How to Calculate ROI for Your Waxing Business
It can be easy to have the dream of owning your own waxing business or salon and being your boss. Even if you put all of your time and money into a business, however, it does not guarantee its success. To make sure your business is running smoothly and making a profit, it’s important to keep track of what you’re putting in versus what you’re getting out of the business.
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Having the right strategy for your business will allow you to build your business, strengthen your ROI, and lower supply costs while raising profits.
What is ROI for Waxing?
When starting a waxing business or striking out on an independent venture, you need to prioritize the logistics that go into it all. It’s important that your business runs as efficiently as possible - and has a healthy profit margin. You need to keep your business going, after all! So what is an ROI for waxing? How does it affect your day-to-day as a small business owner?
When running a business, you need to ensure that you’re not spending more than you make and take steps to stop your business from losing money unnecessarily.
ROI, or “Return on Investment”, essentially refers to how you determine what aspects of your business are making or losing money, and how you should spend accordingly. Now that you know what an ROI is, you might wonder how to calculate ROI on your waxing services.
How Do I Calculate the ROI for My Waxing Business?
To calculate ROI, the benefit (return) on an investment is divided by the cost. Generally, the most common way to calculate ROI is by dividing your net profits by your total investment.
This ROI dictates your spending decisions, whether that entails buying new supplies, hiring staff, or investing more in the business and its infrastructure as a whole.
Increase Your Return & Save with Wholesale
To run a successful waxing business, keeping supply costs low while still retaining the use of high-quality supplies for your services will keep your business healthy and your clients coming back - all without breaking the bank.
So is waxing cost-effective? It can be with wholesale pricing! By joining Starpil’s Pro Portal, businesses can have access to discounts off of standard retail pricing, as well as access to bulk hard wax and larger quantities of waxes for use in their salons.
This Pro Portal also gives exclusive access to the best quality experience possible by allowing businesses to cultivate a personal relationship with Starpil.
How to Save Money By Buying Bulk Hard Wax
If you’re buying a 10lb bag of Pink or Blue hard wax beads every week, or frequently enough to effectively service your clients consistently, you’re probably spending more than you have to have to on supply. By buying retail, you’re probably hurting your business’ ROI.
Instead, when you buy in bulk, you’ll allow yourself to have a more consistent inventory of wax and save yourself the trouble or labor involved with ordering wax again and again, and most importantly - save you and your business money! It’s like giving yourself a raise without raising prices on clients.
If you’re wondering how buying a 30 lb box of wax versus the 10lb bag you’re used to can save you a large amount of money, let us break it down for you:
When purchasing a 10lb bag of wax, you spend on average about $174.90 or paying about $17.79 per pound. Whether you’re purchasing these bags weekly or just enough to keep up with your business needs, this can add up.
*30lb box purchased at Tier 3 level pricing shown
To stop overspending on wax and hurting your ROI, the easiest and most cost-effective solution is to buy the wax you’re already purchasing in bulk through the Starpil Pro Wholesale Portal.
By buying in bulk, you’ll be saving money per pound, and will have both a larger inventory of wax for your business and will save yourself time and effort by not having to order as often. In comparison to our 10lb bag, our 30 lb box of Pink or Blue Hard Wax Beads will cost about $439.90, or $14.66 per pound. That number may seem a lot larger than the cost of a 10lb bag, but by buying in bulk, you’re actually saving not only money but time and stress as well.
Buying 10lb bags and paying retail pricing may not seem like it will add up or make a real difference in your ROI, but you’re hurting your business’ profits. Save money, order less frequently, and boost your business’ profits by buying in bulk with our wholesale pricing.
How Improving Your ROI Can Help Your Business
By improving your ROI, your business can lower supply costs, retain the quality of products and services, and standardize wax usage. With all of these factors perfected, you’ll allow your business to become more profitable.