17. Crisis Creates Opportunity with Michael Cole

Michael Cole is a business coach, industry thought-leader, co-founder of Summit Salon Business Center, and a loyal Sola supporter. Upon the first salon closures, Michael generously hosted a Facebook Live for our community on preparing for financial uncertainty. Over the years, Michael has coached several Sola owners, been a speaker at several Sola Sessions, and hosted many virtual education events for our community.    Tune in to this episode of Sola Stories to hear how to take advantage of this unprecedented crisis and create unprecedented opportunities.    As Michael says,  “What we take for granted we lose and what we take advantage of we maximize.” Are you missing out on opportunities to increase your profits? Listen as Michael discusses ways to make more money even when seeing fewer clients as well  as ways beauty professionals who weren’t prepared for the shutdown the first time can prepare now if it happens again.    In This Episode [02:12] Welcome to the show, Michael! [03:21] Michael says be humble or be humbled and how this pandemic is humbling many people. [05:09] Listen as Michael speaks about how the pandemic has made it necessary for us to learn how to breathe underwater. [06:59] Unprecedented crisis creates unprecedented opportunities. [11:06] Michael shares what experiences prepared him for handling the financial issues the pandemic has stirred up. [13:52] Michael says that now the opportunity is recovery, restoration, and transformation. [15:37] Jennie reflects on a time when a company she worked for experienced layoffs, and she was thrown into a management position that she didn’t feel qualified for. [17:01] What we see at Sola are people that are starting their own businesses, and years from now, they will look back and see the pandemic as an opportunity. [19:01] Michael talks about the massive exodus he sees from the traditional chair rental to a Sola studio. [21:00] Michael defines experience as an emotional episode in moments of time, which clients feel when they go to a salon. [23:31] Michael speaks about what he hears from service providers and how they are making more money now while serving fewer people. [28:06] Do I or do I not increase my prices? Many beauty pros are asking themselves this question. [31:50] Michael says charge what you are worth, you are worth more than you are charging. [34:20] Are you missing out on opportunities to increase your profit?  [35:54] Once you sell the add-on, charge for it. [38:56] Michael discusses what to do when people say they waited too late to prepare financially and are sinking. [41:45] How can a small business owner navigate which programs are best for them? [43:44] Desperation is way more motivating than inspiration. [45:33] Michael shares some tips for beauty professionals in case they get shut down again. [48:04] Not having to means you managed your money right. [49:42] Michael discusses some programs he has in place to help Sola pros build their clientele and maintain their clients during a pandemic. [52:58] Michael shares how L’Oreal and Salon Centric support Sola and their beauty professionals. [54:28] Thank you so much for being on the show!   Stay Connected Sola Salon Studios Facebook | Twitter | Pinterest | Instagram Connect with Jennie  @jenniethewolff Connect with Michael   @michaelcolesummit  

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