Whether you’re a hair stylist, esthetician, or medical spa owner, you likely pour your blood, sweat, and tears into the work you do. Not literally, of course (unless there’s a new anti-aging trend clients are asking for). It’s also your exceptional service that keeps clients coming back time and time again. There’s no substitute for high-quality work, but there are savvy ways to increase profits without increasing your hours.
Diversifying revenue streams through retail sales, packages, and memberships makes for a more resilient and lucrative beauty business. Not only does adding additional opportunities for clients to engage with your brand increase sales, but new avenues for growth can also provide more consistent cash flow during slower periods and buffer against unforeseen cancellations, seasonality dips, and shifts in consumer behavior.
Feel awkward about upselling clients? Don’t worry. Your clients actually want more from the businesses they frequent. According to the 2024 Square Future of Multihyphenate Businesses report, 80% of customers said they’d be interested in trying a new type of offering at a business known for something else.
Younger clients are even more eager to engage. Gen Z customers, for instance, are the most interested in trying a new type of offering, with a full 93% being somewhat interested and 57% being extremely interested.
In order to identify the best ways to dip your toes into a multihyphenate strategy, this eBook will help you identify which products, packages, and memberships strike the right balance between appealing to your target audience and increasing profit margins.
Ready to take the reins of your business’s financials? Let’s dive into the top three ways you can create a more profitable beauty business.
