Diversifying Your Income Stream
What Every Cosmetologist Needs to Know
We all learned a lot of tough lessons in 2020, but honestly, one of the most important and impactful ones was that—as cosmetologists—it’s crucial to invest in ways to make more money in diverse ways when you’re not standing behind the chair.
When everything shut down this year and so many talented cosmetologists were left hanging, it was more obvious than ever how vital having diverse income streams—especially ones that don’t require you to be in the salon, working hands-on with a client—really are.
This hardship made a lot of waves and forced a lot of folks to figure out how to overcome the challenge of not being able to work. And for a lot of people, that really got their creative juices flowing.
Over the last few months, cosmetologists who used to make money only when they were at the salon found new, exciting, and useful ways to diversify their incomes, still serve their customers, and importantly, keep the paychecks coming despite being shut out of salons, spas, and shops.
We’re not trying to bring any bad juju into 2021, but we definitely are willing to take some of that 2020 creative energy into the new year—and we want to show you how you can do it, too.
If you feel the itch to really diversify your income stream but you’re not quite sure where to start, don’t sweat it—we’re sharing a few ideas that we think make for awesome sources of income. But don’t just stop here.
Read these tips and get inspired. Maybe institute a few but don’t cut off that creativity. There are a ton of great ways to use your talents, you don’t need to limit yourself to being inside a salon, shop, or spa to do that.
Offer Online Masterclasses & Virtual Tutorials
You can still teach your awesome skills to other cosmetologists and share your talent with your clients—all without ever stepping into the salon. How? Two words. Digital Content.
You guys, digital stuff like online masterclasses and virtual tutorials might seem a little scary right away—but they pay off in a major way. Think about it. If you are the queen or king of all things balayage, you can create an online masterclass teaching other stylists your coveted techniques. Plan it, film it, and edit once—then reap the benefits of that valuable money maker forever!
Another great idea? Selling digital client tutorials. Do your clients absolutely love the way you curl their hair, construct dizzyingly beautiful updos, or braid their luxurious manes? Teach them how! A few quick recording sessions can bring in some serious bucks.
Affiliate & Influencer Programs
Do you have a few brands you absolutely adore? Check-in with them to see if they have ambassador or affiliate programs. As a brand affiliate, you’ll likely be set up with a link—then, when someone purchases products or services through your personal link, you’ll get a cut of the profits.
Here’s the deal about affiliate programs, though—make sure you totally back what you’re selling.
As a cosmetologist, your rep is on the line, so it’s important that if you’re encouraging clients to purchase what you’re posting, you actually believe in the brand, the product, and their message.
Get Into the Retail Game
Why not set up a little online shop selling those salon or spa products that your clients can get anywhere else? If you already have an in-store shop, this transition will be so easy.
Take the time to set up a simple but effective eCommerce store, load up your inventory, and start using the tools you have (digital marketing strategy, social media, etc.) to direct clients to your new online shop.
Start Your Own Product Line
If this was already a dream of yours before the pandemic hit, we seriously can’t think of a better time to dive into this! If it wasn’t (but you’re still feeling it), we’ll say the same thing—2021 is the year of opportunity, and starting your own brand and product line could be just the ticket for diversifying your income streams.
Don’t get us wrong, this might have a hefty upfront cost, but you can always start small, figure it out, and then grow your business as you perfect your process.
This will take some time to get going, but if you’re making quality products and you know how to market to your audience, you can bet this is a great (and eventually passive, if you do it right) way to make some extra money.
Ready to take 2021 by storm with a brand new way to bring in the big bucks? We thought so!
Try out some of these ideas, come up with your own creative solutions—no matter what you do, just be sure you’re giving yourself to utilize and optimize some of your skills and talents.
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