Issue link: https://www.ahpindiestylist.com/i/1544743
Explore your benefits at ahphair.com 37 T alking about the economy isn't exactly joyful fodder. In fact, it can sometimes feel like the exact opposite: a dreaded subject avoided at all costs. But the reality is that economics is very much a factor in your day-to-day life, especially as a small business owner. You're embracing the uncomfortable friction of it all, highlighting some of the groan-inducing woes most pertinent in today's world, and—perhaps most importantly—getting a clarifying aerial view. By doing all that, you can create and execute an effective game plan to help you do more than just run a resilient business in unpredictable economic times; you will ensure it thrives. HOW THE ECONOMY DIRECTLY IMPACTS SALONS AND BARBERSHOPS When the economy feels unsteady, small businesses are oen the first to feel the ground shake. "For salon owners, the pressure shows up in rising costs across the board: manufacturers, distributors, rent, utilities, insurance, and payroll," says Jessica Walker, leadership expert, entrepreneur, and owner of J. Walker Salon Group in New Jersey. "Our expenses increase quickly, but we can't always pass those increases directly onto our guests." Walker, who opened her business at 19 and has been working in the industry for more than 25 years, says this is because clients are like family when you're running a hair business. You see the same faces weekly, monthly, and quarterly. You know some of the most intimate details of their lives, and they Running a Resilient Business in Unpredictable Times by Wendy Rose Gould Operating a small business can be risky. Understanding your business's numbers and finances as well as your clients and community will help you thrive, even during times of economic uncertainty. >>