I know that I’m going to get hammered for this, but I am hoping that the feedback/advice will be worth it.
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I get my hair cut at a salon (yes, I’m a metro-sexual) and each time I am there I have a pleasant conversation with the stylist. She knows me well and is always up to date with everything in my life including my recent career change to an FA. During our last conversation it occurred to me that she is in dire need of the services of an FA and that she would be very comfortable using me. While her and her husband would not be high-net-worth clients, they enjoy a very comfortable lifestyle with their total annual income near $140m. The problem is that they have no retirement savings or education savings for their two young children. All of their net-worth is in their home which I estimate to be in the 600m range. Their need for financial planning advice is apparent. The other 20+ girls working in her salon are in similar situations and even though they would be very small accounts I see a tremendous opportunity. The salon is upscale and in a wealthy community. While the beauticians would be small accounts, my thought is that if I can make them happy that they would be ideal advocates. It’s amazing how open people are with their stylists and how much personal information they share with them. I want to be the person they refer their clients to whenever they hear of a need that I could meet. Does this plan carry any weight with those of you who have experience? Are there any suggestions as how to best approach the situation?
WM, you probably will get flamed, but not from me. I think you ask a legitimate question about how you should approach this situation. Is the stylist the owner? Also, what can you do to help bring business to them as well, assuming they want/need more? The point I’m trying to get at is that perhaps you can work with them in a mutually beneficial way instead of it being a one way street. I would think that might be a more effective way to go about this.
[quote=hubbabubba]Is the stylist the owner? Also, what can you do to help bring business to them as well, assuming they want/need more? The point I'm trying to get at is that perhaps you can work with them in a mutually beneficial way instead of it being a one way street. I would think that might be a more effective way to go about this.[/quote]
No the stylist is not the owner but I know the owner fairly well as I have used her services on occasion. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I don't know if I could refer that many clients to make it worthwhile for them. My thought was that I could offer services to the beauticians that others wouldn’t because they are such small accounts. A benefit I thought I could offer to the owner was improved employee retention by offering a benefit that other salons don’t.
I made the post to try to have you think about this in another way. If you do have some people who might be interested in this salon, then maybe you could just refer them to your stylist. Since you have a good relationship with her, you might mention to her that you are looking to work with some other professionals to exchange referrals. Ask her if she would be interested. Assuming she is looking for new clients, you might even make the first move. Don't forget to ask her if she can schedule some time with her husband to sit down with you.
If this works (you helping to drive business to the salon), then the owner will find out and it could blossom into a nice network of business for you.
Don’t waste time playing games. Just ask her for an appointment. If you want referrals from her, the best way is for her to become your client.
Explain to her that you are an independent business owner like her and would she work for cost cutters. (National hair cutter chain) She will say there is no way<?:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /> <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> Rookies work for a chain!
In addition, go on and talk about how free she is to own her own business. Then you can explain to her why you would never work for a wirehouse and you own your own business like any other true professional!
Even the best have to start somewhere.
Greenbacks where did you initially start your career?
WM, I held a seminar for a saloon, all of the girls and the one guy all sounded like they wanted to rush right out and open an account and the owner was going to start a Sep. All said and done after sitting down with them one on one, they are living month to month; the only one that would be worth my time was the owner. I'm not saying everyone who does hair is going to be in this position, but think about it, if they had some business sense they would open their own shop because it's makes more sense to have the stylist pay you rent on their space then you trying to make it just doing hair. Also this is what my sister did and she finely sold her business and building for 1.2 million, and sent it my way.
Wealthmanager - keep us posted on your progress with your hairdresser. Also keep in mind that it's not necessarily the hairdresser's business you want - but the people she sees week in and week out. Immagine all the conversations that this person has with people on any given day. If you convert her into an 'advocate' - you're off to the races!
Also - metro-sexual is out, all the teen magazines are indicating that the traditional - rugged look is coming back in.
Apprentice, way to blend business and fashion into one seamless post! Nicely done.