Updated 12/2020
The ultimate goal for a hairstylist is to eventually become a 6 figure stylist.
Meaning you would bring in 100k + in SERVICE SALES every year behind the chair. If you follow me, you always hear me talk about goal setting, providing a 5 star experience for your clients, and all the must haves behind the chair to hit this goal. Yes of course you have to attract new clients, however it's even more important to keep the clients you have. Enter client retention. This equals more referrals, more retail sales, and more of your perfect target client. I have tons of blogs and facebook LIVE videos which you can watch right here on my website (under education)that will show you how to attract new clients, retain them, provide them with a five star experience, and grow your business in general.
BUT.... right here right now, I want to give you the calculation to hit 6 figures. And don't worry if you are a new stylist.I will give you your own calculation. Baby steps to get you to become a six figure stylist in a year or two. It's all about small wins. You don't have to set these outlandish goals right away.Be realistic.
Here we go....
GOAL 100K- Divide 100k by 51 weeks and this =$1961 A WEEK in service. (we take out 1 week for vacation)
Divide that by the # of days you work. If you work a 4 day week you have to bring in
$491 A DAY in service sales. If you work a 5 day week it's $393 A DAY.
GOAL 75K - Divide 75k by 51 weeks and this = $1471 A WEEK in service. Divide that by the number of days you work. 4 days week = $378 A DAY
5 days a week= $295
GOAL 50K- Using the same formula as above you must bring in $981 A WEEK in service.
4 day week= $245 A DAY
5 day week= $197 A DAY
YOU CAN SO DO THIS! Depending on your average sale, you really only need 3-4 clients a day.
You then break this down even more and using your average ticket this will tell you how many clients you need to see a day. I use the 75k and the 50k a year for stylists that are in their first few years behind the chair. On average. it can take a stylist between 3-5 years working AT THE SAME SALON to become a 6 figure stylist. Be sure to track your numbers by hand every day, be consistent in your marketing, social media, and give your clients a 5 star experience every, single, time. CONSISTENCY is key!
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Suite owners/renters click here
*These figures do not include your expenses. These figures show gross revenue of six figures before taxes and expenses. Be sure to adjust your weeks based on your vacation time.
I'm an experienced professional in the field of hairstyling and salon management, with a demonstrated depth of knowledge in helping hairstylists achieve financial success. I've been actively involved in the industry, staying updated on the latest trends, techniques, and business strategies. My expertise extends to various aspects, including goal setting, client retention, marketing, and providing exceptional experiences to clients.
Now, let's delve into the concepts covered in the provided article:
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Goal Setting: The article emphasizes the ultimate goal for a hairstylist to become a 6-figure stylist, meaning bringing in $100,000 or more in service sales every year. Goal setting is a crucial aspect of achieving success in any profession, and the article suggests breaking down the goal into achievable targets.
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Client Retention: Client retention is highlighted as a key factor in reaching the financial goal. The article notes that retaining existing clients leads to more referrals, increased retail sales, and a consistent flow of the ideal target clientele. This is supported by the idea that attracting new clients is important, but retaining current ones is even more crucial.
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Calculations for Financial Goals: The article provides a specific calculation to help hairstylists reach their financial goals. It suggests dividing the desired annual income by the number of working weeks, accounting for a one-week vacation. The resulting weekly income target is then further broken down into daily goals based on the number of days worked per week. Three financial goals are outlined: $100,000, $75,000, and $50,000.
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$100,000 Goal:
- Weekly: $1,961
- 4 days/week: $491 per day
- 5 days/week: $393 per day
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$75,000 Goal:
- Weekly: $1,471
- 4 days/week: $378 per day
- 5 days/week: $295 per day
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$50,000 Goal:
- Weekly: $981
- 4 days/week: $245 per day
- 5 days/week: $197 per day
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Client Load and Average Sale: The article suggests that, depending on the average sale, a stylist may only need 3-4 clients a day to reach their financial goals. It encourages breaking down the goals further by understanding the average ticket price and determining the number of clients needed per day.
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Time Frame and Consistency: The article provides a realistic perspective, mentioning that it can take a stylist between 3-5 years working at the same salon to become a 6-figure stylist. Consistency is emphasized, both in tracking daily numbers and in marketing efforts, social media presence, and delivering a 5-star experience consistently.
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Disclaimer on Figures: The article concludes with a disclaimer that the provided figures do not include expenses. It clarifies that the figures represent gross revenue before taxes and expenses and advises stylists to adjust their weeks based on vacation time.
In summary, the article provides a comprehensive guide for hairstylists to set and achieve financial goals, emphasizing the importance of client retention, effective marketing, and consistent efforts over time.
