Salon prices going nowhere. Competition getting fierce. Supply costs are a constant pressure. NAILS talked to some successful nail professionals and considered their advice in compiling these 10 ways to increase your income. Farther away, it means more money for you. Raise Your Prices. Many nail technicians and salon owners are hesitant to raise prices, in fear of driving away customers. To determine whether your services are priced appropriately, consider these questions: Do your current rates cover your supplies, equipment, and labor costs?
Do they provide an adequate profit margin that gives you an opportunity to earn a fair living? Do they reflect your talent, experience, education, and the demand for your services?
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And do they provide enough capital for you to expand your business? For example, if you have so many referrals that you have to turn business away, the law of supply and demand says that the high demand for your work will allow you to raise your prices to the point where you will have lower clients, but they will pay higher prices. And how do you make money on nail extension your prices? Bite the bullet, just do it, and you may find yourself pleasantly surprised.
He notified his clients well in advance by posting an announcement at the front desk. He noted that although some business was lost, many clients accepted the increase, telling him his talent is worth the extra money.
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Offer More Services. In an era where one-stop shopping is a big winner, you can make more money by giving your clients more services to choose from.
Do a survey of make money on nail extension existing clients to find out what new services they would like to see you add. Keep in mind a few key considerations when expanding your services. You can add an entirely new line of services — say, hair care — but that will require an investment in equipment, personnel, and training.
10 Ways To Increase Your Income
You may need to invest some time and money to learn new skills. Can you afford the investment? In other words, will the time and money you spend to educate yourself and possibly others in your salonas well as to stock the equipment and supplies, be returned to you with an acceptable profit?
Not ready for big changes? Ease your way into expansion by making some small changes first. What about offering paraffin dips or reflexology?
Start Retailing. This should be a piece of cake.
A pretty nail polish always needs a matching lipstick, and clients always need hand lotion. Maybe you have noticed that your clients already have product preferences.
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If so, retailing offers the opportunity to capitalize on these preferences. She investigated the line and decided to add Chanel polish as a retail line, even though it was not a professional-only brand.
The results? Just as if you were planning to offer a new service, the question of whether selling retail is right for you needs an educated answer. Make sure the products you plan to offer are well-suited to your clientele.
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Work with your distributor to develop a retail line, pricing strategies, and display options. Many distributors and manufacturers offer displays and other sales aids to salons willing to make a commitment to retail.
Tedesco, for example, receives free display cards and press kits for advertising. Visit Your Accountant. One way of putting more money in your pocket is to control what goes out of it. Work with your accountant to get your finances in order and to ensure that you are getting every tax deduction you are allowed. Besides preparing your tax return, an accountant can offer a lot of money-saving advice and suggest budgeting systems for you.
You can get help with business planning, loan applications, and setting up an accounting system. Taking care of things like these can save you quite a bit of money, says Patricia Bell Harik, tax supervisor at Zdonek and Wolowicz Accountancy Corporation in Torrance, Calif.
Your accountant can help you with this, too.
Improve Time Management. Time is one of your most important resources, so it pays to use it wisely. Like many professions, nail care means digital money how to make harnessed to the clock. The variable is the number of clients that fit into the hours you invest.
When you work efficiently, you can see more clients and increase your profitability. It means organizing the way you do things, the way you think about work, or possibly the order in which you do things. By making just a few easy changes in your work habits, you may find that the amount of work you can do increases. By appreciating the value of even small units of time and thinking ahead when scheduling appointments, Gilmore says, you may see more money come your way.
There are hundreds of best-sellers on time management and organization.
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They have put together a concise, easy-to-read handbook on organizing your time in the most efficient way so you can get more things accomplished.
A great book on how to arrange your business priorities and strategies is Thriving on Chaos by Tom Peters. It specifically addresses business management issues and is as informative as it is motivational. Make money on nail extension is better suited for the salon owner or owner-to-be. Use an Assistant. Using an assistant can help you expand your business and provide better service to your current clients.
Properly scheduled, an assistant program will allow you to book an extra client every hour, effectively doubling your business without doubling your expenses. Briggs insists that using assistants gives him a financial edge.
How to Increase the Income for a Nail Salon
He uses assistants to greet clients, show them to their stations, and bring them refreshments. Reduce Expenses. There are little things you can do to keep product expenses in line, like recapping liquids when they are not flag for binary options used.
Put only the amount of product you need in your dappen dish because any extra will have to be disposed of. Same goes for nail polish — why waste money by letting polish dry up when all it takes is a few seconds to replace a cap? Eliminate waste even further by regularly cleaning your stock room.
A sloppy stock room will only get sloppier.
To run a successful nail salon, would-be salon owners first need to know how to open a nail salon and establish the right nail salon prices. Fortunately, the business model for salons is fairly straightforward. Knowing what all this will cost can help you set the best nail salon prices to remain profitable. You can try to minimize your startup costs by purchasing used equipment from other salon owners, or even taking on a lease where a nail salon was previously located. Sometimes property owners will agree to build a space to suit your specific business needs if you agree to a lease.
When you do buy product, order in bulk to reduce your costs. Even independent contractors can take advantage of bulk ordering discounts by going in on an order with other independent contractors.
Some distributors offer discounts for cash or credit-card payments. Investigate all money-saving payment options.