Building Additional Revenue Streams for Owners and Stylists – Career

Building Additional Revenue Streams for Owners and Stylists – Career

In the competitive world of hair care, distinguishing yourself can be as transformative for a business as a great haircut is for a client. Since COVID, business has been extremely tough for salons, making every owner try to find their new place in a changed world.

Research suggests that more than a quarter of hairdressers are thinking of closing sites or reducing the size of their salons as stylists struggle with high bills and fewer clients. In such a climate, it’s crucial for salon owners, especially stylists with celebrity clientele or significant social media followings, to explore additional revenue streams. This article delves into ways these professionals can leverage their expertise and exposure to maximize their financial returns.

Launching a Personal Hair Care Brand

For those celebrity hair stylists who have managed to build a large following, there is a golden opportunity to launch a personal hair care brand. This strategic move allows stylists to capitalize on their personal brand by transforming their stylistic flair into a product line that resonates with their audience.

More importantly, stylists can tailor their product offerings based on their specific expertise within the salon. For instance, if a stylist is renowned for their work with extensions, they might consider creating a line of high-quality extensions or specialized products designed to protect and maintain them. Similarly, if a stylist’s wheelhouse is in hair coloring, launching a line of unique, vibrant hair dyes could capitalize on this niche.

Partnering with a brand incubator, such as FounderSix, can streamline this process, making it less daunting. These incubators handle everything from product development to operations and distribution, enabling stylists to focus on their vision and creative input while seasoned professionals take care of the operational heavy lifting. This not only simplifies the route to market but also amplifies the potential for success, offering a significant boost in revenue potential.

Retailing Celebrity Hair Products

Not every stylist has the follower base to justify launching their own brand yet, but there are still substantial opportunities to generate income by retailing celebrity-endorsed hair products. In recent years, there has been a slew of influencer-owned brands, for example, Anablue, which was launched by Lauren Perez and loved by an impressive host of top tier influencers and celebrities.

Many of these exciting new brands have come to dominate their respective categories because of their strong appeal to consumers. By stocking these non-traditional brands in salons, they can draw in clients drawn by the products they’ve seen used by their favorite celebrities and influencers. As clients wrap up their routine salon visit, presenting them with a new product to take home and maintain their hair’s freshness can generate significant revenue if executed properly.

Furthermore, becoming a brand ambassador or establishing official salon partnerships can offer perks like exclusive deals, marketing support, and enhanced brand credibility. Each of these elements serves not only to drive sales but also to improve customer loyalty and retention, providing a steady stream of revenue.

Hosting Brand Activations

Another revenue-enhancing strategy is hosting brand activations within your salon. These events serve multiple purposes: they increase foot traffic, boost sales and elevate the salon’s profile. Collaborating with hair care brands to showcase new products or live demonstrations can generate excitement and position a salon as a trendsetter in the industry. Often covered by local media or featured on social media, these events also provide valuable publicity, further boosting the salon’s visibility and attractiveness to prospective clients. It’s a win-win for both the salon and the haircare brand! 

The beauty industry, while full of potential, requires constant adaptation to stay ahead. For salon owners and hair stylists, creating personal brands and hosting impactful events are potent strategies to survive and thrive in this competitive environment.

With the support of partnerships and the expertise of incubators like FounderSix, salon professionals can effectively harness their industry knowledge and client base to not only boost their income but also reinforce their status as leaders in the beauty market. Embracing these opportunities can lead to significant financial and professional growth, securing a prosperous future in the ever-evolving landscape of beauty.

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Originally posted on Salon Today

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