If you’re doing Booth/Suite rental, you NEED Business Training!
Here Are Six Reasons Why!
Reason #1 – What Do Your Books Look Like?
The IRS claims that most tax cheats are self-employed so it’s not surprising that this group is more closely scrutinized than are employees. As a small business owner you’re almost 3X more likely to be audited than a regular employee. With 47,000 employees, the IRS’s Small Business/Self-Employed Division is the biggest of all. If the IRS chooses to come after you by way of an audit—or worse, a criminal investigation—be aware that it can easily get to your bank and other financial records.
Probably the biggest reason for the extra scrutiny is because the beauty industry is notorious for not reporting cash income and tips. Reporting cash is a bookkeeping and accounting function. What do your books look like?
Reason #2 – What Are You Doing When Your Chair Is Empty?
Your booth rental business is just like an airline company. Too stay in business you need ‘cheeks in the seats’! But new clients don’t come easy and they’re certainly not free! National studies indicate that the average cost for a new client is between $25 and $30 each.
Without a well orchestrated marketing plan that drives in new clients, your business is slowly dying. Why? Because your clientele is like a leaky bucket and you’re constantly losing them.
No matter what you do or how skilled you are or how great your customer service is, they’re disappearing. Just this week you were probably thinking about a client who missed they’re appointment months ago and haven’t seen them since. How are you working on your business when your chair is empty?
Reason #3 – Paperwork and Regulations!
Governments – federal, state, county and city – are ever increasing their requirements on small businesses for reporting on sales revenue, personal income (including tips), year-end inventory, workers comp insurance, unemployment, etc. Know why? They want they’re taxes! With revenue down year-on-year governments are scrambling to fill their coffers any way they can.
Don’t wait until you’re drowning in paperwork, trying to figure out the taxes, PLUS marketing, retail promotions, meetings with your accountant and time with a tax lawyer before you get the Boot Camp Business Training you need to make your life simpler. If you’ve been doing booth rental for more than a year, you know there’s a lot more to it than just doing hair!
Please take the poll!
What’s your biggest ‘booth rental’ expense?
Reason #4 – How’s Your New Client Retention?
You probably already know this, but the ‘client that follows their Stylist anywhere’ is a myth! Why? The national average for returning NEW clients goes something like this:
- only 30% return for a second visit,
- only 12% return for a third visit,
- only 8% return for a fourth visit,
- only 6% return for a fifth visit,
- only 4% return for a sixth visit.
A client isn’t really “yours” until after a sixth returning visit and that’s ONLY 4%! Bear in mind these numbers include all full-service, upscale salons that really pamper the client with a team of professionals. Clients are ‘voting with their feet’!
What are you doing better than a full-service salon to keep clients coming back?
Reason #5 – Your ‘Client Bucket’ is Leaky!
Aggressive marketing keeps your bucket full and that’s NOT just social media! Experts agree that a small business should be spending 4% – 5% of total revenue on marketing. If you’re not spending AT LEAST that much, you’re losing more clients than you’re keeping.
How much are you spending to replace all the clients that are disappearing?
Outstanding customer service can help to keep clients coming back!
Please take our poll! How has your experience been with booth rental?
Reason #3 – Paperwork and Regulations!
Being a small business owner pulls you in so many directions that before you know it, you’re at your breaking point! Why does this happen? With so much to do and you trying to do it all yourself, you’re always playing catch-up and feeling guilty for the things you couldn’t do!
Learning to set goals and prioritizing your daily tasks helps you to feel in control and get more done.
Don’t wait until you’re hanging by a thread to decide to get the Boot Camp Business Training you need to help you grow and manage your business.