Mastering Financial Growth: Why Retailing is Essential

When it comes to salon financial success, cash is, well, queen. And keeping the cash flowing is all about having more than one way to make money. That’s why retailing skincare products in your salon isn’t just a nice-to-have; it’s essential for growing your profits. Whether you’re hitting a slow patch or working with clients on a budget, a strong retail game can seriously boost your bottom line. Here’s why retailing is key along with some tips from the Wax Queen to keep your shelves stocked and ready to go.

 

Nail Your Inventory Game

Good inventory management is the secret sauce to retail success. Keep an eye on what’s selling, and make sure you’ve always got 2-3 of each product in stock. Don’t go overboard, though—too much inventory can tie up your cash and doesn’t guarantee more sales. Instead, aim for a balanced approach that keeps your shelves stocked without overdoing it. If you are wondering where to start, work with your supplier. They should be willing to give you data on their best sellers so you can smartly stock your shelves. In addition, the software system you use will also help tell you which are your best sellers. 

 

Keep Those Shelves Stocked

Here’s the deal: if it’s not on the shelf, you can’t sell it. It’s that simple. But managing inventory without breaking the bank is the real trick. If you are just starting out with truly no cash, consider taking pre-orders from clients and using that money to buy the products. Also, don’t forget to look for bulk discounts from suppliers—getting more for less is always a win, and always utilize free shipping where available.

 

Separate Your Retail Funds

To keep things running smoothly, set up a separate bank account just for your retail sales. Move 50% of sales for the day into this account and use it to restock products. This way, you’re always ready to reorder and able to keep your shelves full.

 

Slow Day? No Problem!

Every salon has its slow days, but that doesn’t mean your earnings have to suffer. This is where retail comes in. When appointments are down, retail sales can keep your income steady. Use those quieter moments to promote wax and skincare products your clients already love and trust you to recommend. It’s a smart way to keep the money coming in, even when things are a bit slower. Plus, they always need effective pre- and post-wax products to use at home.

 

Help Clients Stick to Their Budgets

When your clients are watching their wallets, it’s important to help them prioritize their at-home skincare and waxing needs. Chat with them about what matters most and suggest products that fit their goals and budget. By doing this, you build trust and ensure they keep coming back. Remember, if you don’t sell it to them, they’ll just buy it somewhere else—so make sure they choose you!