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Do you really want to be a millionaire? · Salon Success Secrets — The podcast for salon owners who are done hustling harder and ready to break their revenue ceiling.

• 0:33
  Speaker 1: Do you really want to be a millionaire?
• 0:35
  Speaker 1: Sure, it sounds great, but what does it actually look like?
• 0:39
  Speaker 1: And, more importantly, how do you get there?
• 0:44
  Speaker 2: Yeah.
• 0:44
  Speaker 2: So when you think about being a millionaire, it's more than just a number.
• 0:47
  Speaker 2: To us, it's a lifestyle.
• 0:49
  Speaker 2: It helps create freedom, it helps to kind of create that legacy that you desire.
• 0:53
  Speaker 2: And so today we're going to break it down to what being a millionaire looks like and then how you can start to implement the right systems in your salon so that you can start to shape this reality for yourself.
• 1:06
  Speaker 1: Yes, and so I love that you talked about Jen, that it really talks, you know, really touches on the lifestyle, the freedom, the legacy.
• 1:13
  Speaker 1: I think those are some of the most important things.
• 1:15
  Speaker 1: You know, I think it's a dream of just any American in general, not necessarily just salon owners or people inside of our industry, but I think everybody has that dream to be a millionaire.
• 1:26
  Speaker 1: And so today we're going to uncover.
• 1:28
  Speaker 1: What does that really look like?
• 1:30
  Speaker 1: And so for Sun, for me, what it would look like is having that freedom of choice where you know you might be sitting on the beach sipping pina colada one afternoon while taking phone calls, you know, shortly thereafter.
• 1:48
  Speaker 1: It's just fluidly moving through the moments of what you can really serve the world to its highest good.
• 1:56
  Speaker 1: You can really serve the world to its highest good, and I think that there's both perks and there's some responsibilities to having a lifestyle like this.
• 2:03
  Speaker 1: I think we all think about all of the perks and all of the wonderful things that come along with more freedom of choice when we think about that millionaire lifestyle.
• 2:16
  Speaker 1: But I think there's also that you know the other side of that coin, which is those responsibilities and just the service that you get to provide to the world in order to maintain sitting in that position.
• 2:32
  Speaker 2: Yeah and you know, sometimes I think it's always a beautiful spot to come from too is just to do some internal searching of some almost like visual visualization manifestation of like, hey, I'm closing my eyes, what would it look like to really truly become a millionaire?
• 2:46
  Speaker 2: Because I think there is power in the pulse of time of starting to create what that would look like for you, even if it's not going to be tomorrow, even if it's not going to be the next year, maybe it's not even until five years.
• 2:56
  Speaker 2: I think it helps to start to shape your reality, because sometimes we're so conditioned to believe, oh, that's not possible for me, or that doesn't even sound like it could ever come true for me.
• 3:06
  Speaker 2: And so to really start to shape your reality, to let you know that, hey, this is what it could look like, this is what it would feel like, this is what I would touch, this is what I would see Like, using all those perceptions, I think just helps you get into the game of becoming, you know, a millionaire.
• 3:22
  Speaker 1: Yes, and you know, I think what's the most important thing to that is just really that it's not just about the cash.
• 3:29
  Speaker 1: And so, really visualizing I love how you painted that picture, jen it's like who do I need to become in order to, you know, have this sort of a lifestyle?
• 3:40
  Speaker 1: And so let's talk about step one.
• 3:42
  Speaker 1: You know, I think step one in this journey, the most important thing is getting your salon to that first million dollar revenue mark.
• 3:49
  Speaker 1: So that first milestone along the path to becoming a millionaire is getting your salon to hit that $1 million mark.
• 3:57
  Speaker 1: You know, I think that that's like a key thing that a lot of people strive for as salon owners inside of our industry is becoming a million dollar salon, and when we say that, a lot of people are referring to just that, the revenue that's coming in each year, you know.
• 4:14
  Speaker 1: So let's dive into what are some key strategies when it comes to getting your salon to that first million dollar mark.
• 4:25
  Speaker 2: Yeah.
• 4:26
  Speaker 2: And so when you think about, okay, what systems do I need in place, like you know, I think you really have to optimize efficiency and create systems to really reach that million dollars, cause it's easy to get to maybe two or three not easy, but it's possible to get to two or 3 million, especially if you're a busy producer behind the chair, like once you get to a million, if you don't have those systems and processes in place, like your foundation can start to crumble.
• 4:49
  Speaker 2: So some of those systems and processes that you want to make sure that are really streamlined are like your guest experience, you know, uh, your sales process, your hiring process, your recruiting process.
• 5:00
  Speaker 2: You want to have a system for that, and it's not that you can never elevate the system that you have, but you've got to have that process in place to be able to continue to scale and to continue to build from there.
