E58 - Changing to Grow in the Salon Industry

Join Rachel and Drew in this engaging episode of the 7 Figure Salon Podcast as they dive into the exciting changes and challenges in their salon business. The conversation kicks off with a light-hearted discussion about family dynamics and Halloween memories, setting a relaxed and relatable tone. The hosts then transition into the serious business decisions they're making, including the removal of certain product lines like Oribe from their shelves, in favor of more exclusive brands like Balmain. They explore the impacts of large brand distributions on small businesses and share insights into their innovative BYOB (Build Your Own Brand) retail initiative, aimed at empowering salon owners to create and market their own product lines. Rachel and Drew discuss the challenges of retail sales in the beauty industry, emphasizing the importance of exclusive products in maintaining client loyalty and covering salon overheads. They highlight the exciting developments in their business, including a new warehouse with a lab for clients to customize their formulations. Amidst the business talk, the hosts share their upcoming travel plans to Cancun and China, where they'll be documenting the behind-the-scenes processes of hair extension manufacturing. They invite their clients to participate in content creation opportunities during these trips. Tune in to hear about their journey through private equity, syndication, and the growth of their salon empire. Rachel and Drew offer valuable insights and a peek into the future of salon retail, making this episode a must-listen for salon owners and entrepreneurs in the beauty industry.