4 Things Stylists Must Do To Prepare For Inflation
How Is Inflation Affecting Hairdressers? Here’s What You Need To Know
It’s not fun, but it’s here. Inflation in the United States is affecting our industry and every professional in it. If you’re a stylist, salon owner, suite renter or anything in between—you’ll want to start implementing these four business tips from the pros before it’s too late!
4 Things Every Stylist Can Do To Combat Inflation
1. Determine What Your Salon Can’t Live Without
Product shortages are expected so prepare now to better control your inventory. Due to post-pandemic supply chain issues, manufacturing, shipping and delivery processes are behind. This makes the supply and demand of something as small as a box of foils skyrocket in price.
“Think about the things your business can’t live without,” says Mary. “Is it bleach? Is it 5N? What does your day-to-day business need most?” These are the things you need to allocate extra cash towards.
Pro Tip: Stock up (but don’t go overboard!) on the products your salon absolutely needs day-to-day to avoid paying a much higher price later.
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2. Get Ahead: Why You Should Raise Your Prices Now
Mary and Jack stress the importance of raising your prices before clients see price increases in other areas of their day-to-day. Every other business raises its prices for inflation, why shouldn’t you? The reality is, if you’re the only business keeping prices the same now, you’ll be paying double for it later.
Mary says. “If you continue to keep your prices the same, you are taking a pay cut EVERY single day.” Don’t feel bad about it. You need to take care of yourself before you worry “if your clients can afford it.”
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3. Avoid Losing Extra Cash
If you’re looking to cut costs for your business, think about everything purchased beyond hair products and tools. Paper towels, toilet paper, cleaning supplies—even the gas in your car required to get to work—should be taken into consideration.
Pro Tip from Jack: Pay attention to EVERYTHING! Something as small as the wholesale toilet paper you buy might be doubling in price. Everything adds up, take proper business measures to understand where every dollar you spend is going to make easy adjustments where needed.
4. Be Ready To Make Big Changes
“Be open to being nimble,” Jack says. “You may have to switch product companies or change your service menu.” Neither sound like a great option, but they’re also not the end of the world. (Or your career!)
Jack recommends making decisions that will last such as finding alternate go-to products or increasing prices by around 20 to 25 percent. Making one larger change instead of multiple smaller ones will help with client retention and your organization on the back end.
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