Everything matters when it comes to opening a new salon/barbershop
or expanding an existing businescs.
Knowing your target market or your target client is absolutely
essential. It pays to know enough about those that are willing
to spend their hard earned money your way if you put the time into
researching what they want.
The biggest mistake that the
“up-and-coming” salon owner makes
is neglecting to research their target client.
We assume we know better than the client.
Nothing can be further from the truth.
The research is shocking.
Research may not be the sexiest task on the “TO DO” list, but
neither is having a business offering services that your
clients won’t pay for.
Or better than that…
A business that’s not offering products or services that your clients will pay for.
Take it from the big Fortune 500 and 100 companies, they continue to
research their market. Knowing your audience allows you to establish better
relationships and also helps to distinguish you from every other hair salon/ barber business.
No one wants to be just another barbershop or just another beauty salon in the neighborhood.
Research can be daunting; but at the same time it can be an eye-opening experience.
There are heaps of new information and awareness out there. Awareness that can make the difference between a mega success and
a lazy failure in your new salon or barber business.
I was impressed to read about a couple of guys from Vancouver who
did their homework. They opened a men’s barbershop selling top
of the line products…from expensive luxury shaving kits to a scented talcum
powder exclusively for the guys private areas (now that’s research!).
In their first year of business, they did just about $97,000.00 in total
revenue. It looks like this year will tip the $350,000.00 mark.
Not a bad return on an initial $90,000.00 start-up cost for a business that’s just 4 years old!
Why are they experiencing such major success?
They did their research!
The hair and beauty industry is a very rewarding industry.
The opportunities for skilled, service oriented professionals are plentiful but
the “know how” and “pleasantries” alone won’t cut it (no pun intended).
You might be leaving loads of moolah on the table. This industry is quite frankly
“recession proof”; but the consumer now-a-day is very discerning and they are
willing to pay big bucks for what they want.
The question is:
Do you know your target market?
Do you know what they want?
Here’s an example of what the proper research can unfold
if you are targeting the wealthy and affluent market, the research
reveals the following spending trends among America’s “well off”:
* Almost half (45%) said they have not and do not intend to reduce or defer expenditures in the next 12 months
* They report plans to increase spending during the next 12 months in more than half of the spending categories measured
(specifics available at affluenceresearch.org)
This is huge for the clever salon owner who wants to tap
into the pocketbooks of the wealthy.
But again, you must do your homework, homework, homework.
If you’re really ready to open a new business or expand your existing
salon business, you might want to head over to another valuable
source of information gathered together by another salon
industry leader…Don Steel
This guy will show you how to start your own salon in 90 days!
Talk soon,
Kevin Horne
Kevin Horne, entrepreneur, speaker and Life Success Consultant has earned a sterling reputation as a personal and business coach…sharing his tips, insights and AHa’s with other salon professionals.
