This week’s conversation centers around the topic of Profit, specifically why it’s important to know and track your numbers. The BMS Stylist podcast continues to rank #1 in iTunes within the category of Fashion & Beauty, which speaks volumes about the massive value being delivered to an industry hungering for what Danielle K. White and her team share each week.
For Big Money Stylist, we go over the following formula each month:
Week #1: Power
Week #2: Production
Week #3: Profit
Week #4: Protection
In This Week’s Episode…..PROFIT
Point #1: Tracking Reveals the Truth
- Danielle: The Artist Ego is something we’ve all been guilty of where we brag about what an awesome week or quarter we’ve had, yet the actual numbers reveal a different reality. It’s important to remember that tracking numbers is meant to bring awareness, not discouragement.
- Coach Ani: In our Mastermind classes, we have created a space where our students are very comfortable sharing their numbers in great detail, something normally viewed as a societal taboo. At the end of the day, numbers simply reveal where you are today. If you don’t know where you are right now, how can you expect to move forward with a realistic goal?
When will you retire exhaustion as a form of currency and a barometer of your success, and replace it with the proven system of tracking your numbers?
Point #2: Power Practice and Daily Four
- Coach Val: We require our students to practice NBR every single day. Daily repetition puts you on the Fast Track to Success. Danielle: After so much repetition, the technique has become second nature for me, allowing me to concentrate on the artistic side of color and blending – one of the biggest problems I see within the industry with hair extensions.
- Coach Ani: We require our students to do and track four things every single day: 1. Post a picture. 2. Post a video. 3. Send an audio message to a client. 4. Write a text post. This takes time, it takes effort, and it’s something you have to get into the habit of doing – and it’s insanely important! It wasn’t until Coach Kenzi started tracking her social media presence that her eyes were opened and showed her where she needed to make some shifts in her marketing to bring her the results she desired.
How has being consistent in your daily repetitions and marketing changed your results?
Point #3: Converting Mindsets
- Danielle: When using a funnel or some sort of paid promotion, if you’re not a household name, your job is to convert mindset. We may lure a person in with a pretty photo, but then we use videos and written copy to share our experiences and to educate, which changes a cold lead into a warm one really fast.
- Coach Ani: Converting a mindset isn’t about us convincing, forcing or coercing clients, rather it’s about them telling themselves that they want what we have been sharing with them via a ten minute video. If you do the convincing and converting, it’s buyer’s remorse every single time.
What can you change in your advertising to create a different experience for your potential clients?
Point #4: Leads, Applications and Consultations
- A lead is someone who has said, “Yes, I want to come sit in your chair.” We personally talk with every single person who applies to either sit in our chair, attend a convention or one of our trainings because we want to make sure we are a good fit and vibe for each other.
- Coach Val: When we read through the applications and have conversations with potential clients, we are able to get on the same page with them, creating a bond that replaces the robotic production line mentality that is so prevalent within the industry.
What could be possible for you in your business if you began having conversations with clients ahead of time?
Point #5: It’s In the Details
- Coach Kenzie: In going through and figuring out all of the details, including how much I was making per hour, I realized that although I may have been making good money, I wasn’t ever seeing my husband, and on my days off all I wanted to do was sleep and do online shopping.
- In everything the DKW team does, looking to keep the status quo is not one of them – whether it’s requiring a deposit to hold a spot on the books, raising prices, or with some Artists choosing to not work weekends. Once you have something you can measure and track, your decisions become clearer and easier and you see how tracking your numbers affects every single choice that you make. At the end of the day, it let’s you discover for yourself what is worth it and what is not.
How much money are you really making per hour?
Quote of the Week:
“What’s the point of making good money if you don’t have time to build relationships with those people whom you care about; if you don’t have time to experience life? People will carry out that pattern [making great money yet never seeing their loved ones] for five to ten years, and I wonder how they are going to repair that? A lot of times people break up or get divorced because it was a false relationship. It might be rough, but take a good look in the mirror.”
— Danielle White
“You go into your day confidently when you already know who’s going to be in your chair. You’ve already had a conversation with them and you have established a level of trust with each other, which creates an amazing vibe and environment in which to do top quality work.”
— Valerie Plunk
“Go forward in your business in a place of truth and facts, where your business actually is. Look at the numbers, look at the facts and decide: Are you in a place that you’re happy? Are you actually happy with the money you’re making? Are you happy with the amount of time you’re spending behind the chair? Are these numbers making sense to you?”
“How is it fair that every other industry raises their prices and no one bats an eye, yet for some reason we have allowed it in our industry to be okay with not raising our prices? In any other industry it’s okay for a person to choose their hours, yet in our industry it’s not acceptable if you don’t work weekends. As Artists we’ve allowed that to be the norm, and it’s our responsibility to change that.”
Stay Tuned for Next Week’s Topic….PROTECTION