¶ The Entrepreneurial Seizure
Welcome to today's podcast . Many of you have experienced this before . The topic that we're going to be diving into deep today , and that is what we like to call the entrepreneurial seizure . That's right . That's when stylists decide they want to leave and work for themselves because they've seen you do it .
It looks so easy that they are ready to take it on and just keep 100% of everything so easy that they are ready to take it on and just keep 100% of everything .
Yeah , and what happens a lot of times is , you know , it doesn't always turn out as they plan , because what they don't realize in the moment is they don't see , like Lindsay was saying , all behind the scenes stuff , because when you're a salon owner , a lot of times you could be the technician , the manager and the entrepreneur , so you're wearing so many different
hats and for the service provider , they only see the profitability and the success you have . They don't see all the extra hats that come with being a salon owner . And so you know , I think there's been some shift in our industry .
It's a hot topic that everyone's talking about , and so we're just going to help you to understand why is this happening and what can we do as salon owners to help reset our market .
Yeah , so good , because truly an entrepreneurial seizure is when somebody , like a stylist , thinks I could do this better on my own , they think that they are going to get more freedom , they think that they're going to have more control , they think they're going to have more money , um , and they believe that they'll get that by leaving your salon to start their
own business . And you know , you might be thinking , as an owner listening to this right now um , I wish that I had unlimited freedom , control and money . Um , you know , but like , you also realize all of the hats like Jen was just mentioning that you have to wear in order to even try to create , um , create the amazing space that you're working on .
Yeah , and so , like , we've actually heard a term being tossed around . It's called the salon stock market crash , and someone asked me about what are your thoughts on this , jen ?
And so , like , like , I truly I think you have to understand what a stock market crash is , and then you know that's usually when prices of stocks drop really fast and everyone starts to panic , and so , like , I really think that we're not in a stock market crash , like really just in a stock into an , in a market correction , because I think people are
adjusting right now . Yes , we are seeing service providers that are working in commission salons lead to booth rent or to live the suite life or , you know , be in a suite .
But we also see it the other way , like I have several service providers that were in a suite or booth rental situation and they're wanting to come back to commission , and so I don't feel like we're really in that crash . I think we're just kind of in a reset . It's not a total collapse , it's just a correction that's going on right now .
Totally .
You know , and I think when we've seen that , where you know somebody has been out in a suite or in a booth rent situation , you know they soon realize that they , you know , not only are the technician , but then they're the manager , they're the entrepreneur , and so , you know , they , they miss that support and structure that they had in a commission salon team
environment . And so you might be wondering , well , why is this happening ? You know , I think that's a that's a big question . Why is this happening ? And and truly one of the biggest reasons why we're seeing a lot of this right now is just social media .
You know , social media makes it look easy to be your own boss , you know , and so stylists see others posting about their freedom and success as booth renters or suite owners , you know . But running a solo business is tough because it's more than just doing hair . You have to manage the clients , the marketing , the finances , you know , and so much more .
So stylists might leave because they see that glam site on social media , but they aren't always ready for the work that comes with it .
Yeah , and you know I also feel like , why is this happening is , a lot of it is due to social media as well . But you know , people get into this industry because they think , oh , I'll get to work the hours that I want to work , I'll have all the control that I need .
And really , what they don't understand is like it actually is probably going to take more time on your part to grow and develop when you don't have a great team behind you .
That like , if you think about , like I think a lot of times as salon owners , when you're no longer behind the chair and you have new team members that come in that never seen you behind the chair , they probably think , well , what do you do with all your time all day long ?
But what they haven't seen is all the effort that you had to put in in the beginning , all the years of probably 10 hours , 12 hours a day behind the chair , doing the manager duties , doing the entrepreneurial duties , and so you know , I think they just don't see the true picture of what it takes in the beginning stages of business .
I also think one of the things you know that is like a secret sabotage or two is like when people say they want freedom in their schedule . You know , sometimes what that can mean is like they'll switch up their schedule really often or they'll move appointments around quite a bit . And you know consumers crave .
You know , knowing that they're going to have that steady , I can come in at this time . They're open these hours . I know what's going on . You know .
At least good consumers do , consumers that are spending the top dollars inside of a salon company , they they want to know like , hey , if for some reason Susie cues out , I can visit one of her friends and it's no problem .
But you know , a lot of times when somebody is in that private environment they're so worried about somebody stealing their client that they would never refer them to somebody else If they were sick . You know they don't have a team that's supporting them during those times , like they're doing all of the things you know .
