigorate as you get ready for a new year ahead! 

Now, of course ‘every day’ has the potential for a new beginning and you don’t have to wait until the beginning of the year to start afresh because you can start afresh at any time you decide. 

So as we begin 2025 start by identifying the goals that you want to achieve this year. 

Then ask yourself; “What are the habits that you would need to have in place in order to achieve your goals?”

IN THIS EPISODE:

[00:00] Welcome and New Year Wishes

[01:32] Reflecting on the End of the Year

[03:05] Setting business goals for the New Year

[06:35] The importance of habits

[08:10] Creating a system for success

[09:36] Wrapping up and resources

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 
They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

👉 FOLLOW US!

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Salons and Christmas go hand in hand with stress and overwhelm. But hey “It’s over”.

Now [hopefully] it’s your chance to spend time with family and friends and kick back and recharge and exercise some self care. 

As we begin to close out the year, this short episode is just my way of saying thank you for being a listener and to wish you and yours a safe and happy Christmas!

Travel safe, have fun and most of all be kind to yourself. 

Happy Christmas!

IN THIS EPISODE:

[00:00] Welcome and Christmas Greetings

[00:40] Gratitude to our listeners and team

[02:01] Year-end reflections and planning

[03:07] Emotional aspects of the holiday season

[05:24] Kindness and support during the holidays

[07:23] Looking forward to 2025

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

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The end of the year is always a time to recap and reflect on the year that’s been. 

You might choose to do that at a personal or salon level, but you can also look at what’s happening on an industry-wide basis and ask yourself what’s worked during the last year. What are the business trends, and where are the opportunities for the year ahead?

On today's episode, I am talking with returning guest Gordon Miller, fellow podcast creator, AI enthusiast and someone who not only cares deeply about the industry but he is also someone who has worked across many areas of the industry and has developed a well-informed and somewhat unique overview particularly when it comes to the American salon industry.  

In today’s podcast, amongst other things, we will discuss:

●      The fake news in the salon industry.

●      The integration of AI into everything we do.

●      The evolving relationship between salons and manufacturers. 

And lots more!

IN THIS EPISODE:

[02:31] The rise of self-employment in hairdressing

[08:21] Work-life balance and mental health post-COVID

[09:28] The impact of misinformation in the industry

[17:55] Inflation and tipping in the hairdressing industry

[26:16] Potential changes with the new government

[29:18] Impact of overseas manufacturing and inflation

[30:18] Embracing AI in the industry

[34:23] AI concierge and salon management

[37:51] The evolution of industry events

[43:22] Social media trends and strategies

[47:21] Retail relationships and profitability

[52:14] Predictions for 2025

Want MORE to help you GROW?

📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/

🆘Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/

RATINGS + REVIEWS

🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated! 
 

They do matter in the rankings of the show and help other people find my podcast.

👉 Here's what you do:

- On your phone,Click here  (Read steps below first)

- Scroll down to 'Ratings & Reviews'

- Tap on the empty purple stars and rate 5 stars

- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏

Until next time!
 Antony

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👉 FOLLOW GORDON MILLER!

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