• 5:12
  Speaker 1: I love that, jen, and I think you know an area that a lot of salon owners can get stuck in is, you know, when you are a service provider, that's behind the chair.
• 5:22
  Speaker 1: You know that's like a hat that a lot of people wear instead of our industry.
• 5:26
  Speaker 1: You know they're they're being a service provider and they're being a salon owner and it's really hard to to really work on creating those amazing systems and scaling your services, scaling your business, scaling your team, doing all of that work.
• 5:41
  Speaker 1: Also, while you're serving, you know the the clients through servicing them each and every day.
• 5:48
  Speaker 1: You know, and so I think one of the key strategies is, once you hit a certain point, hey, this doesn't have to be the exact story for everybody.
• 5:54
  Speaker 1: If you're like, nope, jen and Lindsay, I absolutely love doing hair, or I love doing, you know, skincare or lashes or whatever it might be inside of the beauty industry, you know you, you still can do both.
• 6:07
  Speaker 1: It's just like hey, then you know surrounding yourself with that right management team.
• 6:11
  Speaker 1: Once you get to that stage, I think is is key in order to scale, to really get to that millionaire status.
• 6:20
  Speaker 2: Yeah, and I remember back in the day when I first started, it all sounded good Like I just want a million dollar salon.
• 6:25
  Speaker 2: Did you ever say that one day I just want a million dollar salon, I just want a million dollar salon?
• 6:28
  Speaker 2: And I really didn't understand the why.
• 6:29
  Speaker 2: It just sounded like a good number, right, and so one thing we'd probably add to that is get your salon to a million dollars, but also a profitable, scalable salon, and that's really what's going to help create that journey for you to have more freedom, more time, and so you know, getting to a million dollars is great, but to make sure that you have that green bottom line.
• 6:47
  Speaker 2: When I'm talking about that green bottom line, I'm talking about, like that positive cashflow every single month and every year is going to help you continue to elevate.
• 6:55
  Speaker 2: Because I've met business owners before.
• 6:57
  Speaker 2: They're like, yeah, do like five $6 million a year.
• 7:02
  Speaker 2: I'm like, oh, that's really cool, that's awesome.
• 7:03
  Speaker 2: Like, what's your profitability?
• 7:04
  Speaker 2: Like, oh, well, there's no profit.
• 7:04
  Speaker 2: I'm like, oh, okay, well, that's interesting, cause we have salons that are doing like three or 400,000 and they're making profit and you're doing 6 million.
• 7:11
  Speaker 2: And so I think just to become crystal clear about like, hey, let's hit that million dollars and let's also make sure we have those systems in places so that there is some profit left over at the end of the day and that you, as a salon owner, are taking home pay as well.
• 7:24
  Speaker 1: Yeah, you know, I think that that's key.
• 7:26
  Speaker 1: Also, you know, just thinking about all of the jobs that can be in jeopardy at that, you know five and $6 million mark with no profitability.
• 7:33
  Speaker 1: All it takes is, you know, one hiccup that you don't see coming to really put you in a danger zone.
• 7:40
  Speaker 1: And so I think you know, like you said you can't stress that enough it's that having that green bottom line is is going to be key for the success of everybody in this venture.
• 7:52
  Speaker 1: You know so, it's bigger than just you.
• 7:53
  Speaker 1: And so once you've gotten there, you've built that million dollar salon.
• 7:57
  Speaker 1: You're on your way on this journey.
• 8:02
  Speaker 1: I think step two is then building more assets.
• 8:05
  Speaker 1: I think a lot of times people can get derailed in this journey and think, oh gosh, here we've hit it, we've got a little bit of profitability.
• 8:16
  Speaker 1: A lot of people will upgrade their lifestyle, not saying one way is right or wrong, but you know, I think it's just a good thing to think about, like how can we multiply our success?
• 8:26
  Speaker 1: You know so, like you know, maybe it's time to look at opening a second location if you truly have those systems in place and you're experiencing that growth and you've found, you know, you've sourced a new location that you could really open and get it to be a profitable spot, then I think that that's one way to start looking at building more assets.
• 8:53
  Speaker 2: Yeah, and you're thinking, well, what is an asset?
• 8:54
  Speaker 2: And so an asset is going to produce more income for you.
• 8:55
  Speaker 2: So your business is an asset, and so an asset is going to produce more income for you.
• 8:58
  Speaker 2: So your business is an asset because, hopefully, it's reducing income for you, and so you know an opportunity would be to take the money that you're producing from one asset and purchase more assets.
• 9:07
  Speaker 2: So, like this exact same thing occurred for me.
• 9:09
  Speaker 2: Like we were in a small thousand square foot building.
