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Transcript

Take Back Your Time: Maximizing Your Hourly Value · Salon Success Secrets — The podcast for salon owners who are done hustling harder and ready to break their revenue ceiling.

• 0:33
  Speaker 1: Have you ever wondered how could I just clone myself or duplicate my time or anything to just have a little bit more time and a little bit more freedom inside of your day?
• 0:45
  Speaker 1: If that's ever been a question that you've asked yourself, you're not going to want to miss today's topic.
• 0:50
  Speaker 2: Yeah, this just showed up for me the other day.
• 0:53
  Speaker 2: Actually, I was working on something that was a little bit more techie than I'm used to, and so I spent a lot of time trying to figure out how to connect some domains and do some things and I was like, okay, I'm spending way too much time on this, Like I need some support.
• 1:08
  Speaker 2: I'm going to phone a friend AKA Fiverr, which is a platform you can use to connect with people, and you know, I found the right person.
• 1:15
  Speaker 2: They got the job done in five minutes and it literally costs like $30.
• 1:20
  Speaker 2: Maybe it was 10 minutes, but that's what we're going to talk about.
• 1:23
  Speaker 2: Today is like how can we make sure that we're spending our time in the most efficient places that are not only setting us up for success, but our companies up for success as well?
• 1:33
  Speaker 1: Yes, I love that you mentioned that story, Jen.
• 1:36
  Speaker 1: It honestly it makes me think about, like, how many times have you ever driven home from work and you don't even remember driving?
• 1:42
  Speaker 1: Like I think there's so many times that we just get on autopilot inside of our lives.
• 1:46
  Speaker 1: You know where we're, like, okay, we'll just do this, and you just don't even realize, like driving home, that you even how you got there, but you arrive, and I think a lot of that happens.
• 1:56
  Speaker 1: You know, the exact same way when we get inside of our business.
• 1:59
  Speaker 1: You know we kind of get accustomed to what we get accustomed to doing inside of the salon and we don't even think about like, hey, am I managing my time effectively and am I spending it on what the most important things are?
• 2:11
  Speaker 1: You know we'll, we'll find ourselves doing a lot of these tasks that, like you mentioned, could take hours.
• 2:16
  Speaker 1: But is it the best use of our time?
• 2:19
  Speaker 1: And so if that's ever been you and you thought, gosh, I've been in Jen's shoes where I spent way too much time on a topic I know I've been totally in your shoes before too, Jen.
• 2:33
  Speaker 1: We're going to dive into some great resources and great ideas on how to discover what your value is, and then how to delegate appropriately.
• 2:43
  Speaker 2: Yeah, and some of you may even be able to relate to this.
• 2:45
  Speaker 2: You wear the badge of honor.
• 2:47
  Speaker 2: I can do it all by myself to and to understand that seeking help and asking for help can really help you when you're feeling stuck or even when you just know that your time could be spent in a better place, not thinking that in that reactive mind that I have to do it all or I'm the only one that can do that.
• 3:09
  Speaker 2: So we're going to dive in that today too.
• 3:12
  Speaker 1: Yes, and so first, before we dive into that, let's talk about how could you figure out what your hourly wage is, because I think a lot of times what we don't realize is like, hey, one of the quickest ways to grow a company that you can employ amazing people and provide great careers for is to just honestly get really crystal clear on what your take-home pay is and what your hourly wage is.
• 3:44
  Speaker 1: I think sometimes, as salon owners, you know we work a lot of hours, especially in the beginning.
• 3:50
  Speaker 1: You know I know this was my story once upon a time like, hey, let's work a million hours a week.
• 3:55
  Speaker 1: And you figured out and you're like, wow, I'm making less than minimum wage.
• 3:59
  Speaker 1: This is great.
• 4:00
  Speaker 1: What did I sign up for, you know?
• 4:02
  Speaker 1: And?
• 4:02
  Speaker 1: And so eventually you know your goal is obviously to earn a great living and teach everybody on your team to earn a great living as well, and so I would say the first step is to just get crystal clear on what your hourly wage is.
