We all want to make a decent living but there are only so many hours in the day. This, therefore, realistically means that there is only so much money you can make in a day by providing your excellent services.
However, there are lots of other ways you can earn more money without having to invest more time. That’s right, to really propel your business forward you need to look at how it can keep working for you. Residual income will allow your business to continue making money for you So, here are a few key ways to do so…
Exclusive membership subscriptions
Getting clients to invest in a monthly membership will ensure consistent money in and you can include products and tips and advice into the value of the offering, therefore reducing time but still adding value. You could begin with an introductory offer such as 10% off the first month or a free retail product when they sign up.
Retail sales
We’ve talked about upping your retail game before, and if you’re serious about increasing your bottom line, then selling great products in your salon is pivotal to your business to increase your profits. There are so many options from mini products to full-sized bottles that you can adorn your salon shelves and your online stores with.
Filter out low-value treatments
Some treatments cost more in time setting up and cleaning, so restrict your offerings to only allowing these treatments as an add-on or if they are a small part of your business get rid of them altogether. Look at each of your treatments, evaluate the cost versus profit to establish if they’re worth it. Do they help to generate revenue in further product sales or are they more hassle than they are worth?
Delegate
If you have some strong team members around you, then you should entrust them with tasks that take up too much of your time. Utilise the skills and talents of those you work with – not only will it free up some of your time, but it will also boost your colleague’s confidence and give them more responsibility.
It can be challenging to juggle your personal life and work life, but you can start to find that balance by following the steps outlined above. Residual income can help you free up time whilst still earning money. It’s all about streamlining your tasks so that you have more time to do what you want whether that is other areas of the business or time to yourself. Enjoy!
