Create Money-Making Services

Adding new services to your menu can be a great growth strategy. “But if you don’t do your homework first, it can be detrimental to growth,” says Steve Gomez, professional developmental manager for Milady. “You need to take the time to do your research, launch your plan and get it right. It’s a process—you need to be patient and think long-term.”

Following are Gomez’s tips for carefully researching a service, then creating a plan and launching the service:

RESEARCH

• Once you have a new service in mind, start by writing down a list of pros and cons as to why you think it would be a good addition to your menu or not.
• How much will it cost? Will you need to purchase new equipment, stock different supplies or add new retail product to go with the service?
• What is your current cash flow situation? Do you have the necessary capital to bring in the new service?
• Is the new service your clients will want? Create a list of loyal clients and reach out to them.
• Try the service at another salon/spa that offers it. See what it is like, how long it took. Gauge price points and the quality of your experience.
• Is the service a good cultural fit? If you are a trendy, hip, artistic environment, a new spa service may not take off in your business. If 85% of your clients are professional women, a new service for men may not spur much growth.
• Think about how you may be able to put a seasonal spin on the service.

PLAN & LAUNCH

• Know the timeline. Be sure you understand how long it will take for you to receive the new equipment and supplies to get started. How much training time will your team need to be comfortable with the new service?
• Do a Beta Test. Schedule some of your loyal clients for a complimentary service and work through the kinks.
• Be sure you determine your price for the new service based upon the expense it will take to provide the service and the profit you want to make.
• Build a marketing campaign. Create signage, add information to your website, set up a Twitter and Facebook strategy. Create a promotion that drives interest and excitement.
• Track it! Once you have launched the new service, track its success. How many clients tried the service and what are the saying about it? How many clients rebooked it?

As you can see, adding a new service can be a great step that you can take to grow your business. Take the time to do your research, make a plan and get it right. Remember, a little experimentation first can go a long way. It’s a process, be patient and think long term.

For more great business-building ideas, visit miladypro.com.