• 9:12
  Speaker 2: For those that know, my grandmother started the salons.
• 9:15
  Speaker 2: My grandfather had built her this little building and then we just all grew that space, and so that was a huge opportunity to take some of the profits that we had made from when we had been in business all those years to actually create a real estate, actually a small strip mall, and so then we're able to own that property and create additional passive income, with the salon being one of the tenants in that property.
• 9:37
  Speaker 2: So I think it's just really cool when you think about, like what game are you playing?
• 9:42
  Speaker 2: Like how big is the game that you're playing?
• 9:43
  Speaker 2: Like I always think, wow, like where I'm at now, like I won't even be bigger than that later, just because I know after growth comes contribution, and when I'm able to make a bigger contribution in the world because I am a millionaire like that just gives me so much more power, and so I love the idea of using your business as an asset to create other assets on top of that.
• 10:06
  Speaker 1: Yes, and it's just exciting I'm going to speak for both of us on this, jen.
• 10:10
  Speaker 1: It just excites us to think about all of the amazing salon and spa owners that we get the opportunity to work with, making that bigger contribution.
• 10:18
  Speaker 1: Beautiful souls on earth, you know, inside of salon, business school and a PhD program and if you're listening you know you're obviously a beautiful soul too.
• 10:35
  Speaker 1: So we appreciate you tuning in, you know, and just to think about the ripple effect that that can have in the world, I think is just incredible and it's inspiring.
• 10:44
  Speaker 1: And so you know, sometimes people grow up and they have a story around money that money is the root of all evil.
• 10:49
  Speaker 1: Or you know money.
• 10:50
  Speaker 1: You know more money, more problems.
• 10:53
  Speaker 1: You know whatever the story is that people have created around money.
• 10:56
  Speaker 1: You know we believe money is just a tool to stay in exchange and you know when you're bringing more of it in, it allows you to contribute more to the world.
• 11:06
  Speaker 1: You know whether that's in contributing better employment, whether that's contributing.
• 11:11
  Speaker 1: You know giving back in any way that you see fit.
• 11:13
  Speaker 1: Money is, money is not a bad thing.
• 11:16
  Speaker 1: And you know when the right person has more money, it's incredible the things that can happen inside of the world.
• 11:25
  Speaker 1: And so you know, I think focusing on building those assets at that stage too is going to be key to getting you to that next stage for sure.
• 11:34
  Speaker 2: Yeah, don't.
• 11:35
  Speaker 2: They even have a rap song Mo' Money, mo' Problems yes, Did you write it Jen?
• 11:40
  Speaker 2: Mo' Money, Mo' Problems.
• 11:44
  Speaker 2: Yeah that's probably showing our age a little bit Awesome.
• 11:47
  Speaker 1: All right.
• 11:47
  Speaker 2: So when we think about like what is the next segment of that would be?
• 11:51
  Speaker 2: You know we've gotten to a million dollars, we've created more assets and now, like, think about this what would your life be like if you could actually actually take home a million dollars a year?
• 12:01
  Speaker 2: Like it goes back to what I was just saying earlier.
• 12:04
  Speaker 2: Like for me, that would be a really huge opportunity.
• 12:07
  Speaker 2: It's a really huge opportunity for me to make that bigger contribution.
• 12:10
  Speaker 2: And so when you're able to actually take home a million dollars in years not just make, but take home a million dollars a year like it, just to me it gives you so much more possibilities and opportunities.
• 12:23
  Speaker 2: And I think you do have to have the right network behind you to get there.
• 12:25
  Speaker 2: You know the right financial planner.
• 12:26
  Speaker 2: We're going to have a great one coming down the pipeline at our salon social coming up in October that we're super excited about.
• 12:33
  Speaker 2: So if you'd like more information, just feel free to reach out at hello at the phdprogramcom.
• 12:38
  Speaker 2: But, like, you've got to have those right people in place to help you.
• 12:42
  Speaker 2: You know, know how to manage the money, know how to make money work for you, so that you don't have to work so hard for money at the end of the day work for you, so that you don't have to work so hard for money at the end of the day.
• 12:53
  Speaker 1: Yes, you know, and I I think that that that team commitment at this stage is is key.
• 12:57
  Speaker 1: So so, really, you know, okay, you've built a million dollar salon, you've now, you know, reinvested in building more assets and you're taking home over a million dollars a year.
• 13:07
  Speaker 1: Congratulations, you've made it.
• 13:10
  Speaker 1: You're a millionaire.
• 13:11
  Speaker 1: Millionaire, hopefully.
• 13:12
  Speaker 1: You're living out those dreams that you always knew were possible.
• 13:15
  Speaker 1: But let's talk about the three key things to get you there and to really help keep you there.
