Raising Prices With Confidence (without losing clients)

Feeling lost in the world of "brand" and "branding"? You're not alone! This episode w/ host Ambrosia Carey & special guest Nina Kovner of Passion Squared breaks down the key differences between these often-confused terms. Join us as we delve into the essence of what makes a powerful stylist brand, and how to translate that into tangible strategies for building a thriving salon. We'll explore everything from brand identitity to brand story, empowering you to attract your ideal clients and elevate your business to new heights. Tune in and unlock the secrets to building a memorable brand that stands out in the crowded salon landscape!

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Key Takeaways:

1. The brand is the story.

2. Branding is the identity of the brand, the aesthetic & logo

3. Branding is meant to help tell the brand story. It is not the brand story.

4. The first step is brand story then we design around that, including content.

5. One of the biggest misconceptions is to build your brand on social media, but that’s marketing.

6. It all starts with brand purpose: what problems are you solving.

7. Brand promise, how are we solving those problems.

8. Who are we serving (target audience), and what solutions do we have (products & services.

9. When approaching your story telling, the most powerful way of speaking is to an audience of one & making them the hero.

10. An exercise in helping you create this story is by listening to your clients.

11. If energy is put into brand identity but not story, there can be a mismatch in what people expect vs what they receive & it can hurt a business

 

12. Changing your branding every few years can hurt your business, consistency builds trust.

Find more info on Nina of Passion Squared & Instagram HERE

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Do you crave more freedom, financial security, and a community in your business? Join us as salon owner Nick Mirabella, shares his journey and bold move – transitioning to a private membership model. In this episode, you'll discover: The why behind Nick's decision, the how of the PMA approach, and the benefits of going private.

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Key Takaways:

1. Private memberships allow you to practice your business under a private domain through a membership program.

2. Statutory compliant means you’re complaint to what the state & government tells you to what you can do vs non-statutory which is complaint to your private association.

3. Changing the structure of your business to private offers an opportunity to rethink how you can marginalize profits.

4. ESOP program, employee stock options as a percentage to pool from different forms of income of the business to employees with vested interest.

5. Having a private business face a few challenges such as State Board & distributors due to the license.

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Follow Nick on his journey here

Worried about a recession impacting your salon business? This episode is your lifeline! We'll dive into 10 proven strategies from cutting costs to attracting clients, helping you maximize efficiency, boost revenue, and recession-proof your success. Learn from 24 year hairstylist and salon owner Ambrosia Carey and gain valuable tips on financial planning, marketing adjustments, and operational optimization. Don't wait until times get hard in your business - take control and secure your future today!

Celebrating our 100th episode & over 10,000 downloads! Drop a review on Spotify or Apple now & get automatically entered to win a Pharmagel skincare bundle: https://podcasts.apple.com/us/podcast/successful-stylist-academy/id1584273127 winner will be chosen and annouced March 19th!

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Key Take-Aways:

1. GDP requires 2 consecutive quarters.

2. Inflation: Consumer price index remains high.

3. Federal reservce interest rate climbing, but S&P has increased.

4. Review & optimize expenses: look over monthly expenses & cut back on non-essential costs: subscriptions, utilities, inventory.

5. Build an emergency fund 3-6 months of operating expenses to cover unexpected costs during slowdown.

6. Explore options to lower interest rates or extend payment terms on existing loans.

7. Focus on services with higher margins like scalp care, treatment add-on, bundle options  (menu options in previous episode linked in our shownotes), above all focus on essential services.

8. Secure a line of credit w/ favorable terms to access additional funds if needed.

9. Loyalty programs & rewards, good time to reintroduce.

10. Optimize your search on both website & social media for local searches; showcase specials or giveaways. Products that aren’t moving, bundle a giveaway or host a contest.

11. Community partnerships: collab w/ local businesses for joint promotions.

12. Optimize scheduling, how can you shrink timing down on services? (Treatment to end while roots on, rescheduling then getting next step ready while processing, use 10 min express colors)

13. Reduce waste: SalonScale tracks all inventory usage & cost, stores formulas, creates a suggest re-order menu.

Find more on our top downloaded episode here: https://podcasts.apple.com/us/podcast/successfulstylistacademy/id1584273127?i=1000603222567

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Raising prices without scaring off clients - sounds impossible, right? This Successful Stylist Academy episode cracks the code! Learn pro tips for confident price increases, from justifying your worth to handling client conversations. Stop undervaluing your skills and boost your income - listen now & drop a review if you found this helpful!

