Hey there, friends, welcome back to the Modern Hairstylist podcast. Today I've got something really powerful for you. If you've ever doubted yourself in business, this episode is a game-changer. We're diving into a topic that hit close to home for me, sparked by a post in our Facebook group. A fellow beauty entrepreneur was feeling down about having only a 4% profit margin after a year full of challenges and first-time experiences, like hiring. It got me thinking, why do we label such numbers as bad or failures?
So, I want you to join me in this journey where we dissect this whole idea of profit margins and success in our industry. We often hear that anything less than 15-25% is a sign of an unhealthy business, but let's get real – does that really define our success? In this episode, I'm sharing why we need to look beyond these numbers and focus on long-term growth instead of immediate gratification.
I'll be honest, my business had ups and downs, and I've felt that sting of seeing lower profit margins. But here's the thing, I'm part of these incredible masterminds with multi-six and seven-figure business owners, and we often talk about the importance of setting our own success benchmarks, not just following industry standards. And you know what? Sometimes, what brings in the big bucks can leave you miserable. It's all about finding what aligns with you.
Remember, you're not just your business. You're a human being, deserving of happiness and success on your own terms. So, let's redefine success together. It's not just about hitting numbers or reaching certain profit margins. It's about being happy with what you do, serving your community well, and making an impact.
I want you to ask yourself, what does success really mean to you? Let's not let the outside noise dictate our paths. Thanks for joining me on this journey.
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