Investing in the retail side of things can be smart for a lot of stylists. But it doesn’t just have to be beauty products.”
Chris Appleton → celebrity stylist
Starting his career at a very young age, Chris Appleton gained firsthand experience with the business side of the beauty industry. One key lesson he learned is that there are no defined guidelines for the ideal business model. Instead, you need to connect deeply with what matters most to you to create a long-term vision; it doesn’t matter if you start small.
As a beauty business owner, creating multiple sources of income is crucial to keeping your business growing. You can draw inspiration from other business owners who had the ambition to build something bigger and saw new opportunities within their industry.
Many of Appleton’s colleagues are creating boutique experiences that offer unique products, adding another layer to the experience they provide their clients and an extra source of income for themselves.
When the pandemic closed us all down in 2020, I sat at home with a six-month-old baby with no studio to work with. And I was like, ‘Okay, I have to figure out another revenue stream.’ ”
Sofie Pavitt → Square Ambassador, aesthetician and entrepreneur
Seize the opportunity for new revenue streams
When Sofie Pavitt’s business was forced to shut down during the pandemic, she took action. Pavitt focused on identifying significant gaps in her industry, inspiring her to launch a skincare line featuring products she truly believes in and wants to share with others.
Hair stylist Nikki Ally Rae also quickly learned from experience that she didn’t want to limit her income to the work she does behind the chair. That’s why she turned to Square to automate certain aspects of her hair stylist business, freeing up time to focus on what’s next for her, both within the beauty industry and beyond.
You don’t have to be behind the chair to succeed with Square. You can still sell products and grow your business. ”
Nikki Ally Rae → Square Ambassador and hair stylist
Client Loyalty in the Beauty Industry
According to Square Future of Customers data, 63% of customers have purchased retail items from a local beauty business in the past year, while 78% of Gen Z and 69% of millennial consumers are interested in new offerings and experiences at the beauty businesses they frequent.
Adding new offerings and experiences such as virtual consultations, branded products, special guest appearances from other salons or tattoo shops, or even boutique retail options can turn your salon into a unique destination and open up new revenue streams. Want to go a step further? Consider displaying and selling local artwork or setting up a small café or juice bar to improve your clients’ experience while they wait for their service.
Pro tip
Discover how other businesses have diversified revenue and learn what customers really want when it comes to new experiences and offerings:
- How The Beautiful Co. Achieved a 95% Customer Retention Rate With Luxury Experiences and New Offerings
- How Oakwell Beer Spa Grew Retail Sales 40% Year-Over-Year
- 5 Ways Salons and Spas Should Expand Their Offerings, According to Customers
Stepping out of your comfort zone by offering new experiences and products can help grow your bottom line. As Appleton put it, “It creates a richer and more memorable experience at your place, reaching even more people and helping them look and feel their best.”
