You've worked too hard to build your brand and reputation as a beauty professional and service provider not to protect it. Whether it's a no-show client or a natural disaster, there are several risks to be aware of as a business owner. You won’t be able to predict the future or plan for every little mishap, but you can arm yourself with a few empowering strategies to best prepare for unforeseen circumstances.
Start by exploring these steps to safeguard your beauty business, from signing up for salon insurance and combatting cancellations to planning for retirement. Here’s how you can protect your empire from every angle.
All too frequently (nearly 40% of the time, to be exact) clients book your services only to cancel at the last minute, leaving you stuck with extra time and sometimes unnecessary inventory on your hands... and less money in your pocket. Late cancellation and no-show fees should be your first line of defense, but sometimes those tactics alone just aren’t enough.
If you don’t already have a cancellation policy in place, now is the time to start. Implementing (and sticking to) a cancellation policy will help get your clients to understand that your time is valuable. Add it front and center to your website and include reminders on your booking site so that clients will get the message.
If you're a GlossGenius member, you can now require a deposit anytime someone books you for a service. Plus, you can still charge cancellation or no-show fees as stated in your policy – this way, you can protect your precious time and avoid any last-minute cancellations.
When a client cancels their appointment, it can throw a pretty big wrench in your schedule, but that doesn’t always have to be the case if you plan ahead. Allowing clients to add themselves to your waitlist means you can keep earning when your schedule changes. With GlossGenius Gold’s Waitlist feature, clients can leave you notes about their availability, so you can quickly and easily fill the gaps.
This is the part no one ever wants to think about, but addressing potential liabilities is an essential part of being a business owner. One of the simplest ways you can protect yourself legally is by utilizing forms and waivers.
A waiver is a straightforward document that your client acknowledges (usually by checking a box) to show they understand the risks involved in a procedure or to say they won't sue you for something that's not your fault.
The content will depend on the concerns and liabilities of your specific business. If you’re a hairdresser, for example, you may prefer a waiver for clients who are getting chemical treatments done. Estheticians may prefer waivers for injections or laser procedures. Lash and makeup artists may opt for waivers covering adhesive allergies and sensitivities. It's a simple way to protect everyone involved and make sure everyone knows what they're getting into.
General liability and photo release waivers are two of the most common types of paperwork you might be dealing with as a beauty or wellness pro.
With GlossGenius Gold, you can seamlessly send pre-written or custom waivers out to clients as soon as they book through your site.
As a business owner, taking steps to safeguard your finances is essential. This could mean anything from setting up additional savings accounts, to re-evaluating your insurance policies. Whatever the measure, protecting yourself financially can save you – and your business – from ruin.
Property damage, stolen goods, or client accidents could happen to anyone, and the average claim in the beauty industry is $5,500. Without insurance, this cost would come 100% out of your pocket. With salon insurance, you can focus on doing what you love most with peace of mind.
You never expect it to happen to you… until it does. When clients dispute charges, you shouldn’t be on the financial hook for it. GlossGenius Gold subscription plan offers 100% chargeback protection for payments taken through card reader to Tap to Pay on iPhone – meaning even if the client’s bank rules against you, GlossGenius will reimburse any losses you have.
Having a plan in place for slow periods isn’t a glass-half-empty mindset – it’s a savvy business strategy that ensures you won’t suffer financially when business cools down. Whether there are murmurs of an impending recession or you’re bracing for the inevitable lull after the holidays, the best thing you can do is take action before you start feeling the financial strain.
You should be looking at your business’s numbers regularly anyway, but when it comes to financial protection, you’ll want to do a deep dive. When you know your numbers inside and out, you have the power to determine when you need to pivot your business strategies, and how far you need to think ahead.
Whether you're an independent contractor, commission provider, or booth renter, it's necessary to plan for life after work now. There are several ways to set up a financially sustainable future yourself including a solo 401(k) (contrary to popular belief, you don’t need an employer to get one), specialized savings accounts, and tax-deferred investment strategies.
As with anything in life, prevention is always better than a cure, and protecting your business from day one is crucial for ensuring long-term success and sustainability. Start safeguarding your salon now and sign up for a 14-day trial of GlossGenius to get all the safety nets you need in the palm of your hand. Your future self will thank you.