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Survive the credit crunch
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Traditionally when times get tough, as they are at the moment, hairdressing has actually done quite well. But it’s always best to be prepared for the worst, says Salon Smart financial guru Jeremy Orriss.
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 Most women list having their hair done as one of the last things they would give up and save money on when times are tough.
That said, tradition cannot be relied upon, so it is probably worth looking at where you are now and check that the credit crunch is not coming your way.
The most important thing at a time like this is to know when your business stops making profits. A good way to do this is carry around in your head the amount you need to take each week to breakeven.
This can be worked out by adding up all the fixed costs you have to pay in a month these are the items that need paying if you are open or not!
Do it now – add up the following outgoings:
- * Rent
- *
Rates
- *
Wages
- *
Insurance
- *
Loans or leases
- *
Utilities (Water / Electricity / Gas)
This is not an exhaustive list but it is a good start. |
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