• 13:22
  Speaker 1: I think number one in this is just building a committed team.
• 13:26
  Speaker 1: So you want to make sure that your team is the backbone of your success.
• 13:30
  Speaker 1: So a committed, growth focused team will propel your salon to new heights, and so you're going to want to make sure that everybody on the team is committed to that personal and professional growth, like if you are surrounded by people who you know are stuck in their mindset.
• 13:47
  Speaker 1: They have a really fixed mindset.
• 13:48
  Speaker 1: They have a need to be right and make other people wrong, and they have a need to not contribute to the overall success of the world, we know, in order for us all to really have six-figure stylists and six-figure service providers in general.
• 14:09
  Speaker 1: Having that commitment to growth is going to be key for everybody to contribute higher in the world.
• 14:18
  Speaker 2: Awesome.
• 14:18
  Speaker 2: Another key component to getting you to there is going to be understanding your finances and sales, because you can't hit the million-dollar mark without a firm grasp on your finances and sales.
• 14:28
  Speaker 2: It'd be like just shoot money out of a money gun and like, oh yeah, hope this works out.
• 14:33
  Speaker 2: Like we're just here spraying money everywhere and so like you've got to really be able to understand like the money that comes out, the money that goes in.
• 14:40
  Speaker 2: And you know, a lot of times the other salon owners say, I don't like the numbers part, but like, honestly, that's a belief you have and that numbers really can shape you a brighter future.
• 14:50
  Speaker 2: Because when you understand the numbers that your salon company is producing, that your assets are producing, it allows you to make more informed decisions.
• 14:59
  Speaker 2: And so, you know, decisions decide comes from the root word to cut, and so when you're able to really, you know, cut and create the life that you desire, cut things out of your life that are not serving you, it really creates a much more beautiful space for you and those that are connected to you as well.
• 15:15
  Speaker 1: That just really helps you decide on a great future.
• 15:18
  Speaker 1: You know, and I think money also.
• 15:20
  Speaker 1: You know, like your numbers inside of the salon are just telling a story about what's happening.
• 15:26
  Speaker 1: You know, and so having the sales like teaching your team to sell.
• 15:30
  Speaker 1: You know a lot of people have a story around selling.
• 15:33
  Speaker 1: You know, maybe they've had a bad experience at one point or another, but they carry the story with them that sales is bad.
• 15:38
  Speaker 1: No, selling is serving, and you know, one of the things that we really work on a lot inside of salon, business school and the PhD program is reshaping people's realities around selling and helping you serve people to their highest good.
• 15:52
  Speaker 1: We've got 30 days to unlock the number one skill that you have in your life, which is selling, and so really focusing so that your team knows like, hey, we're here to serve people to their highest good and selling is that's how we see if we're staying in exchange with people.
• 16:07
  Speaker 1: So I think that that's definitely key to that.
• 16:09
  Speaker 1: Number two, with those finances and sales, is understanding the power of selling.
• 16:16
  Speaker 2: Awesome.
• 16:16
  Speaker 2: So we talked about like do you want to be a millionaire?
• 16:18
  Speaker 2: That sounds like a game show.
• 16:19
  Speaker 2: Was that a game show?
• 16:20
  Speaker 2: I don't even know, but it sounds like a fun game show.
• 16:22
  Speaker 2: Do you want to be a millionaire?
• 16:23
  Speaker 2: So just thinking about, like, getting your salon to a million dollars, creating those assets and then actually taking home a million dollars a year, and so you know, it's about team, it's about creating that synergy, it's about understanding your finances and sales and you put that puzzle together.
• 16:37
  Speaker 2: You know, I think that's where you really help, helps you to create an incredible life that you never thought possible.
• 16:44
  Speaker 1: Yes, and you know, if you're looking to add to your synergy, we think that there's a million ways that you can do that.
• 16:50
  Speaker 1: It's surrounding yourself with the right team inside of your salon.
• 16:53
  Speaker 1: It's, you know, having the right coaching company that you're working with.
• 16:56
  Speaker 1: We would love to see if we would be a good fit for you, making sure that you have amazing financial planners, you know, amazing attorneys.
• 17:05
  Speaker 1: Just you know, your team is a really big thing.
• 17:08
  Speaker 1: It's beyond just the people inside of your walls.
• 17:10
  Speaker 1: It's creating synergy with the right people outside of it and, you know, being surrounded by the energy that you wish to contribute into the world as well, and so if you ever want any more information, feel free to reach out.
• 17:22
  Speaker 1: Or if you've taken away something great, feel free to share this podcast with somebody you know inside of the industry that you think would get some great knowledge from today as well.
• 17:33
  Speaker 2: Awesome, we'll see you soon.