Thanks for this honest post. This goes to show that no one is immune from external circumstances, no matter how big the company. I'm just curious if there would be anything you would do differently if you did not have the financial support of your investors. What would be the first thing you would give up if you knew you would be short on cash in the long run?
The biggest expense is payroll. If your nail techs are employees on salary (not booth renters), that’s where you have to start cutting. For example, if there are dead periods, you shouldn’t have five techs on the clock. You have to make sure you’re running efficiently and maximizing every square inch of your space for profit. It’s all about survival now.
This recession has hit salons, including nail salons, really hard. The last three weeks have been rough, but I predict the summer will be good for salons in general.
In general, cut wherever you can, making sure your schedule is efficient. Also, try offering specials during slow times to hold on until people start spending money again.
| posted on Thursday, January 29, 2009 4:07 PM