Control Your Own Destiny
As a franchisor we understand that the big question for most people looking to become a haircut franchise owner is how much they can expect to make. The answer to this question will vary from franchisee to franchisee, and is dependent on different variables such as number of locations owned, region and debt service (i.e. how much of your revenue will first go towards paying off business debt first).However, we are happy to report that the top 10% of our revenues are in the $500,000 range and the top 50% are in the $300,000 range. We are able to provide more detailed information through our development managers who will provide you with a Franchise Disclosure Document
Additionally, we encourage potential franchisees to speak with our vast network of current Lemon Tree store owners and hear their personal experiences with regards to when they can expect to turn a profit and how much money they can expect to make.All this being said, the beauty of the franchising system is in being your own boss and being in control of your destiny in regards to your earning potential. These are a few practices many of our franchisees use to ensure their financial success:
Creating A Strong Online Presence
Most hair salon franchises in this day and age can't compete without an online presence. This begins with having a good webpage for your location with useful information for your clients such as store hours, location, pricing and contact information. It then goes on to include creating a robust social media presence with pictures and hashtags for your location and the services you offer. The better your online presence, the easier you are to find, and the more chance you have of building a large enough clientele to help you turn a profit.
Promoting Your Salon
It's important to go above and beyond the corporate franchise advertising materials and promote your salon in a way that is tailored to your location and demographic. This type of grassroots marketing ties you as a hair salon franchise owner into the community more and helps you connect at a more personal level with potential clients in your area.
Waste Not, Want Not
As a franchisor, it falls on you to take stock of your process to see what things are adding unnecessary financial strain to your beauty salon franchise. You should be able to justify every expense from product purchases to overtime, to ensure that you aren't losing any money that could be going to the business. The more diligent you are on this front, the more places you will find to save money and turn a profit.
Culture And Team-Building
Aside from your clients, your team is the other important cog in the machine. Fostering a culture and environment where your employees want to stay has a great impact on a store's bottom line. If your stylists stay with your salon, then so will their clients. In addition, a salon with a great culture is also a place where clients will want to visit.
Keeping an eye on productivity is an area that many of our financially successful haircut franchise owners have been able to relieve financial strain. If productivity is operating at 70% then 30% represents wasted payroll dollars, which as a result tend to drive up cost per service.
If you'd like to speak with one of our development managers to find out how much you can makes as a Lemon Tree hair salon franchise owner, contact us for more information.