Your earning potential is really down to you as an individual. I know that this is the sort of answer you were probably expecting, but if you are looking for actual figures then we will be able to show you trading figures once you meet with me and sign your NDA (yes, you really do need to sign an NDA as I am giving you lots of personal data about my company, so I need to protect myself and my brand).
There are many factors that are very much dependant on you as an individual. You can never just open a business and expect the cash to come flying in, no matter what industry or franchise you buy, (unless it’s a Mcdonalds franchise of course, which is why they cost a cool million quid).
So the factors to consider if you want to run your own successful business in ANY industry:
Grit and Determination – You need to be able to find the profit, be driven to succeed and be a true problem solver that doesn’t give up easily. You need to be a self starter and motivated to do well.
Great Leader – You don’t specifically need management experience, but you do need to be able to lead a team. This normally comes by leading from example, but also by being compassionate without being a push over, understanding yet commercially focused, and kind but professional. These really are the traits of a great leader of people and clients in a business like Mooeys.
Financially Aware – You don’t need an accountancy qualification, but to be able to understand numbers such as revenue, gross vs. net and profit, then you are good to go. You will need to appoint an accountant who will help you manage your expenses, payroll and vat returns.
You will also learn all about margins and budgeting in our Management training too which will be a huge help if it’s not part of your everyday life currently.
Great With People – You will be dealing with people day in day out when you are working in your salon. You will build great relationships with your clients and with your team, and you will create your very own community which is really magical when it happens. The salons are fun and lively environments, that hold space for people to be themselves and be heard. Because of the type of environment it is, we find that chatty or social characters do really well in this type of franchise. Those who love a good natter, remember information about people and really listen make the most incredible Mooeys franchise partners.
Marketing and PR – You need to be able to promote and talk about your business without being pushy. You need to integrate yourself within your community to encourage people to trust you enough to come in and try your salon out. You need to be well connected to local schools and be active on social media (this is something we strongly suggest you appoint someone in your team to do if it’s not your jam), and you need to be comfortable talking to local businesses to build connections and offer to collaborate.
Be Business Savvy – What I mean by this, is that you need to understand that it is a business and not a hobby. If you want your salon to thrive, you really have to look at the bookings, manage your availability (we will teach you all of this, don’t worry) and understand that your reputation is everything when it comes to driving your business. Word of mouth is the best form of advertising in the beauty industry, so when people tell their friends how amazing their experience was in your salon, you will soon get an influx of new clients all wanting to try you out.
You then need to have a consistent service offering (which comes from managing your team well) and a high rebooking rate (comes from team standards and training) in a great salon full of positive vibes for those clients to continue to want to come back.
So as long as you really give a sh**, then you will do brilliantly.
The average profit margin for a Mooeys salon is 12-16% of turnover depending on the year of trading and salaries which are your highest cost in your business.
Lucky for you, Amy is a profit margin queen, and her sidekick in business is a financial director – so you have plenty of people in your corner helping you with figures and making sure you are keeping a check on your profit.