The pandemic taught me a lot about business, and yes I have an MBA and all that. The number one thing that the pandemic taught me is that I need to have more than one source of income. And yes everyone all over the internet is talking about many streams of income and I’m confirming that you need to be more diverse.
I’ve always known this… and honestly since I never had anyone to depend on I made it my business to be prepared for a situation, even if that situation never occurs. Here I will go over a number of strategies that I have put into place to make sure that I always have some coins in your reserves..
One I started putting away $25 a week in the beginning into a Roth IRA account and investing in stocks and bonds. Then I put $25 a week into your savings account for EMERGENCIES only. Work on consciously saving for the future regardless of the circumstances. That way when there is an emergency you’ll be prepared and it will not be as bad. If you need a little help I put together a workbook to help you save for your goals you’ll find it here!
Hey, I’m glad you found this blog… I’m going to go over some strategies that I used to stack my coins before I went full time and how I made sure I had a nice savings cushion. It’s very important to have a stash. Remember if you’re prepared for an emergency it is not an emergency it’s just an event.
Offer More Nail Services
Adding additional nail services to your business can really make the difference when it comes to making more money. Just think about how offering spa manicures and spa pedicures could change your business. Or even adding new services like Gellex and possibly press on nails as well. When you add new services and products you should consider which products would be quick and easy to launch. If you already have gellex tips, selling press-ons is easy because you have all the supplies on hand.
Adding more services or just increasing your service prices by at least $5 yearly. Honestly you should never feel bad for raising your prices. Because that’s what businesses have to do to stay in business with the rising cost of supplies.
Upselling and Cross-Selling Techniques
What services are you offering and are you willing to add a little more to it? So let’s consider a few things. If you don’t feel that you can, how about offering additional options to your service menu. Consider nail art pricing charging more for nail art. The rule of thumb is at least $1 per minute. Start offering home care retail like cuticle oils and hand creams, which also helps you because their hands stay moisturized.
Consider offering packages to local businesses, especially during holiday times. You can pitch this to local businesses in your local area like this.
Hello my name is XXX from XXX Salon and I am in your local area. I wanted to offer you a package of gel manicures or pedicures for your staff as employee appreciation gifts, or to your clients as customer appreciation gifts. If you purchase 10 gel manicures at $100 each I’ll give you 2 gel manicures free.
When offering packages make sure that you outline the terms and conditions completely so that the purchaser and receiver are aware of how to book and expiration. ( When I sell gift certificates they never expire, it’s good customer service and those people can turn into regular clients). When you schedule those clients take the opportunity to upsell them extras, like nail art a pedicure to accompany their manicure. Upselling just $5 per client on a 5 client day is an extra $25 in the day. And if you work 5 days a week that is an extra $125.
It is important to remember that small changes can make all the difference so give it a chance.
Building a Strong & Loyal Client Base
The best and most effective way to build a strong clientele is to be consistent and have great customer service. You must be timely with your services, running behind is not conducive to keeping clients. If they can never expect you to be on time they may not rebook again. Think of it like this: if they cannot be sure when they’ll be finished, how will they schedule the rest of their day!
Make sure you are marketing yourself on your social media correctly. Not just posting openings, post about your services. Show potential clients why what you offer is superior. Differentiate yourself from other nail techs.
Hosting Workshops and Classes
Hosting workshops and classes is also a great way to build additional revenue. I do recommend being in the nail game a while before doing classes at least 2-3 years. I also 1000% recommend that you know what the manufacturer directions for any technique and procedure are before you start teaching.
With that being said, teaching classes and mini courses is a great way to generate income. Especially if you already have nail techs that want to learn a skill from you. You can also partner with brands and schools to educate on a bigger scale. Working with companies can be great, just remember if the terms are unfavorable then negotiate or work with a company that treats you how you want to be treated and compensated.
These classes can be done in person or online!
Exploring Online Revenue Streams
Affiliate marketing is another way to generate income, there are so many sites that offer affiliate opportunities from Amazon to Aliexpress. These programs provide you with links that you can share with your subscribers in order to inspire them to purchase with their link. They will pay you a commission on everything that you sell and while it may be pennies in the beginning the more you grow the more you can earn.