Money, Money, Money, Money! Increase The Profit for your Hair Business
Congratulations, you are taking the extra step in creating a hair business, and some of you may already have one.
But what do you do when the profit for your hair business you're making comes to a standstill, or may not be enough? Well, instead of giving up it may be time for you to take on some new business strategies. I know, you're probably thinking "well, where do I begin?" Our answer is "just begin!"
In a world with growing entrepreneurs by the second we can't get stuck doing the same ole thing. Luckily, trying some new methods can't hurt, especially if you plan them out strategically. When it comes down to your hair business, you want to make sure you're working smarter and not harder. This saying should apply to any work problem you are trying to solve.
Most importantly with Hair businesses and salons steady increasing you want to make sure you're keeping up with the demand on the market. But back to the more important question, how do you increase the money you're making? Well, luckily we have a few fantastic tips that are sure to enhance your revenue in a few short weeks.
So, pull out your notepad and scroll on down to learn a few ways to earn more profit for your hair business.
Use Social Media Every day!
I don't want to sound too dramatic, but if you expect your hair business to grow, you should be on social media every day.
Instagram, Twitter, and Facebook are the best platforms to market yourself and your brand. Many researchers are figuring out that soon using social media will be the only way to grow a business efficiently.
From one business owner to the next I find that being able to engage with potential customers, as well as my regulars increases the profit I already make. Whenever you get the chance to spread awareness about your services, show everyone why your hair is the best, and will remain that way. For the people who are already buying your product, create brand loyalty with them by reinforcing that they are getting the best of the best when they shop with you.
No matter how annoying it may seem to keep posting about your business we promise you someone is always watching, and someone is interested. Don't just post any ole thing to create content that is intriguing. Leave a long-lasting impression that will have your customers bragging about your business.
Give people the chance to ask you questions, the higher the engagement you have, the more customers will come flocking to your business. Lastly, don't forget the age-old saying "you have to spend money to make money." Pay for Facebook and Instagram ads they will help you reach a specific and broader audience.
Yes, it may cost you a few bucks, but you'll get all of that back and then some in the long run.
Raise Your Prices/ increase The Average Spend Per Purchase
I know, raising your prices can feel like the scariest thing ever, but most of the time it needs to happen so your business will not stay stagnant.
Think of it like this if you're working for a company for a certain amount of time, and you're one of their greatest assets you would expect a reward in the end. So, give your company and yourself a little credit, it's probably time for a raise.
To be clear, we are not talking about jacking up the price 50 percent; you want to increase it by at least 5 to 10 percent from last year's prices. The best time to make these changes are right before the holiday season. Consumers are in an extreme buying mode and are used to items being a little more on the pricey side.
Let's look at the facts, if your items sell out within the first few days let alone the first week, you're probably not charging enough. Yeah, we know money isn't everything, but in this case, it is and trusts us you're selling yourself short. Take time this week and sit yourself down to compare the prices of your brand to others. If you end up discovering that other hair businesses charge more for less of the product, then you know where your price point should begin.
If you expect to see an increase in profit for your hair business we hope you take this tip into account.
Offer and Entice Customers with Additional Items
If you expect any business to grow, you must be willing to offer more than just one item.
Do you ever notice when you go into a shoe store, and right before you buy the shoes the cashier asks would you like to add in some socks, shoe cleaner, or laces? You may not have been thinking about getting it but not that the idea is right in front of your face you feel compelled to buy.
You can apply this scenario to your business as well. If all you sell is hair, then there is nothing different than buying extensions from another supplier or a beauty supply store. Yes, your price may be lower, the quality maybe even better than competitors but what is going to make someone choose your business over everyone else's? You must have variety.
You should think about adding additional products that go in the same field of what you are already selling. For example, add in your unique hair gel or edge control. You can even create a demo video on how your edge control works marvelously with the extensions you offer.
