What Secrets A Good Hair Stylist Needs To Build Their BusinessYou might think that a good hair stylist doesn’t need to know much more than how to make their customer look good and be happy with a hair cut. But there are so many salons that have good stylists in them that for you to really achieve success in this industry you need to know more and do more to develop your clientele that will never leave you unless they’re moving a thousand miles away. What I want to give you here is a secret that you need to give you a way to understand just exactly how much each and every client means to you. Why is this important? Because to achieve success in any industry you have to know more then how to perform a service or sell a product. Now, I’m going to copy this from a book that I wrote about building a business in the beauty industry, so I hope you enjoy it. By the way, cosmetology continuing education only pertains to the how to brush up and add to your skills as a hairstylist and nothing about to teach a good hair stylist how to promote and market their skills. Lifetime Customer Value
This may be one of the most misunderstood concepts there is for a good hair stylist, small business owner or entrepreneur. And it really doesn’t matter what business you’re in, each and every customer has a potential lifetime value that has to be figured out so you know exactly what each of your clients are worth. Too many companies today think that the people who purchase their products or services will come no matter what so these businesses don’t concern themselves with customer service. Now there was a time when this was true, there weren’t that many choices for consumers to make about the company that they got their products and service from but it has changed. I believe the thought in the customers mind now is if we don’t get taken care by this business then we’ll find a business that will take care of our needs. By far the most profitable thing that you can do to take you from a good hair stylist to a profitable business is to make sure that your clients are treated like royalty and that you exceed their expectations. And here’s why; 95% of all businesses in America neglect this strategy. Thats why I wrote the ebook "High Stylin' ... Salon Business Building For Hairdressers" together. To arm every good hair stylist with the understanding that all you have to do are small consistent things with your client base and not only will you build loyalty but also a bigger business. Because when a client of yours is happy with the service that you gave them, she is going to tell others about you. That’s automated marketing my friend and it cost you very little to make all of this happen, but there's a lot more about marketing to discuss. Okay, let’s get to the formula so we can figure out the lifetime value of your customers. And let me say that we are only talking about one of your current clients. We will, at least for this example use $50.00 as our cost for a cut. And let’s assume that your client comes in 8 times a year for a cut. So 8 times $50.00 equals $400.00 a year, and to make it a true lifetime value you then multiply times 5 years which is the average length of time that a person lives in a particular place. So now we have a $2000.00 client. Did you realize that every time you're looking at your clients you are looking at Two Thousand Dollars? In addition to this there will be opportunities to sell some products to them and also do coloring on their hair and whatever other services you may offer. Now you can see how all of this adds up and your client becomes more and more important to you over the long run. But for the purpose of this article, let’s just keep the equation simple and cost out the haircuts that you perform for them. Okay let’s add in the referrals that you’ll receive from this client. If you get 2 to 3 new customers a year each with $2000.00 lifetime value every year for 5 years you are now looking at $20,000 to $30,000. And if you get referrals from these referrals over a 5 year period you are getting into the hundreds of thousands of dollars. Most good hair stylists are incredibly proficent at their trade but have absolutely no idea of the money that’s generated by each of their clients. I mean if they knew potentially what was represented here they would go out of their way to treat their clients well. And this is why I wrote a book ... to put a system together, to help small businesses and self-employed stylists learn how to build an actual business. Not just go in to a job that they bought. And the difference is quite simple, if you have a business that you have to be at everyday or you don’t make any real money than you really aren’t in business for yourself, you just bought yourself a job. And I want to help you get to the next level and actually build your business to the point where not only do you work in your business but also on it so it will grow. This is incredible information for a good hair stylist to understand, I think that it could be one of the key ingredients that will help you to stay motivated in the daily battles that we all have to face that have businesses. So plug in your own numbers (cost of a hair cut) x’s the number of current clients and do the math so you know exactly what is represented by your client base. Now the fact that you're reading this site tells me that you are more than the typical stylist that cuts and colors hair, you want more and are willing to work for it. I'm providing you with many tools to take your business to the next level because I believe in you and what you're doing. Our Privacy Policy
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