It's on the front page of every newspaper in the US - and around the world: the troubled US economy. As consumers, and for many of us as business owners, we're feeling the pinch everywhere - from the grocery store, price gouging hikes at the gas pump, electricity bills, to raising rents. Like every slump, there's a mountain high somewhere in the future, but in the mean time, it's survival mode for many.
Beauty Store Business magazine has a series on the economy and the beauty industry this month. Here's a clip from their most recent article:
The three best ways to survive any slump, real or anticipated, are to:
- Know your business well so you can fine-tune it to increase profits (see “Knowing Your Numbers,” below).
- Take advantage of federal income tax laws to minimize the bite of taxes and help pick up a bigger portion of your cost of doing business (to be discussed in Part 2).
- Employ cost-cutting strategies to help you weather the storm (to be discussed in Part
The article covers the "how to" of survival and is a must read for any salon owner or beauty industry professional
Get it here.