There is a number of ways you can create recurring revenue for your salon and, by doing so, enhance its value.
Offer membership programs: These programs allow customers to pay a monthly or annual fee in exchange for discounts on services, products, and other perks. This can create a steady stream of revenue for the salon.
Sell hair care products: Many salons offer their own branded hair care products, which customers can purchase and use at home. This can create ongoing revenue for the salon as customers continue to purchase products.
Offer gift cards: Gift cards can be a great way to generate recurring revenue, as customers are likely to come back and use them at a later date.
Run promotions: Offering promotions and discounts can encourage customers to come back more frequently, which can create recurring revenue.
Host events: Hosting events such as styling classes or product demonstrations can attract new customers and create additional revenue streams.
Offer loyalty programs: Loyalty programs can encourage customers to return to the salon by offering rewards or discounts for repeat business.
Offer online booking: By offering online booking options, customers can easily schedule appointments at any time, creating more opportunities for recurring revenue.
Sell styling tools: Salons can offer styling tools such as hair dryers, flat irons, and curling wands for sale, creating ongoing revenue.
Offer salon packages: Packages that include multiple services can encourage customers to come back more frequently, generating recurring revenue.
Offer services that require regular maintenance: Services such as hair colouring or keratin treatments often require touch-ups or maintenance appointments, creating recurring revenue for the salon.
Book your free consultation with the author of this post Zach Dogar. Zach, has over 20 years’ experience as a business broker and has helped hundreds of business owners prepare and sell their businesses.