Inflation has been the top story for a while—even more so as it approaches 8% over the last 12 months (at the time of recording). This is indeed disconcerting. However, my guess is that it will take a while longer for inflation to settle down as monetary policy and the supply chain play catch up. So, in this episode I thought it would be helpful to talk about the impact of inflation on your hair salon.
What exactly does inflation mean? How can you deal with it? And when might it end? The reality is that inflation is always happening, so hair salon owners need to be prepared for it.
It’s important to understand how inflation affects your hair salon, so you can come up with solutions to manage it.
[01:40] What is inflation, and why is it a problem for hair salon owners?
[02:37] How we got here, and why inflation is on the rise.
[06:13] The pros and cons of raising your prices to compensate for inflation.
[07:42] How to cut your overhead costs while still getting the most out of your resources.
[09:45] Making the decision to stay small or grow.
[12:09] How to keep investing in your hair salon business when you’re strapped for cash.
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.