Salon Retail Stock - SWOT

 

Salon Retail is an important part of your salon business - it's the second largest income stream for most salons and is a business within your business.


This is an area that with energy and focus more profit can be made in an instant.

In this weeks project its time to to a Retail SWOT:

Strengths, Weakness, Opportunities and Threats

Let's start at the start - ask yourself these questions in regard to your retail offerings;

  • Do you have your offerings correct?  By that we mean, is what is on your shelf appealing and welcomed enthusiastically by your clientele?
  • Are you covering brands or lines that cover Fashion, Fun and Science?
  • Are you actually profitable on your current retail lines?
  • What margins are do you currently have?
  • What commission structure do you have in place with your staff for retail sales?


Below is some questions and checks to implement your own Salon Retail SWOT and where possible make sure you answer the questions with data from your point of sale system.

We have included the SWOT template for you to work - see the download in the member's area - just log in.

If you're not already a member you can sign up for a FREE 15 Day Trial with no lock ins here to access the full video, downloads and our entire library of past episodes on Salon Business by the Keeley's.


STRENGTHS

Ask yourself these questions and prove it to yourself with real data from your salon software.

What is you number one selling product?

What is your number one selling line?

Is Retailing a Salon Culture Strength?

Has your current Retail Company supported you in the time of Crises?

Is your relationship with your supplier a strength?

Is Social Media Education of your products to your consumers a Strength?

Is Retailing in your salon a Strength?


WEAKNESSES

Ask yourself these questions and prove it to yourself with real data from your salon software.

  • What is your number one non selling product
  • What is your number one non selling line
  • Is Retailing a Salon Culture Weakness?
  • Has your current Retail Company neglected you in the time of Crises?
  • Is your relationship with your supplier a weakness?
  • Is Retailing in your salon a weakness?


OPPORTUNITIES

Ask yourself these questions and prove it to yourself with real data from your salon software.

  • What is your Current margin on ALL products?
  • Can this be improved?
  • Are you offering online opportunity to purchase your products?
  • Do you cover Science, Fashion and Fun options for your clients?
  • Do you Incentivise your team with Profit Share, Gifts, Prizes, Games and appreciation. ? Can this be improved or changed?


THREATS

Ask yourself these questions and prove it to yourself with real data from your salon software.

  • Lack of Focus
  • Incorrect Product offering
  • Unable to adapt or change offerings
  • Not bothered to do the Math or negate the best deal for your company
  • What is the position of your suppliers in relation to online selling of retail items? 
  • Is Retail Now taking ups Valuable Space in the salon with our new Social Distancing Measures?


What did you learn in this SWOT about your salon business?

Write down your findings and ideas for building  stronger retail sales. 

Then make yourself an action list - start with the things you can do immediately and follow that with the areas that you've identified as the biggest 'movers' - those that will make the biggest difference to your business

Now -  go to work!


BONUS IDEA - why not contact your clients and let them know that by supporting your retail offerings they are supporting your small business. Powerful Concept!

I know right now Loyal Clients of Salons who have not been impacted by COVID are reaching out and offering support. Just simply asking them to shop with you will make a difference.


Enjoy your weekly focus and we would love to learn your discovery and light bulb moments!

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