We’ve taken you through the basics of starting your business in past blogs – now that you’ve established your business, we’re here to help you expand it!
First...let’s dive into how you can better understand the numbers behind your business.
Numbers and analytics are important for your business because they help you understand:
At GlossGenius, we help professionals understand their numbers better since our solution automatically integrates payment data for your business with analytics and reports. This makes it so much easier to understand and grow your business!
We’ve worked with industry experts to distill tons of data points into several easy-to-track numbers. We make sure to give you the information that is most important to you and your business like:
Here’s our breakdown of the most important numbers are, and how you should track them to grow your business!
What it does: Tells you how much money you’ve earned this year. In GlossGenius’s analytics, we also tell you the breakdown of how the revenue is distributed between services, products, tips, cancel fees, etc.
What you can do with it: You can compare with past revenue reports to identify what is driving your revenue most.
If your revenue is higher ... Is it a new service or product that you’ve added? If so, you can promote that service or product to all of your clients and grow your clientele even more.
If your revenue is lower ... what revenue from the past has dropped off? Have you lost profits on the product's front? Is it because you stopped selling a certain product? Is it because that product is no longer popular? Consider, what can you add to your stock instead.
What it does: Tells you how much money you are earning per client visit.
What you can do with it: If your average ticket is too low...start thinking about ways to increase your average ticket.
Offer profit-driving add-on services. The perfect add-on service is easy for clients to see the value of, can be completed in less than half an hour, and is low cost for you. It also should be priced low enough that your typical client would be willing to add it on without too much consideration! Here are some ideas for inspiration!
Offer “premium” services. One GlossGenius user, Alexandria from Central Florida, has found success in offering different packages to her clients. For example, she offers a “Holly wood Bridal Party” package (which includes makeup for four bridesmaids and1 bride) for $400. She also offers a “Supreme Bridal Party” package (which includes makeup for nine bridesmaids and one bride) for $700.
Offer products. Products you hold in your studio or salon are a great way to increase the average ticket size per customer!
What it does: Tell you how many clients you have and what percentage of those clients are repeatedly coming to you for appointments. The higher your repeat client rate, the better!
What you can do with it:
If your total client count is low...Grow your clientele: Promote your business on social media. Create a referrals rewards program to encourage your clients to refer their friends.
If your total client count is high but your repeat clients is low...focus on ways to reach out to those clients and bring them back in. If you know you haven’t seen some clients in a while, use text message/email marketing to reach out to them and let them know that you’d like to see them! The GlossGenius text message and email marketing features let you create mailing lists based of data like:
What it does: Shows a breakdown of your sales across a period of time. Make sure to track weekly, monthly, and quarterly, in addition to your annual reports!
What you can do with it: Understand how your sales breakdown, as well as use this to fill out tax forms in a breeze!
"Keep going until your bank account looks like your phone number."
Want to have a better understanding of your business with analytics and reports? Sign up for your free 14-day trial of GlossGenius & we’ll crunch the numbers for you!