Perspective, Evolution, and Some Math [EP:55]

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We cover multiple topics in this week's episode!
Perspective & Evolution

• Changing how you view scenarios is the easiest way to shift a mindset.
• It's work, it's putting in the reps, it's not easy, but it is simple, and you CAN do it!
• Instead of thinking don’t fail, you should think win.
• Perspective is a really big piece of the puzzle. Be optimistic.
• Eventually, what got you to where you are won’t be enough to progress.
• The team that takes you from 1 to 10 won’t be the team that takes you from 10 to 100.
• Most people won’t succeed because they’re not willing to stop doing the thing that got them to where they are...when it’s no longer the thing.
• Where do you want to be, and what does it TRULY take to get there?
• Nothing will change if you just keep pushing down a path that isn't working because of some confirmation bias.

Time to math!

• Step one is to keep an open mind.
• Step two is to decide what metrics we'll measure and have a defined method for doing so. Basically, you need a "why"
• This industry MUST stop looking at challenges with a short-sighted view.
• We also have to look at what we DO have and forget about what we DON'T have!
• Let's look at the lifetime value of a client.
• We're going to work in terms of how we price at our salon; if you price differently, that's cool; you'll still get the point.
• We'll use a fake hair pro that charges $100/hour and name him Benjamin.
• Benjamin's average appointment is 2 hours
• His average client comes in every 6 weeks
• Benjamin's average client is with him for a duration of 5 years
• $100x2= $200.
  Take a year, 52 weeks, and divide by 6 weeks; we get 8.6 visits per year.
  Now we take those 8.6 visits and multiply them by 200 because that's how much Benjamin makes each visit.
  We get $1720 per year.
• OK, now this is where things get fun.
• Let's conservatively increase Benjamin's rate by $10/hour per year
• This means year 1 is $1720 per client
• Year 2 goes up to $1892
• Year 3 is $2065
• Year 4 is $2236
• Year 5 is $2408
• If we add those numbers up, we get $10,320 lifetime value of the client
• Now, instead of looking at a client as $200, if Benjamin is able to look at each client as $10K what do you think happens?
• He steps up his game, for starters!
• He is willing to invest in himself.
• OK, so now ask yourself, and be honest!
• What sets you apart from the other hair pros in your town?
• Treat people kindly

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