The Right Way To Build Your Product Inventory
Let’s talk salon inventory—how to build it, and how to grow it. Building and managing your inventory properly can improve your business’ cash flow and increase your profits, while providing added value to your services. Read on for some tips from the Wax Queen about how to build your product inventory in a way that leads to wins for both you and your clients.
Start with Something For Everyone
The truth is if it’s not on the shelf, you can’t sell it, but that doesn’t mean you have to invest a lot to get things going with your retail business. One of the best ways to start is by picking up products you know you can sell to everyone. Always have 2-3 on the shelf and then increase your quantities as you determine what your top sellers are. The goal is to never get down to one of anything, but also manage your quantities—as more inventory doesn’t always lead to more sales. Some of our favorite Tuel best sellers that are ideal for salon owners just getting started are:
- Power Scrub: Everyone needs to exfoliate 1-3 times a week, regardless of their skin type. Power Scrub is an ultra-fine polishing paste that includes ingredients such as pumice, tea tree, and lemongrass along with Vitamin E and chamomile.
- Hydrate Super Moisture Serum: Everyone can benefit from hydrating their skin and there’s no better way than a serum with hyaluronic acid. Hydrate Super Moisture Serum is able to maintain 5,000 times its weight in water and works with green tea to nourish the skin. It’s the daily skin care ritual every client needs.
- Clear It Blemish Control Gel: Because everyone gets zits. It can’t hurt to have a blemish control gel on hand that will address blemishes or improve the appearance of blemishes without drying out the skin. Plus this product also includes beneficial ingredients such as vitamin C and lemon.
Look for Skincare Lines that Offer Discounts and/or Payment Plans
As a skincare company that will partner with you no matter where you are financially with your business, Tuel offers payment plans for orders and discounts for purchases made in quantities of six and twelve. These types of benefits also help with inventory management in your salon, allowing you to both meet the demand for retail products and the products you use in your services—all of which leads to better control over expenses.
Set Up a Separate Bank Account
To efficiently manage your inventory and expenses, we recommend setting up an account only for your retail sales. This keeps your salon business and retail business separate and means you only purchase retail products from the same account that replenishes it.