As tariffs increase the prices of essential supplies like foils, brushes, capes, and more, many of which are sourced from countries directly impacted by the tariffs, it’s crucial for salon, spa, and wellness professionals to adopt proactive strategies. This guide was created to provide tips and practices tailored for MY SALON Suite Members to help you adapt to rising costs while safeguarding your business profitability.
Strategic Buying & Inventory Management
- Bulk Purchasing: When possible, buy in bulk to secure current prices for tools and supplies like gloves, foils, buffers, and more, before costs rise further.
- Collaborative Buying: Join forces with fellow MY SALON Suite Members or other local businesses to form buying groups, potentially sharing shipping costs and accessing supplier bulk discounts.
- Inventory Optimization: Streamline inventory by focusing on in-demand items across services, from hair tools to spa supplies, and reduce overstock.
- Usage Tracking: Closely monitor product and supply usage trends to identify and eliminate slow-moving or unnecessary items.
Explore Alternative Suppliers
- Diversification: Seek out suppliers from the US or tariff-free countries to broaden your purchasing options for a wide range of products, tools and equipment.
- Quality Assurance: Test samples for quality and consistency, especially important for equipment components and single-use items, before fully transitioning to new suppliers.
- National and Local Connections: Develop relationships with national, regional and local distributors to minimize reliance on imported product lines.
Financial Review & Budget Reallocation
- Regular Financial Assessments: Monitor financial reports to pinpoint rising supply costs across categories, from hair and skincare to tattoo, contouring, tanning and waxing supplies.
- Budget Adjustments: Realign your budget to accommodate increased expenses while maintaining service quality and strong client relationships.
- Pricing Strategy: Consider slight service price adjustments to preserve margins. Include strategies for different services, like bundling treatments or offering packages.
- Professional Financial Advice: Consult with a bookkeeper, financial/trusted advisor, or legal experts for customized solutions and gain insights from other types of business.
Most importantly, navigate economic changes with confidence! Facing tariffs doesn’t have to equal added stress. By staying proactive, scrutinizing costs, establishing robust supplier relationships, and maintaining transparent communications, you can navigate economic challenges of all kinds with resilience and assurance, ensuring the continued success of your business and continued support within the MY SALON Suite community.