Posted on March 25, 2020
Sola Salon Studios
In changing tides, resilience and proactivity are key. Summit Salon Business Center founder, Michael Cole, hosted an inspiring Facebook Live training for salon professionals to help strategize during times of financial uncertainty.
His motivational advice for Solapreneurs will help you to de-stress and overcome our current challenging landscape stronger and more prepared than ever before.
His message? You are a warrior. Let’s come out of this thing ready to thrive!
Before diving in, he wanted to remind our community of a previous webinar he hosted for Sola where he taught his 5 golden rules to fast track to wealth.
The 5 rules are:
And although our economy has recently seen a dramatic shift, these lessons still hold true. However, he gave them a relevant spin to apply to our current economic crisis.
1. Find more money: Raise your fuel ⛽️
Tap into these resources to secure additional sources of cash flow while you aren't able to receive your usual income:
2. Spend less: Lower your burn rate 🔥
3. Short term debt: Manage your debt load 💳
4. Tap your nest: Use your reserve 💸
Remember, you will not need to work hard to get your clients to return once the quarantine ends. In fact, they are just as eager and in need of the salon as you are in need of them in your chair. As soon as the time is right, they will likely be clamoring to fill your books. However, for now, it is all about staying in the game - doing what it takes to get over the hump and always keeping the faith that the storm will pass and there is a rainbow waiting for you (hopefully a nice pot of gold).
Although some sectors of the economy may struggle to find their way back following a financial disruption, haircare and beauty services will survive a recession due to genuine demand. In fact, studies have shown that during times of recession, beauty products and services even see an increase due to the desire to help people feel better about themselves when faced with unstable circumstances.
On the other side of the uncertainty, one thing is for certain - we are ALL going to need a good day at the salon!
To recap, Michael's main takeaways are:
Michael will not leave us high and dry in our financial futures. He will be back soon for more webinars, advice, and guidance for financial stability and continued Solapreneur freedom.
Your thriving business is just on the other side of the storm. It is up to you to choose how you are going to weather this thing. Your Sola home team is working around the clock to manage conditions to the best of our ability and provide as many resources to help you creatively and proactively navigate the ever-changing landscape. And the most powerful tool we have is our community and the strength we have when we band together. Together we are #SolaStrong.
Stay tuned for more financial advice coming to you soon!