What's hot on the market now are strip lashes. For many women who think the price of getting lash extensions is too far out of their reach, this could be a great alternative. These products I'm mentioning are affordable to get from wholesaler websites like ours. Now, when someone purchases your bundles, gel, and lashes you are increasing your overall net profit and average spend per purchase. Don't stop there; you can get really creative, try making bandannas, bonnets, or headwraps with your logo on them.
If you can get people interested in your brand, then they will want to buy more.
Allow Customers To Give You Feedback
Now, this next tip is essential. We are living in an online age where reviews can either make or break your business.
I have friends who won't even go to a restaurant if the rating is too bad. A company that doesn't have any feedback from customers that buy will more than likely not receive any new clients. There are a few ways to receive feedback on your products in a positive way.
One, make sure your communication with your customer is fast and easy to understand. Consumers love when you are meeting their needs and answering all questions (even the crazy ones). In business, the customer is always right so as long as you are being polite and solving their issues, they are sure to give you positive feedback. Two, as soon as you deliver the package to your customer send a follow-up email thanking them for their business.
This email should also include an option to rate their recent purchase with your company. If you are scared of receiving bad or negative comments, try using the star system. Have the customer rate you on your communication, the quality of the product, and fast shipping.
This process should be out of 5 stars that way you know where your business falls on this scale. Lastly, if you want to gain a ton of positive feedback have buyers shout-out your business on their social media platforms in return for a discount.
This tip will increase your feedback and overall profit by a ton.
Work with Other Influencers or Entrepreneurs
I cannot stress this message enough. When your business begins to grow, you will start to realize that the hair world becomes smaller.
By saying that, if you can connect and network with other people who are trying to do relatively the same as you the outcome can be enormous. If you know someone who is big on YouTube, try to do an exchange. Let them wear your products for free and then post the results.
Now, they gain followers from you, and you gain clients from them, this is what we like to call a "win-win situation." Another idea is to cross-promote with a hairstylist. See if you can set up a deal where they sell hair your hair in their salon, and in return, your clients pay them to install the hair. If both the hair and installation are successful, you both should see an increase in sales.
There are so many ways you can cross-promote with other brands you have to be creative. Another saying to live by is "scared money doesn't make money." Remember it doesn't kill to ask, all they can say is either yes or no.
If you want to see an increase in your profit for your hair business you cannot be afraid of networking or rejection.
Give Great and Long-Lasting Customer Service
Finally, make sure you give your clients a fantastic customer service. For example, think of your favorite restaurant.
Yes, you may go there for the food, but I'm pretty sure what keeps you coming in is the service you receive. If the food was great, but your waiters are rude would you be inclined to go back? The answer is no because the best way to make money, and maintain it is to keep your regular customers coming through that door.
There are so many ways to keep your customers happy. You can start by leaving thoughtful messages in your packaging thanking them for their business. The easiest way to make people happy is by taking the time to respond to any messages that anyone may have. If you know that there will be a delay in shipping, you need to take the extra precautions to keep your client up-to-date.
If it's difficult for a customer to contact your business for questions or concerns, this will make them abandon their loyalty to you. Another great tactic to keep customers coming back is to invest in certain apps and tools that will email, and check up on your client without you having to do so.
There should be an automatic message whenever someone; orders a package, post office generates a tracking number, and once the item is in their possession.
Making sure you are always staying in contact with your clients will leave an excellent long-lasting impression.
Are You Ready To Earn More Profit for your Hair Business?
I don't know anyone who doesn't want to make more money. These tips above are a sure-fire way to increase the profit of your hair business.
If you take the time to look over these steps, you'll see most of them are not that hard to do. With any great idea or business plan, you must learn to apply patience. Trust us the money will come, you make sure you're doing all you can on your end. It's never too late to vamp up your social media.
If you need help with your social media layout, you can draft up some ideas from other successful hair business profiles. Instagram, Twitter, and Facebook are becoming more advanced. So, we have got to keep up with the latest updates as they come. Keep in mind that the holiday season is quickly approaching. This timing is perfect for adding additional items to your site, and also increasing your price points.
Increasing the profit of your business is more accessible than some may think, and the first step begins with you. So now we have one question for you all. Are you ready to earn more profit for your hair business?