• 4:15
  Speaker 1: So let's just go through an example of how you would figure that out.
• 4:18
  Speaker 1: So this is just a random number that we pulled out of a hat that, um, you know could be like a newer mid levels, wherever somebody is at.
• 4:28
  Speaker 1: This is just a number we're thrown out there.
• 4:30
  Speaker 1: So let's just say your take home pay is $80,000 a year.
• 4:33
  Speaker 1: So and you know, let's say that you worked like your stylist work and you only worked 32 hours a week.
• 4:41
  Speaker 1: So if you take that 80,000 times that 32 hours a week and then you divide it by 52 weeks in a year that equals 1,664 hours.
• 4:52
  Speaker 1: Stick with me if you're not a math person.
• 4:55
  Speaker 1: But then when you take that 80,000 and you divide it by that 16, 64 hours, that gives you an hourly rate of $48 an hour.
• 5:04
  Speaker 1: So that's just a really important number to know.
• 5:07
  Speaker 1: When you're looking at doing a task, if you're going to be spending, you know your time on it.
• 5:13
  Speaker 1: You know is you.
• 5:15
  Speaker 1: Are you putting that money to the best use or could you be using your time for higher good that could increase, you know, more abundance for everybody around you.
• 5:26
  Speaker 2: Yeah, because I think when you understand your hourly wage as a business owner, it helps you to make decisions based upon what tasks you can prioritize and so like, if you think about it, like, let's use the example, we got $48 an hour and so let's say you know you were going to create some emails, but you know that somebody could do it for you for $25 an hour, and so why spend your time creating emails or crafting emails?
• 5:56
  Speaker 2: This is just an example, by the way, when your hourly rate is equal to $48 an hour, where you could really be spending that time being more of that visionary or doing things that move the company forward, and so, without you knowing your true hourly wage, it's hard for you to create that game plan of what exactly you should be implementing or carrying forth yourself.
• 6:18
  Speaker 1: Yeah, that's so good, jen, because really there's, you know, basically two different types of tasks.
• 6:23
  Speaker 1: You know something that really has that high value to it and something that's, you know, a lower value.
• 6:29
  Speaker 1: It's still super important.
• 6:30
  Speaker 1: It doesn't mean it's not an important task to be done, it just means you know you're able to find another person to do it.
• 6:38
  Speaker 1: So you know.
• 6:40
  Speaker 1: So let's just say some examples of some some lower value tasks would be.
• 6:47
  Speaker 1: You know, cleaning it's important.
• 6:50
  Speaker 1: We know that this is like one of the most important things.
• 6:53
  Speaker 1: Like everybody has value on the team.
• 6:55
  Speaker 1: I feel like value is maybe not the best word to use, but it's important.
• 6:59
  Speaker 1: But if you spend your time cleaning and nobody is working on the marketing or the strategic planning of the company, like nobody's going to step into that role, and so you really have to get crystal clear on, like you know cleaning, maybe QuickBooks, whatever it is for you that you're like, okay, I could find somebody that I trust to pass the hourly rate is so that I can really focus on that bigger picture.
• 7:24
  Speaker 1: You know, maybe it's like implementing some new stuff in your education plan, just really making out a list of all of the things that you're doing right now and assigning like, hey, is this high value or low value?
• 7:37
  Speaker 1: Like who do I need to find to delegate this to?
• 7:40
  Speaker 1: Or you know, who can I find that this is, you know, maybe a superpower of theirs, so that it can be done even better.
• 7:47
  Speaker 1: You know, and I think, just removing your guilt as a salon owner, I think that that can be done even better.
• 7:50
  Speaker 1: You know, and I think, just removing your, your guilt as a salon owner, I think that that that can be a thing that keeps people stuck is that they just feel guilty passing it on to somebody else, but knowing, hey, I'm serving the higher good by not doing all the the cleaning and not doing all the admin work and all of that, that everybody wins in that situation.
