There is no better time than the current to seriously consider generating residual and passive income for your salon or stylist business. With the world knee-deep in a slow recovery from a global pandemic, facing another closure is possible. Don't panic; there are ways to overcome it.
The Art of Residual Income
Instead of focusing on the fear that comes along with the loss of income, stylists everywhere must concentrate on ways to keep that money flowing. There is nothing better than waking up to money made overnight while you were sleeping.
Running a beauty business is not for the faint of heart. It's challenging work, built on excellent customer service and long hours. Every beauty business owner should thrive, and residual income is a significant factor in making that dream come true.
Passive income requires little input and maintenance. Amazon sellers, affiliate marketing, and most e-commerce stores are examples of residual (or passive) income. In its very raw form, residual income is money that you make without trying, whether you're pulling a nine-hour shift in the salon or at a family birthday party.
Here are some creative ideas that can put your salon ahead financially by utilizing residual income. These days, knowing how to make money from home is essential.
Invest in Selling Weaving or Bulk Hair
Human hair is a coveted commodity, especially when it comes to weaves and selling hair in bulk. Focus on selling high-quality weave and bulk hair products and put the time into setting up a reputable website that's easy to use. You'll be highly successful in creating some residual income for yourself.
When selling in bulk, beware of less than truthful wholesalers. Do your research and choose the perfect match for you, even if it's not the lowest price. You may have to prepare yourself to put up a chunk of money upfront as well, but it's often worth it in the long run.
When selling products that rely on a perfect visual aesthetic, it's vital to have a social media presence. You don't have to launch on every single platform right from the beginning, but make a space for yourself on Instagram or Facebook. Not only will your images get you noticed, but you can easily set up an ad account with both platforms for a low price.
Launch an E-commerce Store of Natural Hair Products
Hair products of organic origins are more popular now than they've ever been. Consumers are looking to ditch the chemicals and get back to basics when it comes to hair care, especially wearing hair naturally. Creating an online store around this concept is a good way to establish some residual income flow.
Many platforms are available to build your e-commerce store, including Etsy, Shopify, Wix, Amazon, and Squarespace. Each one of these web hosts involves relatively simple setups and allows for a web store to be up and running within a matter of minutes.
When you find a natural hair care supplier or use an unbranded company to start your own line, you can have your products uploaded and marketed to your current client list in no time. There is excellent money to be made in creating a hair kit or a monthly subscription box.
Enlist your clients for feedback, and create boxes based on their suggestions. This way, you know you're targeting the right audience.
Start a Blog About Natural Hair and Utilize Affiliate Marketing
Starting a blog is essential to the search engine success of a new website, and as long as your writing about something you love, your blog will appeal to readers. Don't be afraid to launch a blog about natural hair care.
Not only are you hitting on what you know, but you can monetize your blog with Google Adsense and affiliate marketing. Affiliate marketing is when you place an ad or a link to a product on your site, and when your readers click that link and make a purchase, you receive a small percentage of that purchase.
Affiliate marketing is a popular way to make passive income for a reason; it works. It's simple to integrate. There are plenty of relevant businesses looking for affiliates, and as your sales add up, so does your income.
Create an Online Course
With websites like Udemy, creating an online course is easier than ever. You can make the course around whatever aspect of your business you'd like, and market it to your target audience.
Within your course, you can teach others how to care for their natural hair, such as outlining which products work best and how to put them to use in the most effective ways. This way, in the event of a shutdown, or for passive income in general, you can offer advice to your existing clients that they can share with family and friends.
Open a Salon
There is no better way to earn residual income than to open your own salon and let other stylists work for you. You can charge them their fees however you choose, but no matter what, you'll receive passive income from them every month, on top of what you're earning from your clients.
Establishing residual income as early as possible within a business venture sets that business up for success and growth. Knowing how to make money from home is the ultimate freedom, and you can start yours today.