Inside the Big Money Stylist Podcast, we go over the following formula each month:
Week #1: Power
Week #2: Production
Week #3: Profit
Week #4: Protection
In this week’s episode of the Big Money Stylist Podcast, our Focus is PROFIT!
Point #1: Setting Stylists Free
- What does it mean to be a slave as an artist, in front and behind the chair? You are on the beck and call to your clients. They have full control over your business. They are running the show since you don’t know how to market to get more clients in the chair at a higher price point. You’re stuck in this rut of doing servicing everyone and working ridiculous hours.
- The BMS students are doubling their income in less than a year. They get the freedom back and have more fun behind the chair. You see a spark come back alive and the artist come back out.
Ask Yourself: Can you relate to feeling like a slave behind the chair?
Point #2: The Story Behind Money
- Danielle’s perception of money changed when her and Garrett were going through a hard time. She considered hair to be a hobby at first. She had to grow up very quickly in order to provide for herself and her daughters.
- Anianne has a balance of mom wanting to splurge and Dad wanting to save a little more. Val learned form her mom how to balance her check book at a young age. Money as a topic was a source of stress inside her household. Work ethic was engrained early for both in order to get what they wanted.
Ask Yourself: How is your background with money affecting you?
Point #3: Painful Process of Raising Prices
- Stylists love their job. It is a vulnerable position to put a price on your art. The better an artists gets, they feel they shouldn’t charge more because it’s easy and fun. It is a very personal decision and can be confrontational when there is kickback from clients.
- You need to see yourself as a business and remind yourself of that. Never apologize for raising your prices. Once you start doing it there is a sigh of relief that you took that leap and it gets easier.
Ask Yourself: When is the last time you raised your prices?
Point #4: Niching Gets You Rich
- When you choose a niche it allows you to get really good at one thing. Would you ever want to get a boob job from a plastic surgeon who specializes in nose jobs? If you are an expert at something it allows you to charge more as well. No matter where you live you can make celebrity stylist pay. Living in a small town is no excuse. Danielle built her business in a small town. When you have a niche clients will even fly in to see you.
- When you have a niche, YOU are the prize, not the clients. The artists general quality of life increases. You’re time is more effective and you are no longer draining yourself for a little bit of money. It creates a balance of life.
Ask Yourself: Do you currently have a niche in your business?
Point #5: Be Committed to the Numbers
- Why do numbers matter? Artists assume the more time you are behind the chair the more money you have. That is not the reality. When you are tracking numbers you can easily see what doesn’t work. When you find a system what works then you can continue to improve and make it better.
- People love to live in ignorance because it give them an excuse to not build bigger shit. It’s good to look at the reality of the situation. Ignorance is not bliss. It does not help you get to the true capability of what you could be doing.
Ask Yourself: Have you been tracking your numbers or living in Lala Land?
Quote of the Week:
“I know people say money doesn’t buy happiness but I would beg to differ. Money alleviates stress. It gives you more freedom and that essentially gives you happiness.”
— Valerie Plunk
“If you don’t know where you’re at [with numbers], you don’t know where you can go…The numbers don’t lie. They show a clear story. You can’t lie to yourself. They can show you a clear path of where you want to go.”
— Anianne Rivera
“Be real with yourself. If you’re at a certain level, you say you don’t need things. But if you get to the next level you would never go to the previous level… You have no idea many more people you impact in your life when you are raising the bar for yourself. So again it goes back to last weeks topic when I say ‘don’t be fucking selfish.’ Take a good look at where you’re at, take a good look at your numbers, and hold yourself to a higher standard.“
—Danielle K. White
Stay Tuned for Next Week’s Topic… PROTECTION – Protecting what you have built!