• 8:07
  Speaker 2: I love that.
• 8:08
  Speaker 2: And if you're thinking, okay, this is cool, lindsay and Jen and all, but like I'm nowhere near that $48 an hour or a hundred dollars an hour, like like Lindsay said earlier, like I've been there, like I'm barely making, I'm making below minimum wage and I'm actually working for free, and so if you're in that space too, just to know like this is a huge opportunity when you know that number, that you can create a plan to do something about it.
• 8:32
  Speaker 2: So maybe it's that your pricing needs to be right size, maybe it's that you know your career path needs some adjustments, maybe it's that you're ordering too much inventory or your cost of goods is not below, is not 60% or below of your total sales.
• 8:48
  Speaker 2: So just know that the reason we want to share this even if you're not to the hourly wage that you desire, there's just some opportunities to look at so that you can create the hourly wage that you desire.
• 9:00
  Speaker 1: So good and I think those tools of time blocking and prioritizing what matters and setting those clear boundaries is what matters and setting those clear boundaries is, you know.
• 9:17
  Speaker 1: And so really taking that time to, to go through that list of, hey, what can I pass on, what should I keep, what's going to take us to that next level, and then deciding like, hey, who do I need to meet next?
• 9:26
  Speaker 1: Cause, like Jim mentioned, fiverr is an amazing resource.
• 9:29
  Speaker 1: Onlinejobsph is wonderful.
• 9:33
  Speaker 1: If you want to hire a virtual assistant, there's lots of.
• 9:39
  Speaker 1: You know US-based virtual assistant things as well.
• 9:42
  Speaker 1: It just depends on what stage.
• 9:43
  Speaker 1: You know what your budget allows, because that's going to make the highest impact.
• 9:50
  Speaker 1: Depending upon the stage of business you're in, your profitability is at different levels and so knowing, hey, what's the right amount to bring somebody on for, what all can I delegate?
• 10:07
  Speaker 2: And what's going to serve everybody to their highest good.
• 10:09
  Speaker 2: Yeah, I love that you said that, because it it also brings me to the to the thought of automating things like just looking at your systems and processes, making sure that, like, there's automated marketing emails going out, that you have somebody doing that, like automated inventory system.
• 10:22
  Speaker 2: So the more like, the more that you can create those automations, the more likely your company can grow to a more scalable size too.
• 10:31
  Speaker 2: So just taking a look and saying, hey, I'm spending, you know, 15 minutes calling back all these new guests to check in on their experience, where a virtual assistant could be doing that, or you can even create an automation for that.
• 10:44
  Speaker 2: So just looking at it from that standpoint of how could I automate this so that I could gain back some time too up from that standpoint of how could I automate this so that I could gain back some time too, and if you bought back your time in some way, we'd love for you to share it with us.
• 10:56
  Speaker 1: You know you can send us a DM on Instagram any social media outlet really or email us at hello at salonbusinessschoolcom.
• 11:07
  Speaker 1: We would just love to hear how you have, you know, really just taken back your time, because you know I think when the more time you start to take back, the bigger the vision that you can.
• 11:17
  Speaker 1: My first year and thinking, hey, like we can change this story forever for everyone, and so when you become that person who has that clear path, you can show people the way.
• 11:40
  Speaker 1: Like, really getting selective with your time is going to be the most valuable tool to get you to the next level.
• 11:48
  Speaker 1: So you want any additional resources?
• 11:51
  Speaker 1: Also, feel free to reach out to us.
• 11:53
  Speaker 1: We'd be happy to provide those for you.
• 11:55
  Speaker 2: Yeah, and I love the quote that says when you feel like you have everything going on or you're doing everything, it really equals to you have nothing going on because your brain is so focused in so many different directions it doesn't even know the crystal clear path of what you're really trying to create.
• 12:13
  Speaker 1: Love that.
• 12:14
  Speaker 1: All right, thanks for tuning in.
• 12:15
  Speaker 1: We look forward to seeing you soon.