SALON MANAGERS: HOW TO INVEST YOUR EXTRA £385 A WEEK
15 Sep 2016
Written by Alice Smithson
£385 per week is more than £20,000 per year, so how should salon owners/managers reinvest that extra cash to further boost business?
Expand Your Premises
Whether renovating your current site or moving to new premises, having that extra money means you can invest with ease. Imagine the kind of space you could afford with all that extra money behind you.
Alternatively, over the course of just a couple of years, you could purchase a new premises outright, meaning long-term rental costs are no longer a worry and your business has significant physical assets to fall back on.
Open a Second Salon
Earning an extra £20,000 per year by using salon booking software, such as iBookings, proves that your services are in demand, so why not branch out?
Use the additional cash, as well as any spare salon profits from your existing premises, to invest in the opening of a new salon. You might think that this would take a few years to arrange, but the increased revenue provided by salon booking software (in as little as a single business quarter) would more than cover the deposit on a new salon. Knowing that the extra income will continue after you have applied for business development finance will help you rest assured that payments can be made, and that the investment is a solid one.
Hire More Experienced Staff
If you are happy with the size and location of your salon as it is, perhaps you should consider investing in the skill set of your staff?
This could mean hiring more experienced staff to deliver even higher quality treatments and services to your customers, or it could go towards training your current employees. Either way, customers will soon see the difference in service.
As customer satisfaction improves, so too will your reputation as they recommend you to their friends and families.
Offer Cutting-Edge Treatments
Some salon treatments are beyond the reach of smaller businesses due to the financial outlay required. However, knowing you have secured extra income by streamlining your booking and salon management processes using salon booking software, you will be able to invest this extra money in state-of-the-art facilities, products and equipment.
Offering unique treatments will give you the extra edge needed to secure additional business, helping to build your salon’s profits and expand your business.
Invest in Marketing Strategies
With just a little extra cashflow, salons will be able to invest in effective marketing strategies to boost business.
Salon management software comes with several built-in marketing options – including text message and email marketing functions – that can be backed up with a fully integrated campaign depending on the season, your loyalty scheme offers or special promotions.
Perhaps your salon needs a social media presence, or you would like to send vouchers to loyal clients to encourage repeat business. Whatever your marketing needs, salon software will allow you to to invest in them. Putting the extra cash back into the business in this way will help you boost trade and improve your profits in the long term.
However you choose to invest your extra £385 per week, you needn’t worry about having to update your salon booking software as your business grows. iSalon software scales with your business, as optional extras, such as online booking systems and multi-site licences, become flexible solutions for continued support.
To discover how your business can earn an extra £20,000 a year with salon booking software, contact the iSalon team today to book a free, no-obligation demo.
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