Thursday, July 3, 2008

Back to the Fundamentals


Back to the Fundamentals

What makes you Money?
In order for you to run a successful Nail business, whether it is your own Salon or you own Clientele;
you need to know what makes you money, and what does not make you money.


If you are not making $ .50 cents a minute or more, you can Only Do one of 3 things:



  • 1. Increase your Speed

  • 2. Charge more

  • 3. Remove that service from your menu

If you continue to do things that are not profitable, you could start struggling in your business. You must analyze every single thing you do that pertains to your business (If you want to make a profit).

Be Honest and let’s do an evaluation:



  • #1 Do you know exactly to the penny, how much money you made last Wednesday?

  • #2 Do you make at least $15.00 every 30 minutes on every single Service, or extras that you offer?
    Example: Nail art? Gels? Wraps? Pedicures? Manicures? Acrylics?

  • #3 Do you know the Name, Cell phone #, Address and E-mail, on every single New Client; that you have done in the last 90 days?

  • #4 Do you know the Cell phone #, Address, E-mail and Birthday of every single Client; you have done in the last 30 days?

  • #5 Do you do at least 30 Clients a week?
If you answered Maybe or No, to any of the above Questions, we need to make some changes quickly, starting today!

All of these need to be answered 100% YES, or you could start having some business struggles.

Making a profit is not difficult if you concentrate on one problem at a time.


LET’S GET STARTED
This week will be our 1st week and we will start with
Question #1: Keeping track of your money.



  • 1. Get a zipper money bag: you can use a zipper cosmetic bag (not see-through).

  • 2. Put every single penny you receive in the bag.

  • 3. If you take out even one penny, put in a little slip of paper how much you took.

  • 4. At the end of the day, preferably alone, count your money and put the amount on a small personal calendar.

Do this Every Single Day, no matter what!

Next week, this will be our 2nd week and we will work on
Question #2: Keeping your services profitable.
Keep a small note pad next to you in your drawer and write down every single thing you do on every single Client, and how much you charged.
Examples:



  • Anna: I did a Spa Pedicure and put on 10 Rhinestones and a small flower – 1 hr 17 minutes (77 minutes) I charged $40.00 = $.52 cents a minute

  • Gina: I did a Pink & White fill-in, but she has not been in for 3 ½ weeks, and I had to make repairs on her - 58 minutes ) I charged $35.00 = $.60 cents a minute

  • Diane: I did a Full set of Tips w/Gel overlay with polish – 1 hr 30 minutes (90 minutes) ) I charged $35.00 = $.38 cents a minute

  • Jackie: I did a Silk wrap fill-in with 1 repair and 1 replacement, and with a French manicure – 1 hr 10 minutes (70 minutes) )
    I charged $30.00 = $.43 cents a minute

  • Cynthia: Extra long acrylic nails fill-in with air brushing – 1 hr 25 minutes (85 minutes) ) I charged $35.00 = $.41 cents a minute

Now lets divide $____ divided by Time (money divided by time)
Example:
$35.00 divided by 90 minutes = $.38 cents a minute
$35.00 divided by 58 minutes = $.60 cents a minute

Now, if you are not making $ .50 cents a minute or more, you can Only Do one of 3 things:
1. Increase your Speed
2. Charge more
3. Remove that service from your menu

On the 3rd Week we will work on
Question #3 and #4: Keeping track of your clients.



  • Go to the store and buy an Address book, and every single Client that sits down at your table, before you even start your service, Write Down their: Full name; Cell #; E-mail address and Birthday.

  • Then write all your birthdays down in the back of your book, by Month and Day.

  • Make sure you mail a Birthday card to everyone on that list, 1 week before their Birthday, even if you have not seen them in 3 months. This is the cheapest easiest advertisement and good will you could invest in.

On the 4th week we will work on
Question #5: Getting more clients.



  • GO TO "Nail FAQS by Topic" and print out every article with a $ sign next to it and WATCH your “How to Survive the Nail Business in the New Millennium” video.

Now you are on your way to increasing your profit and keeping your business strong.


Have a Great Nail Day,
With Love,
Tammy Taylor






http://www.tammytaylornails.com/