Are you a Master of Business?
(Salon MBA), the newest category at the North American Hairstyling Awards (NAHA), will reward a business-savvy salon owner who has generated at least $300,000 worth of sales in one year, has at least three licensed professionals on payroll, and been in business for three or more years as a winner this year.
"The NAHA for the Salon MBA not only provides an additional enhancement to the NAHA event, but really seeks to recognize the business aspect of our industry," says Bonnie Bonadeo, Professional Beauty Association's director of program development and education. "Ideally, it inspires salon owners and hairstylists to further enhance their team, service offerings, dÃ©cor and ultimately make the salon a more profitable business."
Salon MBA provides salon owners the opportunity to win a coveted NAHA on "business savvy" and not have to incur the time and creative energy to do a full photo shoot. This new category also recognizes the salon owners who may not be stylists themselves, but still are a vital part of the industry and support the NAHAs.
According to PBA, they have received a very positive level of response from people who entered the category. Salon owners who were interested in applying for the Salon MBA had to answer questions ranging in a number of subjects and submit them online. The categories included: salon demographics, existing and new business strategies, retail promotions and sales, marketing and community service, and current financials and future plans.
Some of the sample business questions Salon MBA contestants answered:
1. Give a brief overview of your salon's business plan? Who is your customer, why are you targeting this group?
2. What have been the main driver's of your salon's business success?
3. Describe your most successful service or retail promotion. What were the results?
4. Describe your most effective marketing/communication efforts.
5. Provide an overview of your business' current financials. Given the current state of the economy, how are you maximizing and leveraging plans for future growth?
Salon owners who entered had to submit three images of their salon design; including reception, retail and service areas. Five finalists will be announced by April 30, 2010, and a winner will be selected on July 18, 2010. Stay tuned to MODERN as to who the Salon MBA winner will be!
Visit Probeauty.org for more information on NAHA 2010.