Have you ever considered including an employee stock ownership plan in your salon’s business model? Well, it’s time to start!

Doug Cole, owner and founder of Cole’s Salon and self-proclaimed life-long learner, is here to teach you a thing or two about growing your business and giving back to the people who have helped you along the way. 

How to Know It’s Time to Grow

Doug is the proud owner of five beautiful salon locations with prospects of a sixth on the way, but he’ll tell you that he grew into each new location for exactly the same reason, it was simply time. 

He admits that he may have handled things differently than other entrepreneurs, because as soon as Doug ran out of space in one location, he eagerly opened another. After five years in his first salon, his team had outgrown their space and he quickly grew tired of turning down incredible talent. So, along came location number two, and well, you know the rest. 

Doug has such a heart for the people of Cole’s Salon, and he said it simply broke his heart not to bring people into their incredible community, especially as their reputation grew and so many young stylists were showing interest in his brand. 

Not Just Bigger, but Better

Of course, there are other areas you must grow in in order to have five successful salon locations. Doug and his team always focus on getting better before getting bigger. 

Doug struggles with dyslexia, and for years he avoided any kind of learning that would pose a challenge for him due to his disability. He worked hard, and he was an incredible kinesthetic learner, but for several years of his life he was afraid of putting in the extra effort required to tackle the things that challenged him the most, like reading and writing. 

At 26, Doug decided he had had enough and he wasn’t willing to let his disability hold him back any further. He found a mentor who challenged him to do an hour of learning per day, a habit that he’s carried into his 70s because it fills his mind with different ideas and possibilities for the future.

Doug’s commitment to learning is built into the culture at Cole’s Salon. His entire 375 person team is comprised of passionate individuals who are excited to climb their way to the tops of their careers—and the view just keeps getting better. 

Giving Back and Building Loyalty

After 15 years in business, Doug realized that so many of his best people had been with him since the beginning. His stylists grew with him and his brand, his managers had taken over their own salon locations, his front desk employees grew into leadership positions and for the most part, his best people stuck around. 

Doug’s employee retention rates were practically unheard of and he wanted to find a way to give back to everyone who helped shape his brand. Doug sat down with his tax attorney and they came up with the idea of implementing an employee stock ownership plan for all of the people of Cole’s Salon.

Another 30 years later, Doug proudly maintains 70% ownership of Cole’s Salon, and the other 30% is in the hands of his trusted team of employees. The tax breaks are pretty sweet and the Cole’s Salon brand has never been stronger. Doug’s employees are so proud to have part ownership of their company. Their loyalty runs deep and the brand continues to grow even bigger every day. 

Of course, with such a big appetite for education, Doug believes that the best is yet to come. He’s got so much more to learn, and he can’t wait to share in the abundance, there’s always enough to go around!

Want to learn more about Doug and his inspiring salon business model? Listen to the podcast that inspired this blog, episode 185. And be sure to check out Cole’s Salon for more details on their incredible salon culture.

Starting your own salon isn’t easy, and growing your team is no small task either, but it’s perhaps the most important step in expanding. Besides, as a new salon owner, you’ve got nowhere to go but up.

Adam Broderick is no stranger to the struggles of starting your own salon. We introduced you to Adam on the Beyond The Technique podcast, but if you missed his previous interviews, we’ll give you a quick recap: Adam is the owner of the renowned Adam Broderick Salon and Spa with two locations in Connecticut.

Adam took a unique route into the industry. He actually started his career as an animal groomer and eventually decided to take on the challenge of human clients. Amongst other things, Adam is also a motivational speaker and business consultant to other salon owners. He is quite the entrepreneur and he’s one of the industry’s most respected figures.  

Adam walks us through how he started his own pet grooming business before the age of twenty, how this incredibly unique career choice ultimately led him to the beauty industry, and how he eventually opened his own salon and built up his business in order to become one of the great successes of our time.

Growth Doesn’t Happen Overnight

Like all good things, growing your tribe takes time. Sometimes it takes a long time, but when you find those people who just fit, you’ll know it was worth the wait.

With two salon locations, Adam employs over 200 people. You might be wondering how he found so many people who fit his brand so perfectly, he says he simply took it one coworker at a time.

How Do Your Hire That Many People?

The next question you might be asking is how does Adam have enough hours for his 200 some employees? Well, for Adam, this is kind of his secret sauce. Before starting his own salon he worked on 5th Avenue with what he says were some of the greatest stylists he’s ever known, and he recalls how difficult it was to get in with them. 

Sometimes clients would have to wait two or three weeks before they were able to get an appointment and Adam decided that he wanted to give his clients more availability and access. Adam believes that level of accessibility is the new luxury. So, over the years he built up a team with more stylists than he had chairs and moved his team into split shifts. 

With his employees only working half of the day each day, he was able to extend his hours. He opens his salon up at 7:30am sharp and keeps his doors open until 10:00pm so that everyone can get in no matter their schedule.

Hiring New Talent Is One Thing, Keeping Them Is Another

Adam is proud to say that he has many stylists on his team who have been with him for 10, 15, even 20 years. While Adam believes that the longevity of a stylist is variable based on work environment and lifestyle preferences, he says that when he does experience turnover, it usually happens within the first six months to a year of their start date. 

Adam and his team always aim to create a really strong culture. He says that although they’re always growing and changing, his team strives to maintain a safe and accepting work environment. He wants Adam Broderick Salon to be a safe and dynamic place to work, and he works hard to give all of his stylists the career path they’re looking for. 

Adam loves this industry and he’s so proud of his team and how far they’ve come. Adam says the key to becoming a successful salon owner and growing your team is ultimately to give yourself permission to work differently. Don’t be afraid to change the industry for the better.

If you’d like to learn more about Adam and his incredible journey in the beauty industry including how he has managed to grow his salon, listen to the podcast that inspired this blog, episode 184. And don’t forget to check out his salon website to follow his movement on his own industry blog,Insights from Adam.