Five Simple Ways to Boost Your Earnings as an Independent Contractor in the Beauty Biz
For most of us in the Beauty and Wellness industry, our careers are more than just an income, they’re a creative outlet and a passion. But, at the end of the day, you can’t rely on creativity and passion alone to fuel all of your success, you need to have some business smarts if you want to accelerate your career and your earnings. This industry is a multi-billion-dollar industry and continues to grow year-over-year making it ripe for opportunity! Incorporating some little changes to your career strategy can have a meaningful impact. Check out these 5 simple ways you can start boosting your earnings today!
1. Stay in One Place
There are multiple factors to consider when choosing the location for your business and while it may initially appear like moving to a new location will be a good choice for you, keep in mind that moving around too much can have a huge impact on your bottom line. You’re inevitably going to lose business productivity for days as you make the transition and settle into your new location and moving means asking your clients to move along with you. The disruption to your clients can result in a loss of goodwill and result in losing some loyal clients, especially if you have been in your previous location for a considerable amount of time. Some statistics suggest that stylists lose up to 80% of their following with each move so think carefully about the consequences to your client retention rate before you take a leap and move locations.
2. Provide White Glove Service
A little pampering can go a long way. Keeping a clean station, offering a warm greeting and refreshments, being a good listener, and keeping track of life events doesn’t require spending more money to give your client a great experience. Provide amazing service and you’re sure to build a loyal client base who trusts you to take care of their beauty needs. You’ll also experience an increase in your tip income and products will more easily leave in your client’s hands. Making a client feel important and heard will create loyalty through a genuine personal connection.
3. Explain What Products You’re Using and Why
Not only are product sales an essential part of your income, but studies suggest that a customer is approximately 50% more likely to return to your business when they purchase a retail product from you. Besides, if you’re not providing your client with the knowledge they need to recreate the look you’re giving them, you’re not providing the white glove service that they have come to expect of you.
4. Raise Your Prices
Don’t be afraid to charge what you’re worth! As you invest in yourself and your experience in the industry increases, your services become more valuable. If you have built a loyal clientele and you haven’t raised your prices in a couple years, now might be a good time to consider it. You don’t need to shell shock your clients with a huge increase all at once, but a 5% - 7% increase per service offering can mean hundreds of dollars a week in additional income.
5. Ask For & Reward Referrals
Word of mouth is the best form of free advertising you can ask for…Literally, ask for it! And don’t just ask for it, be appreciative of it when your clients bring you new business. Providing a discount on their next service as an incentive is a great way to show your appreciation. If that seems like too much, even a heartfelt “thank you” can go a long way.
Focusing on money alone won’t make your business the best it can be but incorporating some surefire ways to boost your bottom line will not just benefit you, but your clients as well!