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Key Take-Aways:

1. Evaluate fixed, variable expenses first, then your profit margins with cost.

2. Market search within your zip code & surrounding areas, then look over the income median within those zip codes.

3. Ask these questions: How long have you been in the business? What percentage of clients are rebooking with you? What experience does the client reflect when they’re walking away from the chair?

4. Let facts help you determine prices by looking at your cost of goods, not emotion or guessing.

5. Value & worth are not the same. Think of value broken into two parts: communication & technical. When breaking down services, over communicate the steps, and the technical cost associated.

6. If it’s a higher increase (over 10%), increase in increments.

7. Give a heads up effective date before the price increase takes effect.

8. Avoid increasing prices around peak seasons, and give ample notice.

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Feeling overwhelmed with the thought of juggling 2 businesses at the same time? Breathe easy! Discover expert-tested techniques to double your impact without doubling the stress. Master growth hacking, organizational, and structured techniques. Click now for the ultimate growth guide! Leave a review if this helped you in any way!

Hairstylists! We are offering FREE group coaching to anyone who downloads Successful Hairstylist, our course with lifetime access: https://www.ambrosiacarey.com/workshops/successful-hairstylist !

Want more ways to market your business? Get the guide HERE

Key Takeaways:

1. Lay the groundwork: create your business plan and take it to a mentor.

2. Create you WHY & streamline a plan for the back-end.

3. Build out your income projections on a monthly, quarterly, and annual basis.

4. Consider what happens in a slow month vs heavier. What do you need to do to plan for balance?

5. When coming to a business decision, ask yourself “can I do it”, then ask “should I do it”.

6. Play to your strength and budget to bring others in.

7. Leave space for spontaneity during the structured time. Look at this week by week.

8. Keep organized notes to side-bar a thought while you’re in that structured time.

9. Keep your business and personal accounts separated with a separate LLC, EIN, and bank accounts.

10. Focus on your top 3 offers that give you the best output for expense/time ratio.

11. Formula: Net profit - initial investment x 100.

12. If you made an initial investment in your business, your number 1 goal should be to pay yourself back first.

13. Balance technology and real people interactions for a salon business.

14. Use the 3, 2, 1 method; your 3 top clients, the 2 places they hang out and market there, and your 1 point of differentiation to attract more who are like them.

15. Simple is not always easy. Schedule time to rest and take a breath.

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If you prefer video, we are now on YouTube!

Ever dreamt of building an empire beyond the salon? Join us as founder Ambrosia Carey talks over the successes story Carleana DeLaCruz built between a high demand bridal business and publishing a book built for hairstylists, "Hairpins and Happiness". Carleana unpacks the key ingredients of her success, revealing the mindset shifts, business hacks, and strategic leaps that propelled her from behind the chair to multiple avenues of business.

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Key Take-Aways:

1. Who are you writing this for?

2. When the process begins, pick an end date.

3. put words on the page, just start.

4. Stick to it, be persistent with finishing what you started.

5. Be open to collaboration in building your business.

6. There is more to monetizing a business than money. Relationships are the ultimate monetization.

7. Success is a constant evolving journey.

8. Get out of your own way & choose to make it happen.

SalonScale has saved thousands of dollars for businesses we've work with, start saving now & enjoy an extra 10% off HERE: https://signup.salonscale.com/mz9lj/ambrosiacarey

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Find Carleana on Instagram: https://www.instagram.com/hairpinsandhappiness/?hl=en

Hairpins & Happiness Book HERE: https://www.amazon.com/dp/B0CKSZ2W72/?coliid=IPCGHMUM3QWL7&colid=MMF47JVJU3O2&psc=1&ref_=cm_sw_r_cp_ud_lstpd_XSYY25HCGTMCSY569VXY

Ditch the guilt, set the limits! People Pleasing to Self-Care: Master healthy boundaries, reclaim your energy, & run a healthier business! In this episode, we are talking about ways to say no, prioritize YOU, & build vibrant relationships without exhaustion. Successful Stylist Academy coaches share their expert tips, real-life examples, & practical tools for a happier, healthier life. Download our FREE worksheet & join our 10 day business challenge!

