I definitely don’t have a crystal ball, but what I do know is that there are some things that you can do inside your business to look into the future of your salon. If your not doing them, then you are definitely setting yourself up for failure.
So let me ask you this one question:
Do you have an exit strategy for your salon?
And I don’t mean do you have a general idea of maybe something, someday. I mean, do you have a specific exit strategy?
– Do you have a plan to sell your salon to your existing team members?
– Do you know somebody wants to buy your salon?
– Do you want to be gobbled up by a giant corporation?
What is it that you want to do with the livelihood of your salon that you have been investing in over the last year, or 5 years or maybe even the last 30 years?
What I find in my experience of working with hundreds of salon owners and thousands of stylists is that most salon owners can’t properly answer that question. In fact, they kind of have some vague idea, but they are not planning for their future. They are not trying to get to that reality so that they can create it, and then have it.
If you are still working behind the chair, and you want to sell your salon, you have a pretty big uphill battle to deal with. What we do is we help people to grow their business and put a plan in place. We help you put a succession plan in place that says, “Hey, there is actually a deadline for me exiting this business.” This could be a number of things:
– Maybe just a cash out for you.
– Maybe you want to receive ongoing royalty out of the business.
– Maybe it’s moving in to owning a salon academy and then turning your salon over to someone else.
No matter what the plan is, you usually need some help from an outside source to do it. We offer what is called a “Salon Acceleration Session” where you can get 30 minutes on the phone with me personally to help you figure out what your succession plan needs to be and how you are going to turn the business that is making you money right now, into a business that is going to make money for somebody else. This is really the true test of salon ownership: Not can it make you money, but can you sell it for a profit to someone else?
If you want to know how to do that and you want to know how to grow your salon, check out our Salon Acceleration Session.
CLICK HERE to apply
I look forward to meeting you in one of the sessions.
If that question rocked you to your core, all the more reason why you need to take some immediate action and figure out the plan for yourself.
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