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Trends for the New Year

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Some people may say a trend is nothing more than a passing fad that has been accepted by the masses, but not all trends are temporary. In fact there are trends that have changed the world forever and they are still around affecting all of our lives.  If you don’t think this is true, look no further then your computer.  It has become a way of life for verbal, written, and artistic communication. 

A trend may be looked at in many different ways, but one thing is for sure. It can and will change our way of thinking.  It is this different point of view that quite often increases our source of producing revenue in ways other than in fashion.  One trend for the beauty industry is focusing in on all types of education.  On going education is particularly important within the beauty industry especially if you own, or manage a salon, spa or barbering business.

For those of you who have the desire to be a business owner in the future it is crucial to get into the business trend of educating yourself on the correct business procedures for starting up and running a new business, and keeping current in the ever changing business climate.  This is applicable even if you are a new owner with employees, booth renters, or wanting to use independent contractors.  Even for those booth renters out there or someone thinking of becoming one in the near future, it is time that you took your responsibilities as a mini-salon owner much more seriously to protect your family and loved ones when it comes to your financial future.  Things are constantly changing whether it involves laws, tax issues, or business practices.  Education is the single most important trend anyone in this world can do to ensure the security of their future.  It is what you do not know that will affect you the most throughout your life. 

For any one in business regardless of his or her title, there are unlimited responsibilities associated with those titles.  For many salon, spa and barbering owners who have employees, there is a whole different and better way to reward staff today than in the past.  Some businesses are so far off course with their compensation structure that the owners may never get to reap the rewards of ownership without a major shift in their thinking of how trends apply to there business.

Things are changing just as fast for those operating with or as booth rental businesses.  Business profitability is being viewed completely differently than in the past by the IRS and your own state.

The front desk person is an important part of the business that should to be looked at separately when it comes to the guidance and directions needed for the whole business to run smoothly.  This management trend is part of any business, whether it’s a salon or spa.  This is so crucial yet there is often nothing in the business structure that maximizes the efficiency.  With a proper structure the front desk can positively impact the bottom line and add to the overall success of the business.

The trend of retailing has always been around but it is being looked at in a completely different way then it ever has by any one owning a business of any kind in the world.  The beauty industry is certainly no exception to this business practice.   However there lacks any real structure to be successful as it could be for not only the business owner but for their staff as well whether they are employees, booth renters or independent contractors.  Hardly any one has set up their retailing part of their business to be successful.  In fact most owners and managers have set up the retailing compensation part of their business to fail and they don’t even know it.  Why?  It’s because they have not kept up with the business trends of our industry.

Another major part of our business structure that is lacking is not receiving or understanding what a profit and loss statement is or what it can do for you personally and for your business.  The simple fact is most people don’t get a P and L statement until the end of the calendar year, if at all.  By then it is too late to take advantage of all the tax incentives one is legally entitled to.  Secondly, you can use a P & L statement to communicate with your tax person to make sure you get the best results from them.  This provides an avenue where you are able to communicate to your tax person in a language that you as an owner can understand.  This business trend must be a priority for anyone in business regardless what you call your self by title.

Ken Cassidy has been a contributing writer for the past 6 years for Stylist and other national publications. Ken is currently the president of Kassidy’s Management Consulting Company and has held that position for the past 14 years.  He is also a salon owner and an in demand hairdresser with a full clientele.  He travels all over the United States teaching business management classes including  topics like Front Desk Management,  Employee Compensation, How to Set Up and Run a Business for Booth Renting (that includes IRS and your state guidelines),  The Beauty Business for Profit (a financial evaluation of your business) and others.  He can be reached by calling (562) 432-4462, fax (562) 439-6692, email: kassidy122@earthlink.net or by www.kassidys.com. You can always write to us at 5740 East Second Street - Long Beach, CA 90803

We welcome any comments or challenges you may have within the beauty business.

Remember, our job as a management consulting company is to keep you in business. 

—Ken Cassidy