In this eBook, learn how to diversifying revenue streams through packages, memberships, and retail sales for a more resilient beauty business.
Whether you're a hair stylist, esthetician, or medical spa owner, you likely pour your blood, sweat, and tears into the work you do. Not literally, of course (unless there's a new anti-aging trend clients are asking for). It's also your exceptional service that keeps clients coming back time and time again. There's no substitute for high-quality work, but there are savvy ways to increase profits without increasing your hours.
Diversifying revenue streams through retail sales, packages, and memberships makes for a more resilient and lucrative beauty business. Not only does adding additional opportunities for clients to engage with your brand increase sales, but new avenues for growth can also provide more consistent cash flow during slower periods and buffer against unforeseen cancellations, seasonality dips, and shifts in consumer behavior.
Feel awkward about upselling clients? Don't worry. Your clients actually want more from the businesses they frequent. According to the 2024 Square Future of Multihyphenate Businesses report, 80% of customers said they’d be interested in trying a new type of offering at a business known for something else.
In order to identify the best ways to dip your toes into a multihyphenate strategy, start by identifying which products, packages, and memberships strike the intersection between appealing to your target audience and increasing profit margins.
The Future of Multihyphenate Businesses Report: 2024 Edition
Learn how business owners are diversifying revenue streams to stay competitive.
A multihyphenate business creates new revenue streams by expanding into non-core items and services. These strategies are growing because they often work. They can de-risk the business by growing recurring revenue that’s less susceptible to volatile consumer trends, and they give businesses a way to make inroads with their highest-spending customers. Non-core items and services can often yield higher margins than the main business.