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How can I make my hair salon a multimillion-dollar business?

I've been in business for 17 years. I've hired independent contractors as stylists and also hourly people, which ends up costing more. How do I make this work? I've owned two salons at times, but the turnover is so fast it's hard to keep both open. Stylists typically last six months to one year. It's also hard to offer more benefits because we don't make enough money. And with the economy the way it is, some clients are not coming as often. I need help.
Brad Sugars answered July 29, 2008
URL: http://www.entrepreneur.com/answer/221559
I've been in business for 17 years. I've hired independent contractors as stylists and also hourly people, which ends up costing more. How do I make this work? I've owned two salons at times, but the turnover is so fast it's hard to keep both open. Stylists typically last six months to one year. It's also hard to offer more benefits because we don't make enough money. And with the economy the way it is, some clients are not coming as often. I need help.

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.