Keeping the US Moving
National Small Business Week is May 5th-11th, 2019—for nearly 70 years, the United States has recognized National Small Business Week, which acknowledges and shows appreciation for the critical contributions of the country’s 30.2 million small businesses, entrepreneurs, and small business owners. It’s estimated that over 50% of all Americans own or work for a small business, and that small businesses are annually responsible for the creation of 2 out of 3 new jobs.
Small but Mighty!
Whether you work in a salon, spa, or fitness center or in another related field, you’re an important part of the backbone of your local economy. Where scale encourages sameness, as a small business, you’re not only allowed, you’re encouraged to maintain the unique things that make your business so special, such as your business model, your company values, and your professional ethos.
Make Your Small Business a Big Success
How can you make sure that you’re living up to the passion and potential that brought you into this business in the first place? No matter which specific service you provide, success requires a specific, unique blend of know-how, planning, preparation, and dedication. It’s not just about how well you do what you do; it’s about how well you can market what you do and how you can make sure what you do well is profitable. That’s no easy balancing act!
Organizing the Business of Your Business
Financial experts agree that the foundation of a prosperous small business is tied to sound pricing and the business model under which it operates. In order to create a sensible, fair pricing model, any business owner will tell you that you’ve got to have the right tools to track and understand your numbers. Not only should you be able to easily pull a revenue analysis of your shop, you’ll need to interpret what you’re looking at and make the numbers work to your advantage. Knowing what the flow of revenue is for your business is critical to pricing. Likewise, you’ll want to have detailed reporting that allows you to review payroll, inventory, supply costs, and shop labor expenses. To sum it up: the three primary things you’ll want to look at when you set pricing for your services are your expected revenues, your cost of business and finally the profit margin you’re looking to achieve.
Make the Connection with Your Clients
A great location, a solid business plan, a skilled passionate staff—it’s the recipe for success, right? Not necessarily. While these are a great foundation, the greatest factor that determines the success of your gym, spa, shop, or salon is how well you can reach your customers—and how easily they can find and reach you. Before you open your doors, make sure you’re clear on the kind of clientele you’re courting, what value you can offer them, and how you plan to connect with them. Ask yourself the following questions to clarify your sales and marketing strategy:
- Do you have a website or online presence?
- Does it show your storefront, your service providers, your services menu and pricing, an easy way for clients to contact you?
- Do you have online booking, or an easy way for clients to reserve classes?
- Do you have a social media presence?
- Will you be attracting new customers through promotions, deals, packages, discounts, and giveaways?
Make sure that you revisit your marketing strategy often, and thoughtfully. Adapting to the ever-changing needs and expectations of your clients is every bit as critical as the quality of the services you provide.
With a Little Help from Your Friends
Vagaro can help small business owners consolidate the information that’s most important to running day-to-day operations. At the same time, we can help automate many key business functions, like scheduling, online bookings, payment processing, and reporting. Our software includes easy-to-navigate marketing features that are available from any device, so that even if you only have 10 minutes of downtime, you can make every minute count, saving your valuable time and increasing your overall productivity. From payroll to promotions, we’re here to lend a hand, and to make sure that the only thing “small” about your business is its size!
We’d love to hear about what made you take the leap of faith to start your small business—tweet your shop’s “origin story” to us!
Header Image Source: @TonyTheTigersSon / Twenty20