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Recession-Proof Your Business: 10 Powerful Strategies to Thrive
Worried about a recession impacting your salon business? This episode is your lifeline! We'll dive into 10 proven strategies from cutting costs to attracting clients, helping you maximize efficiency, boost revenue, and recession-proof your success. Learn from 24 year hairstylist and salon owner Ambrosia Carey and gain valuable tips on financial planning, marketing adjustments, and operational optimization. Don't wait until times get hard in your business - take control and secure your future today!
Celebrating our 100th episode & over 10,000 downloads! Drop a review on Spotify or Apple now & get automatically entered to win a Pharmagel skincare bundle: https://podcasts.apple.com/us/podcast/successful-stylist-academy/id1584273127 winner will be chosen and annouced March 19th!
Join Salon to CEO with Ambrosia & Fulton Accouting March 11th HERE
Start using SalonScale, get your cost covered & track your inventory, save 10% using code SSA10: https://signup.salonscale.com/mz9lj/ambrosiacarey
Key Take-Aways:
1. GDP requires 2 consecutive quarters.
2. Inflation: Consumer price index remains high.
3. Federal reservce interest rate climbing, but S&P has increased.
4. Review & optimize expenses: look over monthly expenses & cut back on non-essential costs: subscriptions, utilities, inventory.
5. Build an emergency fund 3-6 months of operating expenses to cover unexpected costs during slowdown.
6. Explore options to lower interest rates or extend payment terms on existing loans.
7. Focus on services with higher margins like scalp care, treatment add-on, bundle options (menu options in previous episode linked in our shownotes), above all focus on essential services.
8. Secure a line of credit w/ favorable terms to access additional funds if needed.
9. Loyalty programs & rewards, good time to reintroduce.
10. Optimize your search on both website & social media for local searches; showcase specials or giveaways. Products that aren’t moving, bundle a giveaway or host a contest.
11. Community partnerships: collab w/ local businesses for joint promotions.
12. Optimize scheduling, how can you shrink timing down on services? (Treatment to end while roots on, rescheduling then getting next step ready while processing, use 10 min express colors)
13. Reduce waste: SalonScale tracks all inventory usage & cost, stores formulas, creates a suggest re-order menu.
Find more on our top downloaded episode here: https://podcasts.apple.com/us/podcast/successfulstylistacademy/id1584273127?i=1000603222567
Start saving with SalonScale using code SSA10: https://signup.salonscale.com/mz9lj/ambrosiacarey
Save 15% on our favorite skincare line, Pharmagel with code SSA15 here: http://www.pharmagel.net/discount/ssa15?redirect=%2F%3Fafmc%3Dssa15
View all episodes
Worried about a recession impacting your salon business? This episode is your lifeline! We'll dive into 10 proven strategies from cutting costs to attracting clients, helping you maximize efficiency, boost revenue, and recession-proof your success. Learn from 24 year hairstylist and salon owner Ambrosia Carey and gain valuable tips on financial planning, marketing adjustments, and operational optimization. Don't wait until times get hard in your business - take control and secure your future today!
Celebrating our 100th episode & over 10,000 downloads! Drop a review on Spotify or Apple now & get automatically entered to win a Pharmagel skincare bundle: https://podcasts.apple.com/us/podcast/successful-stylist-academy/id1584273127 winner will be chosen and annouced March 19th!
Join Salon to CEO with Ambrosia & Fulton Accouting March 11th HERE
Start using SalonScale, get your cost covered & track your inventory, save 10% using code SSA10: https://signup.salonscale.com/mz9lj/ambrosiacarey
Key Take-Aways:
1. GDP requires 2 consecutive quarters.
2. Inflation: Consumer price index remains high.
3. Federal reservce interest rate climbing, but S&P has increased.
4. Review & optimize expenses: look over monthly expenses & cut back on non-essential costs: subscriptions, utilities, inventory.
5. Build an emergency fund 3-6 months of operating expenses to cover unexpected costs during slowdown.
6. Explore options to lower interest rates or extend payment terms on existing loans.
7. Focus on services with higher margins like scalp care, treatment add-on, bundle options (menu options in previous episode linked in our shownotes), above all focus on essential services.
8. Secure a line of credit w/ favorable terms to access additional funds if needed.
9. Loyalty programs & rewards, good time to reintroduce.
10. Optimize your search on both website & social media for local searches; showcase specials or giveaways. Products that aren’t moving, bundle a giveaway or host a contest.
11. Community partnerships: collab w/ local businesses for joint promotions.
12. Optimize scheduling, how can you shrink timing down on services? (Treatment to end while roots on, rescheduling then getting next step ready while processing, use 10 min express colors)
13. Reduce waste: SalonScale tracks all inventory usage & cost, stores formulas, creates a suggest re-order menu.
Find more on our top downloaded episode here: https://podcasts.apple.com/us/podcast/successfulstylistacademy/id1584273127?i=1000603222567
Start saving with SalonScale using code SSA10: https://signup.salonscale.com/mz9lj/ambrosiacarey
Save 15% on our favorite skincare line, Pharmagel with code SSA15 here: http://www.pharmagel.net/discount/ssa15?redirect=%2F%3Fafmc%3Dssa15