And then it starts to cause some instability inside of their schedule . You know , I think that's one of the key things that we focus on is not really making too many schedule changes within a six month time period , because it takes you several weeks to recover .
You're technically invisible again during those hours and so if you're not keeping steady hours , you start to see instability inside of your books , you know , and that can really make people panic , that are solo , you know , and that's when you start seeing free haircut this week . Um , you know , basically , can somebody come ?
Because I was just really unstable six weeks ago and I'm still feeling it today and I'll feel it again in six weeks because it takes time to rebuild that you know . So that is a huge thing .
That really sabotages a lot of people and you know that's when they really start to feel , you know , kind of that chokehold from becoming an entrepreneur inside of our industry .
Yeah , awesome . And I think another thing why sometimes people lead to is because there's not system and processes in salons . I think there's some responsibility on us as salon owners as well as like do we have that career map ? Does the team know the opportunities and possibilities that are available to them ?
And so like , I think that is one thing on our end that we can always do more of and educate more about , so that people can be with you for the long journey if they choose to .
Yeah , I love that you know . So what can salon owners do ? You know , I think one of the key things that we can focus on is building a stronger team culture , you know .
So showing your team the value of being part of a team , so creating that supportive and positive culture where they feel that they can leave like you mentioned , jen without , or they feel like they can grow without leaving .
So , um , you know , when you , when you dive into that , um , sometimes you might decide like , hey , there's a few people that don't have the same values inside of our company and that's okay , it doesn't make them bad people , maybe they would be better in a different environment and that's okay , it doesn't make them bad people , maybe they would be better in a
different environment . You know , I think really protecting that culture is huge and if , if you're trying to create that long longevity and also , you know , creating those future opportunities , because , you know , sometimes people you know might enjoy being a leader but , like you know , being a salon owner is a totally different hat .
And so , leading some people on the team but then showing up every single day , there's no bad days as an owner . You might have a bad moment or a few things , that kind of feel a little bit wobbly here and there . Yeah , having that strength to just overcome everything . You know , some people just don't want that responsibility and that's okay .
But if you start to see like , hey , there's maybe a future vision with somebody , then that's something that you could talk about individually to see what it looks like to create more for people .
Yeah , I do . I'd love what you said , lins , because it does help them to see the bigger picture . When they're really enrolled in that vision , you know they can see the long-term benefits . And I know one thing I can speak for Lindsay too is like . One thing we really worked on in the beginning is helping our team retire as millionaires .
It's like starting to have that conversation as soon as you hire them , even if you don't are at the point where you can offer , you know , additional benefits , teaching them just how to save money .
And I think you know , once you enroll them and they see all the value that's being added to their life by being in your company , they feel like it's more than it's more than it's not less than an experience for them , and so that I think that's where you really get buy in from service providers and a team .
I love that you know . So if you're wondering what you can do next , you know really just reflect on your team's needs and what you can do to build a better environment .
And you know that doesn't necessarily mean spending any extra money , it just means , you know , looking for those opportunities , like Jen mentioned , to help them understand how to become a millionaire . You know .
Looking for opportunities on how to help them grow , giving them coaching on , you know , if their pre-books are low or whatever their numbers are telling them , because you know numbers just tell us a story about what's happening inside of that client journey .
And so really working on the sales process with each person , you know , um , looking for to bring in additional education , coaching , just you know . Looking for ways just to show people who you are , create that team synergy , really focus on being a team environment where people are supporting each other . They have each other's back .
It's okay , you know , if every once in a while you call out because you've got a team of people supporting you and um , you know , it's okay if you don't know
¶ Market Correction Perspective
if you're not the perfect person at doing this particular haircut , because you have a team of people who can help show you how to do it so , really reflecting on what you have , what it is that you're creating , and communicate that to your team . I think is huge .
Yeah , and just to know , like this isn't a salon stock market crash , like to me , that creates a lot of fear for people Like we are just really in a market correction right now and you know that we're going to continue to thrive and the right people will be in a commissioned salon and the people that want to be by themselves will be in a suite or booth
for no situation . And so , like I just love having these tools and not to create more fear than we need to have to know that , hey , we're in this correction but we will get , we are getting through it and only good things are going to come out of this adjustment .
Yes . So , um you know , give your team a big high five because hopefully , you're surrounded by some of the most incredible people and you can just keep continuing to pour into them , and we look forward to seeing you again soon .