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How do you grow your business today? This is a question every salon owner must wrestle with, and one every wise salon professional considers as well.
Growth requires vision, discipline and more often than not, a bit of daring. Take those qualities, apply smart marketing strategies, solid business plans, prudent budgeting and, last but not least, a commitment to education and development of your team's skills. Then growth will happen.
Every January, our sister publication SALON TODAY publishes the SALON TODAY 200, a composite picture of what it takes to succeed and grow. Salons are selected after completing an extensive questionnaire and providing financial documentation that proves accelerated growth, and typically, they fit the profile I outlined above.
The SALON TODAY 200 are definitely "above average," but all salons who aspire to grow can compare their numbers to the SALON TODAY 200 stats as benchmarks for success or catalysts for developing their own plans. A few points to consider: :
The average price for a shampoo cut and style in ST 200 salons is $44.53, compared to $42.55 last year. When was the last time you raised your prices?
A typical ST 200 salon occupies an average 4,257 square feet of space and works to maximize revenue from every inch.
Seventy-five-percent of ST 200 salons consider themselves to a day spa or a salon/spa. Again, these are not the "average" American salon--and the move to day spa is not for everyone. But any salon could and should capitalize on the growing interest from women and men of all ages in skin care and body care. Evaluate retail opportunities and think about realistic service extensions.
The average ST 200 salon earned $1,237,022 in gross revenue in 2004. What is your target for growth for 2006, for the salon and/or individually?
Intrigued? Want to learn more from the SALON TODAY 200 owners and how they built their success? This year, you can do more than read the special ST 200 issue. You have the chance to meet, network and rub shoulders in person at an exclusive new event for owners and managers March 26-28 in Chicago. SALON TODAY 360: From the Page to the Stage combines two days of workshops, keynote speakers and a special banquet honoring the SALON TODAY 200 Class of 2006. Attendance is limited. Visit www.salontoday.com to register for this special event, or call Joyce Navarrete at 847-634-2600 to register, to order a copy of the SALON TODAY 200 issue or to request an application for the 2007 program.
Here's to your success throughout '06!
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