MENU
SEARCHThose feeling the pinch of these uncertain economic times may take issue with the old adage that the beauty industry is recession-proof. Being recession-proof, says Strategies’ Neil Ducoff, has nothing to do with the industry and everything to do with business planning. Here are his strategies to recession-proof your business.
Those feeling the pinch of these uncertain economic times may take issue with the old adage that the beauty industry is recession-proof. Being recession-proof, says Strategies’ Neil Ducoff, has nothing to do with the industry and everything to do with business planning.
While he warns there are no quick fixes, Ducoff does believe you can begin the process of recession-proofing your business at any time. “All it takes is a plan, some time, and discipline,” he says. Here are his strategies to recession-proof your business:
• Create a cash-flow plan. Decide how this month’s revenues will be spent before the month begins. Write it down so you can tell every dollar where to go instead of wondering where it went. Then stick to it. Live within the cash-flow plan and you will be amazed at how quickly the profit you projected shows up at the end of the month.
• Create a cash reserve. Having a little cash set aside will help you cope with the unexpected equipment failures and other rainy day occurrences that can happen. A separate money market account works best. Believe me, it will rain. Having this cash umbrella will prevent you from getting soaked.
• Get rid of the debt. This is what got you here in the first place. Credit cards, loans, and other debts rob a business of its most powerful wealth-building tool — its revenues. How much financially stronger would your business be without all of that debt? Make a plan. Pay off those credit cards one by one and attack the loans with a vengeance.
• Make that small cash reserve bigger. Now that the debt is out of the way, go back and beef up that cash reserve account. Having three to six months of operating expenses set aside is a great insurance policy against anything that might come your way, even a recession. It also provides many nights of restful sleep.
• You did it. If you get to this point, it is safe to say that your business is recession-proof. Now, get to the business of growing your business, offering the perks and benefits to your staff that you always wanted, and enjoying a business that gives you positive energy instead of stress.
Square data shows that regular customers tip 11% higher and are shared across 32% of businesses in the same ZIP code, driving thousands of dollars in additional revenue per connection.
When Bowie Lau and Jeffrey Ching opened JBW Jeffrey Ching Salon in 2011, they weren’t just launching another luxury hair destination—they were building a business rooted in passion, artistry, and thoughtful growth.
Sponsored by Amex
Inside the Systems That Power an Elevated Salon Experience From seamless online booking to a team-first culture, J Gold Salon in Atlanta offers more than great hair—it delivers consistent, high-touch service with the help of partners like Boulevard and American Express.
Sponsored by Amex
Want to grow your career as a beauty professional? K18 Sales Manager Sabrina Sanborn shares advice on networking, mentorship, and self-advocacy—from attending hair shows to finding the right guidance to reach your goals.
A combination of clear policies, effective communication, and strong client relationships has helped me create a more reliable and efficient booking system.
Founded by Cleveland serial entrepreneur Shaura Rodgers, Nailtorious has grown to include a nail supply megastore, training facilities, and retail line for nail techs.
This period after the holidays can bring on a huge lull for hairstylists. We asked Cosmo Prof's team of professionals to offer their best advice on how to deal with the January-February slow period.
Key highlights include a push toward inclusive spaces for all abilities, an emphasis on maximizing livable square footage, and a continued love for modern farmhouse exteriors.
The busy holiday season is here, and with it comes jam-packed days, last-minute client requests and booming retail sales. For many salon owners, the highlight of the season is Small Business Saturday® (SBS). This year on Saturday, November 30, consumers can take their shopping into the small businesses in their communities.
Sponsored by Amex
Want to become savvy about your personal finances, but don't quite know where to start? Anna Manukyan identifies six important concepts for building a strong financial foundation.
Salon owner Nuri Yurt had a dream of owning a salon on New York City’s Madison Avenue. "Through perseverance, hard work and stellar customer service, he and partner John Kaygisiz founded Toka Salon in 2007.
Sponsored by Amex
This guide is your one-stop shop for a plethora of technology tools, software and services created to keep your salon or spa thriving.
Anna Manukyan shares a breakdown of what different types of financial accounts should be used for.
Vagaro has consistently been at the forefront of salon software technology, helping businesses be more efficient, create more effective communication, and even improve company culture. Now, Connect by Vagaro, the platform’s two-way communication capability, and Vagaro’s new generative AI tools are giving owners new opportunities to grow and expand.
Sponsored by Vagaro
Young Nails' Greg, Habib, and Tracey discuss whether getting too close to clients can damage your business.
This list of watch-outs from @jodydoesjels prompted us to reach out to her and learn more. We had already fallen for her hand-painted designs and now we wanted to know more about this list she created to help clients decide if she was the nail tech for them.
Education is necessary for beauty professionals to maintain their cosmetology licenses, and paying for that education can be burdensome, but it doesn't have to be. Understand which education tax credits can help you offset those costs.
