Get Your Finance Right
Whether you rent a chair or own a salon, getting your finance right is key to your success, no matter the type of hairstylist you are. In this instalment of our “Boost Your Business” series we are focusing on finance with our top 5 tips from our finance experts that you can take note of to“Get Your Finance Right”...
Our Top 5 Tips:
Ranging from knowing what your best-sellers are to keeping up to date with your invoices it’s very important to know your numbers.
We advise you to take an hour to two hours a week to keep up to date with your numbers, whether you use an online booking system (head to Avoid The Burn Out And Take Control Of Your Diary Management) to help you review your numbers for the week or use a spreadsheet to keep track (or maybe you do both?) we recommend you take some time weekly to know where your numbers are to help you “Get Your Finance Right”.
Did you know that you can access all of your invoices on your Remi Cachet account?
Select the person icon in the top right corner
Choose “My Account”
This is where all of your invoices from us will be listed in one place.
It may seem like an obvious point… paying less for the items you sell or use in your business will in turn improve your cash flow, but are you really taking advantage of the promotions at Remi Cachet?
As we mentioned in "How To Make More Money As A Hairstylistit’s important to “Stock Up Early”, so, when you’re doing this are you making the most of our promotions? Previous promotions we have run include but are not limited to; our birthday promotion, an Easter delivery promotion and discount on select products; did you use these promotions to your full potential?
Maybe when you are notified of promotions (make sure you are following us on socials and are subscribed to our newsletter to be the first to know) this is a great time to make the most of your opportunity and stock up for the future. It’s all about using these promotions to your advantage, they don’t happen all of the time at Remi Cachet, so make the most of your opportunity to save some money and “Get Your Finance Right” when they are running.
Taking advantage of our promotions also includes making the most of the free delivery promotion we run. Did you know we offer “Free UK Delivery On Orders Over £250”? Have there been times when you could have made a bulk purchase and saved on delivery as opposed to making several orders over a short period and paying for delivery each time? We understand that sometimes things are last minute and there isn’t the time to make a bulk purchase but if you are taking on board our “Stock Up Early” point from "How To Make More Money As A Hairstylist" this is another tip you can us alongside to help “Get Your Finance Right” and really “Boost Your Business”.
Now is your chance… we currently have several fantastic bundle deals across a range of products to get the essentials your business needs for less. So now is the time to make the most of these before it’s too late...
As we talked about in our Upselling drops for “Boost Your Business”: "How To Make More Money As A Hairstylist" and “Top Tips On Upselling Cross-Selling In Your Marketing” upselling and cross-selling is key to helping your business make more money. This then in turn of course links to an important tip for “Get Your Finance Right”. Overall, it’s so important to know the products you are selling to your clients to help make more money.
Do you own a salon? If yes, are your staff also educated? It’s also so important that not only you but your staff are to ensure your business is maximising the opportunities to make more money.
Make sure you read our upselling posts for all the details you need to know:
Are you noticing any trends in your client’s availability or the types of things they are asking you? If so, maybe this is an opportunity to adapt to your client’s needs which will in turn help your business make more money.
For example, you could be missing out on an opportunity to adapt your working hours to cater to your client’s needs. If you notice clients are regularly asking for late appointments, this could be a chance to update your working hours…maybe on some days you could open later but work later to cater for those clients that do want later appointments. This in turn will help your business make more money as you are adapting to them as opposed to doing the opposite which may result in them going to another stylist that has hours that work for them.
Or, maybe aftercare is something that your clients regularly ask about and how they can purchase? This would be your opportunity to add this range to your product portfolio to cater to those clients by making the process of them purchasing our aftercare easier by doing this through you.
Overall, to adapt to your client’s needs, it is of course important that you look out for the trends to then adapt. Take note of what your clients are asking you in their appointments and when they book their appointments as you could be missing out on a big opportunity to make more money for your business.
Also, ask yourself “Is my business working to maximum capacity for my clients”. In summary, is there room for your business to grow to adapt to the requests from your clients? It doesnt matter what type of business you have, you could be renting a chair or you could own multiple salons, these question is relevant to anyone…. Are you maximising yourself and your capacity? Maybe there is room to add an extra day if you work a certain number of days a week? Or even a few hours?
If you’re a salon owner, are you maximising your space for your clients? Is there room for another chair accommodate to your clients which will in turn help drive more money for the business?
No matter your business type, these are the questions that we advise you to ask yourself to help you “Get Your Finance Right”.
Things aren’t always smooth sailing and we get it. Therefore, we recommend having a “financial buffer” which is an amount of money that is saved, not invested, that can be accessed immediately for those moments that aren’t smooth sailing. These situations where your “surprise costs” could be required include issues such as; problems with the electricity, tools breaking etc.
No matter how big or small you want this buffer to be, we recommend having one to help you cover for those emergencies you may face.
To conclude, there are several strategies you can adopt to help you “Get Your Finance” right no matter the size of your business, so it is important to utilise the opportunities you have to help you “Boost Your Business”.
We hope you have benefitted from our top tips when it comes to “Getting Your Finance Right”. If you have any questions or require some further support, we are just a phone call or message away so feel free to contact us. Don’t forget to keep an eye on our socials and your inbox for further “Boost Your Business” tips and advice across a range of exciting topics… Next up is “Tips From Our Stylists” dropping on Monday 13th November.