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How to increase your beauty salon profit margin: 6 tips for running a successful beauty salon

If it’s your dream to be in the business of beauty, opening your own salon can be lucrative and professionally rewarding. Competition in the salon industry is fierce though, so qualifications, work experience and preparation will be key to your success.
 
LEARN YOUR TRADE
Before you begin to think about opening your own business, the most important thing is to acquire the necessary qualifications. A Diploma of Beauty Therapy and a Diploma of Salon Management can equip you with the latest industry techniques and business skills to get you started on the right track.
Work experience is also vital in understanding the daily operation of a salon and to learn the ins and outs of the business from the ground up before you take the plunge yourself. This way, you will gain an understanding of customer needs, a practical knowledge of all the tiny details that go into running a business, and forge contacts within the industry.
 
DECIDE ON THE SERVICES YOU WANT TO OFFER
You also need to think about the list of services you’d like to offer, whether you focus predominately on a certain clientele, or technique, offer luxury modalities in a spa environment, or offer more practical services such as nails and waxing.
 
CHOOSE THE RIGHT LOCATION AND SALON DÉCOR
Choosing the right location is highly dependent on the type of clientele you wish to attract and the services you’re offering in the salon. Apart from picking a location with high traffic and visibility, concentrating on where your target demographic is will help you attract clients in the first place and keep them returning. The desires of your chosen clientele need to be considered in the design, colour scheme and furnishings of the salon, to ensure it’s a place they love to visit for rest, relaxation and pampering, no matter what services you offer.
 
DESIGN A MARKETING PLAN
A professionally created website that’s easy to navigate and contains all the relevant information, including services, prices and opening times, goes a long way towards successfully marketing your business. Other marketing options include holding a launch party for the local community and offering opening specials. This way, you’ll inspire clients to walk through the door, which is all you need to first generate a buzz about your salon.
 
MANAGE PRODUCT PURCHASES AND TRACK INVENTORY
After you’ve opened your salon, you’ll need to keep a tight leash on your product purchases and inventory management. It’s vital to ensure you have programs in place to track inventory, revenues and expenses, as this is will be the foundation of your business. Most often than not, new salon owners are not too familiar on where to purchase the products and end up paying more than they have to. It helps to talk to fellow salon owners to get the required insight on suppliers. Another good idea would be to use online portals like www.beautyjunction.in to procure salon products at wholesale rates. This will allow you to keep your product cost down resulting in higher profit margins.

PROVIDE EXCELLENT CUSTOMER SERVICE
Lastly, but most importantly, providing excellent customer service can mean the difference between a successful business and a flop. This is especially true in the beauty industry, as clients typically like to return to the same therapist time and again. If you can make your clients feel special with sincere efforts to offer outstanding service, innovative techniques and a warm, welcoming environment, you’re well on your way to a successful career in the business of beauty.


Comments (1)

WoW. Agree. Lot of money to be made in salon business if you know how to do it.

Sep 23, 2014

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