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We cover multiple topics in this week's episode!
Perspective & Evolution
- Changing how you view scenarios is the easiest way to shift a mindset.
- It's work, it's putting in the reps, it's not easy, but it is simple, and you CAN do it!
- Instead of thinking don’t fail, you should think win.
- Perspective is a really big piece of the puzzle. Be optimistic.
- Eventually, what got you to where you are won’t be enough to progress.
- The team that takes you from 1 to 10 won’t be the team that takes you from 10 to 100.
- Most people won’t succeed because they’re not willing to stop doing the thing that got them to where they are...when it’s no longer the thing.
- Where do you want to be, and what does it TRULY take to get there?
- Nothing will change if you just keep pushing down a path that isn't working because of some confirmation bias.
Time to math!
- Step one is to keep an open mind.
- Step two is to decide what metrics we'll measure and have a defined method for doing so. Basically, you need a "why"
- This industry MUST stop looking at challenges with a short-sighted view.
- We also have to look at what we DO have and forget about what we DON'T have!
- Let's look at the lifetime value of a client.
- We're going to work in terms of how we price at our salon; if you price differently, that's cool; you'll still get the point.
- We'll use a fake hair pro that charges $100/hour and name him Benjamin.
- Benjamin's average appointment is 2 hours
- His average client comes in every 6 weeks
- Benjamin's average client is with him for a duration of 5 years
- $100x2= $200.
Take a year, 52 weeks, and divide by 6 weeks; we get 8.6 visits per year.
Now we take those 8.6 visits and multiply them by 200 because that's how much Benjamin makes each visit.
We get $1720 per year. - OK, now this is where things get fun.
- Let's conservatively increase Benjamin's rate by $10/hour per year
- This means year 1 is $1720 per client
- Year 2 goes up to $1892
- Year 3 is $2065
- Year 4 is $2236
- Year 5 is $2408
- If we add those numbers up, we get $10,320 lifetime value of the client
- Now, instead of looking at a client as $200, if Benjamin is able to look at each client as $10K what do you think happens?
- He steps up his game, for starters!
- He is willing to invest in himself.
- OK, so now ask yourself, and be honest!
- What sets you apart from the other hair pros in your town?
- Treat people kindly
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