Goal Setting for Your Beauty Business in 2020
The beginning of each new year is an excellent opportunity to evaluate your progress as an entrepreneur and plan for the future of your Denver beauty business. If you’re considering making the jump into business ownership, a salon suite lease may provide opportunities to expand your horizons. If you’re in the process of determining a plan for 2024, consider the tips we share here for making the upcoming year your best yet:
Review Your 2019 Numbers
A good place to start is to evaluate your numbers from 2023. Start by determining your total number of clients (or even your monthly number of clients), your monthly product sales, and your average service ticket. To calculate your average service ticket, simply divide your total monthly service sales by the number of clients during that timeframe. Ideally, you’ll assess the full year’s data, but even three months is enough to give you a great starting point. (Need help with your numbers? Contact us and we are happy to talk in more detail.)
Determine Your “Big Picture” Goal
Once you’ve tracked down your numbers from 2023, you’ll be ready to set a road map for 2024. Whether you want to expand your client base or increase your average service ticket (or both), evaluating the previous year’s numbers will help you determine realistic expectations. In addition to setting goals regarding new clients and growing your average service ticket, consider aiming to increase your profits from the sale of professional products. Our wholesale beauty supply program offers enormous potential for increasing your income. As an added bonus, our Indies earn rewards that can be applied toward rent to further free up your cash flow–just for buying professional products that your clients need!
(Pro tip: You don’t want to overstock on inventory, so buy what you think you can sell in a month, and then grow your Denver beauty business from there.)
Another great big picture goal is finding the work/life balance that works for you. The beginning of the year is an excellent time to plan your schedule and define your hours. When you’re an Indie-preneur, you have the power to set your own schedule while continuing to grow your business. Our Indies love having the freedom to take a self-care day when necessary, so that time spent behind the chair feels empowering and exciting.
Keep Your Denver Beauty Business Goals on Hand
To make the most of 2024 (and your salon suite lease), be sure to keep your previous year’s numbers and your new goals on hand. When you know the baseline that you’re starting from and the new ambitions that you’re working toward, there’s a higher likelihood that you’ll stay on track and achieve your aspirations.
If you’re ready to make 2024 an exciting year both personally and professionally, evaluating your current position and planning for the future is crucial. Regardless of the type of Denver beauty business you’re operating, a salon suite lease will very likely help you grow your client base and build your brand. Owning a business is hard work, but our Indie Salons family is here to offer support, advice, and assistance every step of the way. We have locations in Denver, Lone Tree and Boulder, and our Market Manager, Kandice Martinez, is happy to consult with you regarding goal-setting or answer any questions you may have about becoming an Indie. Ready to arrange a tour or meeting? Please contact us today to get started.
