Creating new and consistent income streams in your beauty business should be fun, and exciting. This doesn’t mean that you should have to work more or harder than you already do. These ideas and strategies are ones that we implement ourselves and for our clients. These ideas DON’T mean you have to work harder, just work smarter so you can start seeing some consistent streams of income.
Regardless, if you’re a bridal makeup artist or hairstylist, your service business can greatly benefit from payment plans. By offering payment plans and various options, you’re allowing income to constantly flow in, even when you’re not working. You should set these payment plans up so that you do not perform the services until the payments are paid off in full.
For example, if you’re a bridal artist, most of your clients will book 6-12 months in advance. Instead of charging them $5,000 for the service and requiring payment in 1-2 installments, switch it up to benefit both of you. You can require them to pay you monthly for the next 6 months so that your business always has money flowing in and creating a consistent cash flow. The client will appreciate this as well because they are able to make smaller payments.
A sales funnel is a series of steps to get people interested in your products or service, then getting them to make a purchase. For example, if you’re a salon owner that sells retail products, you could set up an automated sales funnel to sell your products.
How it would work is you offer a valuable freebie, like a guide or template, that your ideal consumer would want. In exchange for the freebie, the clients opt in with their email address. Once you have their email address, you would use automated funnel software like ConvertKit, Kartra, and ClickFunnels, to send a series of emails to your ideal consumers. Those emails will lead the consumer down a sales funnel and making them want to purchase.
The best part is it’s all completely PASSIVE. Meaning you could focus more on your business while bringing in consistent mula.
This is a simple one. Offer valuable products or services on a reoccurring basis. Similar to payment plans, you’d have a monthly income flowing in, even when you’re not working. If you’re a lash artist, chances are your clients come in every 2-3 weeks. Instead of waiting on them to book to get paid, put them on a reoccurring subscription. This allows you to bring in a consistent income.
We’re huge fan of digital products. Why? They require no inventory, freight charges or serious commitment once they’ve already been created. Once you make a valuable digital product and sell it, that’s it! The income stream becomes completely passive.
Looking for more tips and ideas on growing the income in your business? Follow us on IG for beauty business finance tips & hacks: @CENTUREFINANCIAL
May 25, 2020