How to Sell Your Salon – By Uncovering the Hidden Value
Your marketing infrastructure, both online and offline.
The second most important, most valuable, and easily the most measurable asset of any local business like a hair or beauty salon is…drum roll please…your online presence.
Thanks to technology, an astute buyer will demand your Google logins.
Why? Give me your Google account logins and within one minute I’ll be able to tell exactly how many phone calls and website visits you’ve had in the last 30 days or 90 days from people searching for a hair salon or a beauty salon in your area.
Here’s an example; the Google Insights figures for one of our Member salons, in a suburb of Melbourne….
This is important, value-adding stuff.
For a prospective buyer, it is proof that the investment put into online marketing by this salon owner is paying off in easily-measured numbers.
It means I, the buyer, can count on getting a steady stream of appointment-producing phone calls. And that means sales, and profits.
And that means you can put a defined value on that online presence, quite apart and separate from any valuation your accountant might put on past revenue and profit.
(You should also know – and Google provides the tools to find this out – how many people are searching online for a hair stylist or beauty therapist in your area in any one month period.)
Your presence in social media also matters, though not to the extent that Google ranking does. How many Facebook fans you have, how many Instagram followers you have, matters in that it gives a buyer a sense of how active and productive you are on social media.
But don’t be fooled, or try to fool – Facebook and Instagram followers are not customers. They’re just fans.
People who actually call your business are customers (or potential customers).
So yes, financials and balance sheets matter.
But smart buyers know they’re only part of the story. And they are past history. The only figures that can give me a picture of the future are those produced by the marketing metrics above.
If you don’t know what your marketing metrics are, then you – and the buyer – are floundering in the dark.
Those crucial figures – proven phone calls, your Google ranking, the size and quality of your database of clients, and yes, to some extent your social media engagement and activity, can all be presented as adding extra value to your salon when it comes time to sell.
Okay, so what to do now?
First, take a look at your website using our FREE website analyser. Just type in your website address and our analyser will tell you how many errors there are…and you’ll get a FREE report on what they are and how to fix them.