Earlier this year, when salons were closed due to the mandatory shutdowns, the most frequent questions SALON TODAY and its sister pub MODERN SALON received was, "Should I raise my prices?" and "How am I going to cover the extra operational costs with the PPE?"
We heard you and, as a result, we designed our third day of our virtual conference the Data-Driven Salon Experience to explore the world of pricing and profits. This event will be held October 12 at 11 PST/1 CST/2EST.
In the first session, Allyson and Shannon King, the owners of Hair + Co BKLYN and the founders of Beauty 360 Consulting break down the numbers and show you why a price increase may not result in as big a change to your bottom line as you thought. This session will identify the gap salons have to close and look at the strategies beyond a price increase to ensure salons have a plan, know where they money goes and are on a path to rebuild their wealth. Here, Allyson gives us a preview:
Wonder where your color business ranks in profitability? In the second DDSE session, Vish Co-Founder and CEO Joshua Howard will walk you through industry benchmarks for pricing your color services, underlying profit margins across different service categories and strategies for forecasting your supply using metrics that can end the guesswork and drive stronger revenue from your color services.
And, finally Jason Facio, owner of four Elements Salons in Nashville, Tennessee, explores the power metric of Average Ticket, sharing his philosophy around coaching the team to work smarter not harder. He discusses how he minimizes costs, his theory behind marketing, and transparent pricing and beauty contracts.
The Data-Driven Salon Experience is free for beauty professionals, and previous sessions can be watched on demand. To see the entire schedule and sign up for your favorite topics, visit datadrivensalon.com/experience.
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Originally posted on Salon Today