Increasing profit as a solo esthetician by maximizing revenue and saving money
When you’re a solo esthetician, you run the show. You get and keep your clients on fleek, all while keeping things running smoothly; even though you’re without an extra pair of hands. That’s why it pays to maximize your revenue and save money to keep building toward bigger and better things.
Revenue – Expenses = Profit
Knowing how to increase your profit requires a few calculations (nothing complicated!) All solo estheticians make money from their clients, though they have expenses that take away from the final dollar amount. Before looking at ways to maximize profits, it’s best to take a look at where money is coming from and what you’re using it for.
After a quick analysis, it’s a good idea to make a list of goals that you’d like to achieve as a solo esthetician. Would you like more clients? A bigger location? Better equipment? Creating a list of goals is a great way to get motivated to save and move closer to your beauty goals.
Ways to Cut your Expenses
The fewer expenses you have, the more money you can keep in your pocket. Here are a few things you can do to cut them down while still offering quality services.
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They say it’s all about location. However, when you’re first starting out, you may have to make a sacrifice. Some key salons charge an arm and a leg because they know you have access to lots of clients. If you’re a seasoned esthetician and have clients that will follow you, it might be good to go more conservative while you save.
If you’re just starting out, try a trendy and affordable salon with access to new clients. Work in about 10% of your income for rent, keeping things that way while you amp up your client list and save to move on to the next big thing.
Some estheticians go overboard when stocking up on products. The idea of having them on hand for clients that might want them is great but what happens when they pile up? To start stacking up cash, consider creating a product list of the things you use the most. Start from the most used products and work your way down, getting on a schedule for ordering.
Update your list after each treatment or purchase from a client so you make sure you’re stocked up on what you need and get rid of everything you don’t need.
When estheticians go out of their way, they tend to get more attention. All of those small thought-out details are always what clients remember, but some can cost more than you bargained for. Try thinking outside the box and adding some cute extras with treatments that don’t cost a fortune. Some creative DIY products or just a little something extra for the time being will get you by, for now, saving the extravagant extras for later.
Increasing your Revenue
Estheticians make the mistake of sometimes pulling more hours to generate more revenue. The only bad thing about pulling long hours is that you sacrifice quality, possibly working yourself thin. Below, check out some ways you can increase your revenue and stay well-rested at the same time.
Not only can you make money on your services but also your products. You shouldn’t push products on clients but, instead, weave them into services so that they get a preview. While adding it into a service, explain the product and mention long-term benefits that showcase the value. To sell more, try to:
- Provide individualized recommendations with your stock
- Put together packages with your must-haves
- Host a small event for your clients to educate them on techniques and products
- Try and score sample sizes of your favorites to pass on to clients
Between tools and products, estheticians tend to have their workspaces full. Instead of letting things pile up, it could be a good idea to organize and let things go. Consider selling things you don’t use, either letting your clients in on a deal or selling them to other estheticians that might make use out of them. Use the web or any local source to put your stuff out there and bump up your revenue.
A lot of estheticians underestimate the power of a good spa special. Some of the best include your most popular services bundles into one unbeatable deal with an extra punch for good measure. The holiday season is the perfect time to put a few out there, playing with themes to release a great deal that will capture attention and earn you more dough.
Make Every Second Count
Instead of overbooking yourself to stack up against your savings, maximize what you can offer. Try and cut your expenses and create more quality services that get you on the map. Having extra cash for your goals will help you make your dream come true, hitting superstar status and filling up your calendar for your innovative services.