Business > Money Matters

Insuring Your Salon's Future

June 1, 2006  | Article

Nobody likes to think of worst-case scenarios — like coming face to face with a lawsuit. But in the real world, things do go wrong, and nail salons are at risk of being named in a customer’s lawsuit. Unless you can afford to lose your salon and all that you’ve worked hard for, you can’t afford to be without professional liability insurance.

Keep the Momentum Flowing

April 1, 2006  | Article

You love being a nail tech and are happy with your career choice, but how do you keep the momentum building and avoid the proverbial rut? Knowing what motivates you, creating a positive work environment, and communicating with team member are just a few ways to ensure you don’t hit too many bumps along the way.

Where Have All the Profits Gone?

March 1, 2006  | Article

As a salon owner or manager you may struggle with one question daily: Where does all the money go? You generate plenty of income in services and retail sales, yet there is little left to show for it at the end of the month. To regain control of your profitability, learn about the six profit points that make or break a salon.

Breaking Through the Gas Ceiling

February 1, 2006  | Article

Gas prices exploded last year. Everyone — salon owners, booth renters, manufacturers, and distributors — has been affected differently by the surge. Some of the effects, like customers cutting corners, are expected; others, like taking more time for services, are not.

Lower Your Commissions or Go Out of Business

February 1, 2006  | Article

If you are paying your salon employees a commission of more than 50%, chances are you are losing money. Learn how to modify your commission structure to motivate employees and ensure a profitable business.

Top Dollar Techs

March 1, 2005  | Article

They charge almost double the average price for a set of nails and their appointment books are so full they turn away clients. What is it that allows these techs to command such a high fee, and how can their advice impact your bottom line?

Contract Labor, Booth Renter, or Employee — What Are They Really?

March 1, 2005  | Article

If they were audited, a large percentage of the salon owners in the beauty industry today could not pass the tests determining their workers’ tax status imposed by the IRS or by their individual state, says our expert. As tax time approaches, know the facts. The financial fall-out from misclassifying your staff can be devastating.

Time to Up the Ante

March 1, 2004  | Article

Is your salon ready to raise prices? Getting clients to accept a price increase gracefully depends largely on how it is presented to them.

As the Pendulum Swings

February 1, 2004  | Article

Booth renters gained a foothold more than two decades ago as salon owners sought to lower their overheads in the face of stiff competition. But today salon owners are finding that booth rental doesn’t allow adequate profitability and more are considering employee setups in their establishments. Is the pendulum swinging from self-employment to salon employment?

Open Your Books For Retail Results

January 1, 2004  | Article

In a commission-based salon or spa, technicians sometimes assume the owner is banking the other half of their commission. Opening the salon’s books will open employees’ eyes to the vital need to retail for the salon’s survival.

Compensate Employees for Extra Holiday Hours

December 1, 2003  | Article

How can salon owners take the sting out of all those extra hours employees are asked to work in the weeks preceding Christmas?

Compensate Employees for Extra Holiday Hours

December 1, 2003  | Article

Shari Finger, veteran salon owner, details different types of incentive programs to keep employees' spirits up during the holidays.

Is Your Pay Structure The Problem?

November 1, 2003  | Article

How a salon chooses to pay its staff can make all the difference in employee retention, quality of service, profitability, and your ability to compete. After payroll, salon owners are often left only with their own tip money and revenue from services they've performed. Should you abandon the traditional commission structure for a pay system that rewards behaviors that are key to the salon's overall success?

Sick of This? So Am I!

August 1, 2003  | Article

It's Getting Hot In Here

November 1, 2002  | Article

A rash of salon fires reminds salon owners just how much they stand to lose. Knowing the potential fire dangers that exist in your salon and taking steps to curb them, as well as determining what your business is worth and getting good insurance coverage will help prevent a fire in your salon and minimize its effects should the worst come to pass.