The Big Question
A recent survey of salon professionals validates the truly entrepreneurial nature of salons. Our research projects that 35% of working professionals are salon owners, 29% are booth renters, and just 23% are commissioned employees and 6% salaried (leaving 8% as managers, educators and other). That means a whopping 64% (owners and renters) of all professionals as “self employed” and responsible for running their own businesses.
In spite of these numbers, over 70% of respondents rated technical education as their most valued learning experience. Business education rated a distant second among owners - and third (behind cutting and color techniques) for both renters and employees.
With the high rate of career failures for all categories, we can’t help ask the question, “How do we inspire all to avail themselves to more education focused on how to best manage your business and finances?”
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June 9th, 2008 at 1:54 pm
Re: “The Big Question”, I am a former cosmetologist that is now a financial advisor in Chicago.
During my years as a hairstylist, I always felt that the cosmetology industry was so underserved with regards to financial education. NOBODY ever talked to me about saving for retirement or other money issues. This is why I now lead a team of advisors and specialists that oversee the finances of clients in the cosmetology industry. I’m pleased to educate industry professional about money issues.
If you’d like to talk, my office phone number is 312-696-2064. I’m located in downtown Chicago.
Take care and good luck!
June 9th, 2008 at 10:18 pm
I feel asthough you can be a great stylist but if you do not know how to run your buisness it is going to fail. We need to focus on every aspect of the field, not just being behind the chair. Lauren Gartland with Inspiring Champions works with National Salon Resources. She is great and will show you the whole game!!!!!
June 10th, 2008 at 1:18 am
Failure is destined when supply exceeds demand.Demand for supply weakens when ovwerall enonomy is failing and the dollar is crashing.When this is happening that’s when you need to own gold.
June 10th, 2008 at 8:37 pm
Financial education is so important and I’ve spent the last 5 years learning things I should have learned before I ever opened my first business 26 years ago. Every booth renter,salon owner needs to obtain as much business education as they can to assure they earn and have the same benefits one expect from any other professional career. I’m saddend by the lack of income,benefits that are acquired by cosmetologist and estheticians. We need to run our business like a business and not just doing whatever we “think” we should do. Sound business practices are a necessity if we are truly to suceed in our industry.
June 10th, 2008 at 8:40 pm
Financial education is so important and I’ve spent the last 5 years learning things I should have learned before I ever opened my first business 26 years ago. Every booth renter,salon owner needs to obtain as much business education as they can to assure they earn and have the same benefits one can expect from any other professional career. I’m saddend by the lack of income,benefits that are acquired by cosmetologist and estheticians. We need to run our business like a business and not just doing whatever we “think” we should do. Sound business practices are a necessity if we are truly to suceed in our industry.
June 12th, 2008 at 5:21 am
I think cosmetologist are tought from “Beauty School” to want the big chunk, know one is tought to invest in them self, and this takes years.
July 4th, 2008 at 3:54 pm
Its amazing to hear all the comments about a lack of financial education. As a CPA related to this industry I was always suprised by the sheltering of financial educational information away from the beauty professional. Now, more than ever a beauty professional needs to be a business professional as well. I was shunned from even business sections of beauty blogs because I was not a stylist or nail technician. Please, no matter what approach you take , learn some business skills. A booth renter, a solo professional, an employee or commission based: if you understand marketing and management you will do well in this environment. You do not need to open a salon to be profitable.
July 4th, 2008 at 6:54 pm
While I am glad to hear that finally some of us are taking the “Business” of hair seriously I notice something else is missing. The remark at the top about “the high rate of career failure”
really hit home for me… Like they said, the first priority is usually “technical education”. then some where down the path, “financial education” but no one is talking about the real reason most people leave our business…They get burnt out working with people!! -Difficult clients, Catty co-workers,Owners who know nothing about running and growing a business and/or keeping their staff motivated. It’s no wonder that so many stylists have become independant contractors!
Face it, Talk to anyone who is in the beauty, retail,or any other job that deals closely with people
(Doctors and Lawyers included…) and you will hear the same stories over and over!
Ask yourself, why did I choose this industry? What single element gives you the most grief? Second only to money, it’s ” not playing well with others”. My company currently offers coaching and consulting services to individuals and salons to help them better manage these very issues. It is usually one of those things that doesnt get addressed untill things are at a crisis point and everyone walks out… and we all know that can mean the end of your business.If anyone finds themselves in this type of situation or just has a question, feel free to contact me through my website (link above).You can also read my monthly coaching articles at proclubmembers.com
Best wishes to all!
July 15th, 2008 at 8:08 pm
Im so glad I received this email from proclub, this has taken some of the burden from me because I’m a up and coming stylist fresh out of school and I have had anxienty not knowing where to start first thing I will not have my manager license because of finances but Im going to or would like to own my own salon, and its frightful not having a support line, or where should I start and the planning aspect. can someone please help
July 17th, 2008 at 10:40 am
HI ALL I JUST WANT TO SAY THAT WE NEED TO HAVE A SET STANDARD THROUGHOUT THE FIELD ITS VERY SAD TO SEE THAT ONE STATE DONT RECONIZE THE OTHER FOR THE SAM FIELD LETS MAKE THE CHANGE
August 22nd, 2008 at 7:10 pm
I know this might not seem like an important issue with all that is going on in the economy that is affecting our industry, but there needs to be a standard set with educating stylist in Training for appling and removing Fake Hair Extensions
Salons and retailers that sell wigs, hair extension supplies, hair extension kits, or wholesale hair extensions, must understand that application and hair extension removal go hand-n-hand. Retailers are doing their customers an injustice by not providing a product for safe removal if they sell wigs, hair attachments, braiding hair, extensions and add-on hair.
Hair extension pictures are not an adequate amount of visual training nor are they sufficient for a hair stylist to consider them selves capable of safely duplicating the same style on various clients. Many hair extension classes like the Take Down Products Hair Seminar offers thorough instruction on hair extension cost, hair extension supplies, hair extension removal , fake hair extensions, hair extension colors, and lastly hair extension kits(i.e. Great lengths, Cinderella, Pierre Strands, TD Extend).
Salon professionals or home users don’t have the time or patience to remove braids, fusion extensions, cornrows
dreadlocks, weaves or hair extensions the right way. Home users are suffering from thinning and balding when they snatch the bonding glue out of their hair. Or when they rush by ripping braids out of their hair without combing through the knots and tangles at the root of the hair. Many stylists are experiencing the same problems with their clients.
If you want to satisfy your customers who really do not know how to buy hair extensions then provide them with quality wigs, braids, hair extensions and add-on hair pieces. In additions to this, please go a step further to offer them the best products to maintain and remove these styles. This applies to retailers that are considering expanding into this industry segment as well.