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Don’t kill the messenger, but the likelihood of our economy sliding into recession is high, and some economists say we’re already there. What is special about a recession? How does it affect a salon professional and why should you care?
During a recession, companies often reduce hiring and lay off some employees. Simply put, a recession is a period of higher unemployment and lower spending.
Fortunately, the salon industry is a relatively recession-proof profession because it combines necessity and luxury. Hairdressing services people cannot afford themselves and they will always need their haircut. But with money and employment tight during a recession, clients often try to save on salon visits. Perhaps skip the grooming treatment, ditch the retail trade, and increase time away from the salon.
How to survive a recession
What to do?
- Save wherever you can.
- Be on the lookout, stock up during the storehouse sale and increase your booking times and availability.
- Offer your customers savings with high-value services like highlighting. Explain that the initial investment might be higher, but they can “cheat” a little longer on their retouch and still look good.
- Offering special offers or discounting your services might sound like a good idea. Do not do that.
- Instead, offer additional services to a salon visit, like a scrub service at the shampoo bowl or a refreshing color rinse. Add value at the same or higher price when demand is tight.
Take these steps now to recession-proof your career
Regardless of whether a major recession hits or not, you should be prepared just in case by taking the following steps:
- Increase Income/ Decrease Expenses – Strive to have that much money “left over” at the end of the month – and put it away.
- Add as many clients as possible. Expand your availability and working hours.
- Sit down and count your expenses. Set a budget and stick to it. Use your online bank/credit card statement. Get rid of frills and look for cheaper options for now.
- Start today to save three months of living expenses if possible. As a freelancer, this habit has saved me from ruin on multiple occasions. Put something away every month, even a small amount.
- Set up an automatic bank transfer to the savings account after each deposit.
- not increasing debt. Interest rates will go up – credit cards, car payments, mortgages.
- Put away the credit cards.
- Keep some bells and whistles. Don’t be so frugal that you lose interest in the day ahead, and don’t punish yourself. live a little
Throughout his career, Carlos Valenzuela has helped guide thousands of salon professionals in their career path.
About the author
Carlos Valenzuela is a salon professional and bilingual author. He is the author of the multi-award-winning novella Letters to Young Carlos. Visit his work at carlos-valenzuela.com, Modern Salon and find him on GayTucson.
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Originally published on Modern Salon