Here are 5 tips on how you can cut costs:
With the cost of living affecting small businesses all over the country, especially services like beauticians where overheads can be high, saving money is vital to keep your salon running.
1. Know your numbers
It’s extremely important to know exactly what your incomings and outgoings are when running a business. Keep on top of your admin and paperwork, knowing what is coming in and out is vital to running a successful business. Allocate some time every week to go through all your financial admin to make sure it’s up to date. Print out your bank statements every month and file them away, and create a cashflow document so you can keep track of everything coming in and out of the business.
2. Check your outgoings
Every few months you should go through your outgoings and see if there are any you can cut out or reduce. Can you change suppliers? Are you placing last minute orders for supplies and paying more? Is your insurance up for renewal? All these small outgoings can mount up and result in a decent saving.
3. Check your prices
Lots of beauticians set up their business and then keep their prices the same for a long time because they’re afraid to increase them and lose clients - don’t be! If costs are rising, then your treatment prices need to rise too. Research what other therapists are charging local to you, take into account the cost of providing the treatment and how much your time is worth.
4. Re-visit your marketing strategy
Even during a cost of living crisis, you still need to be running marketing campaigns because they’re a source of income. But make sure you’re doing the right type of marketing. Think about where potential clients are looking, that’s where you want to be. And make the most of free marketing too, i.e. social media! Ensure your own social media pages are regularly updated and look professional, and connect with local and relevant pages and groups.
5. Be smart with daily tasks
There are small things you can do everyday to save money. Only switch on heaters when required, buy tea bags, coffee, etc…in bulk. When leaving at the end of the day, make sure everything is unplugged and switched off, don’t leave any unnecessary electrical items or lights left on overnight. There are so many changes you can make.
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