In today’s episode, I want to talk about creating a sense of ownership among your hair salon team. Because ultimately, the concept of ownership is multifaceted and goes beyond legal ownership in a salon.
Developing a sense of psychological ownership among employees can make them feel more invested in the salon business and ensuring its success, even in the absence of legal ownership.
And given the costs of expanding legal ownership of a hair salon, salons that are contemplating doing so might first ensure that prospective new shareholders demonstrate not just good performance, but also psychological ownership in the salon that will make them valuable hair salon owners in the future.
Because there’s a special power in ownership. We develop a strong attachment to the things we own.
Indeed, they often become part of our identity and an extension of ourselves. And because of this connection, we’re willing to devote an extraordinary amount of time and effort when we are hair salon owners. We are willing to move mountains.
If this instead were a daunting job or project in which we had less of a vested interest, we would, and with good reason, be more likely to just give up and say, this is too much. And so, it’s psychological ownership that gives rise to the ideas about empowering your employees to feel and act like owners.
Yet simply telling someone that they are now an owner does not cause them to feel like one.
Instead, creating a sense of psychological ownership is more complex and comes with some critical preconditions. In this episode, I’ll be sharing these preconditions and strategies for creating a sense of ownership among your hair salon team.
[3:08] Critical preconditions for creating a sense of ownership among your hair salon team.
[03:49] The psychology behind ownership and why it creates a special attachment to the business.
[08:49] The three pathways that can lead employees toward a sense of psychological ownership.
[11:42] Why team members fail to feel like owners.
[16:15] The potential costs to hair salon owners for having more owners in your business.
[23:00] Creating synthetic options for ownership.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.