I’m often asked if a service professional can make 6 figures a year. The answer is YES! Trust me, it’s not just a pipe dream. As a matter of fact, I personally know several salon or spa professional earning 6 figures.
How do they do it? It’s simple. First, start with a clear financial goal. How much money do you want to earn? Second, you need to know your numbers.
What numbers do you need to know? For starters, you’ll need to know your average ticket totals. It’s the average number of dollars your clients are spending on a service and/or retail. It’s an easy formula:
Voila! You have your average ticket total. Let’s put this formula into a year forecast. If your average service/retail ticket is $60 and you see 5 clients per day, your daily total is $300 x 5-day work week =$1,500 x 52 weeks for the year = $78,000.
If you want to earn more money and get closer to earning those 6 figures, take the steps to increase your service tickets. That’s it!
Using the same example about, if you increase the average service and retail ticket average by $5, you would increase your yearly sales to $91,000 per year. Now, we’re talking! By simply adding an additional service or another take-home product, you’re well on your way to achieving the lifestyle you desire.
Knowing your numbers is a powerful tool to help you achieve your goals. I personally recommend that you get into the habit of tracking your numbers on a daily, weekly, monthly basis. There are several effective tracking tools available, I suggest you check out our goal-tracking journal.
Photo: Shutterstock | Dean Drobot
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Patti Wanamaker brings 21 years of experience to the Milady team where she currently serves as an Implementation and Training Specialist. Her intimate understanding of the salon, school, and beauty industry comes from 18 years of hands-on experience as a multi-faceted training specialist, including 8 years of salon and spa ownership of 3 salons with annual sales of $5 million. Her experience in all 3 areas of our industry allows her to think outside the box and develop innovative training that inspires and empowers beauty industry professionals.
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