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.
Start out small and do it yourself from your own store. You've got a retail advantage over someone in his or her home kitchen who doesn't have any retail "shelf space" whatsoever. Then branch out locally. If your product is a winner, the large distributors may find you.
You can also target some of the larger companies yourself with samples of your product to sell it from the "ground up." One key to this is to develop a story and a brand for your sauces to help differentiate your product--and look to develop a complete line of different sauces. Variety is important because, at the retail level, it really is about "shelf space" . . . and you and the retailers will want as much of your product on as much shelf as possible.
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.