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Key Takeaways:

1. Create your way, and visit it often: once a year at minimum and anytime you pick up a new project.

2. Self reflect, which will help you identify your patterns and triggers.

3. Reinforce your priorities through self-care.

4. What are your motivators and what drives you to say yes?

5. If you have a hard time, saying, no, don’t answer right away.

6. Before saying yes, ask yourself "do I want to do this?"

7. Ask yourself why am I doing this and does it align with your why?

8. Ask yourself if it’s healthy for you. Is this is the best way to spend your time and expertise?

9. Does this bring out the best of me and others?

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Ever feel torn between stocking shelves with products or sending clients down affiliate link rabbit holes? You're not alone! This episode dives headfirst into the salon retail vs. affiliate marketing debate, helping you unlock the best profit path for your beauty empire. Tune in and drop a review to have your voice heard in a future topic!

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Key Take-Aways:

1. Time & Effort: managing inventory, ordering, storage, product knowledge, and handling returns should be considered first.

2. Housing retail may take more time and cost up front but have a higher profit margin.

3. Affiliate links are convenient and don’t require up front cost.

4. Most brands offer education points to salon owners for carrying the line in house, and those points can be applied to backbar and ongoing education.

5. A solo suite owner might not have space to stock retail, but the commission is capped at a lower percentage.

6. The average salon that sells product in house claims a 15-25% profit from retail sales.

7. Consider the client experience when making your decisions & what fits your brand.

8. There are more profit options for products not selling in the salon, such as hosting a sale or taxable donation for the business.

9. Selling through affiliate links allows less commitment to a line & it’s easier to switch lines.

10. The downside to affiliate links is the possibility to dilute the brand image for your salon.

11. Online options help with a global reach and 24/7 accessibility.

12. Online purchasing has a lack of personalization, can have delays in shipping, lead to dissatisfaction, and reduces impulse purchasing which is a missed opportunity.

Increase your color profits instantly, plus score 10% off with SalonScale now, you'll thank us later!

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Ever have a client walk in with a Pinterest hair fantasy and walk out disappointed? Yeah, we've all been there. Join us as we delve into the trenches of salon life, sharing real-life scenarios, practical tips, and expert advice to help you communicate effectively and build trust and loyalty with your client. Subscribe now & leave a review to get automatically entered into our next big givewaway!

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Key Takeaways:

1. Ask your client to zoom into the picture to clarify what part of the image they’re drawn to.

2. Educate your client: What the service would look like, the upkeep, and how often they need to come back in.

3. Use a color consultation form and give 2 options, breaking apart by time and starting rate.

4. Our job is to help a client decide what they actually want.

5. Over communicate during the consultation, and look for those non-verbal cues.

6. Use the same verbiage your clients use.

7. Stick to the positives, find the answer and create a solution.

8. Try breaking the ice with a little humor when it comes to unrealistic expectations.

9. No your limits and be OK with having to turn down the service if it is an unreasonable request.

10. Give yourself a cushion of time and quoting the amount of service to save any unforeseen changes.

11. Walk them through the entire process, so they know what to expect and communicate as you go.

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In this episode, Successful Stylist Academy's founder, Ambrosia Carey delves into the communication aspect of being a hair stylist. Ambrosia breaks down the art of building trust with your clients and navigating those awkward moments when a client says no to your retail suggestions. For future topics or questions to our coaches, leave it in a review & we will include your comment in a future episode!

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Key Take-aways:

1. Establish Open Communication: Engage in active listening to understand your clients' needs, preferences, and hair goals. This makes educating our clients easier.

2. Provide Expert Advice: Offer professional guidance and recommendations based on your expertise and understanding of their hair type, texture, and lifestyle. Personalized recommendations, problem-solution, product experience, maintenance and longevity.

3. Respect Their Choices: Respect clients' decisions even if they decline your recommended products or services. Make note of your recommendation and let them know you’ll revisit at another time.

4. Offer Alternatives: If a client declines a product or service, suggest alternative options that may better suit their needs or budget. Help through process of elimination.

5. Personalize the Experience: Tailor your recommendations and interactions to each client's unique personality and preferences: smell, feel, hold, upkeep, application.

6. Maintain Consistency: Focus on consistent high-quality services, this builds trust over time through repeat interactions.

7. Address Concerns Proactively: Anticipate potential concerns and address them before they arise. Explain how product diversion or gray marketed items work.

8. Embrace Education: Continuously educate yourself about the latest trends, techniques, and products you carry. Start out with 3 hero products and keep adding on.

9. Demonstrate Transparency: Be transparent about product ingredients, answering clients' questions honestly and providing clear support for your recommendations. Heat protectant.

10. Follow up with your recommendation after the appointment.

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