Should you become a not for profit salon?

Award-winning salon owner Phil Smith of Smith England in Salisbury explains why selling off his franchises and opening a not for profit salon was one of the best decisions he’s ever made. “I didn’t start off thinking that not for profit was the way forward. It’s definitely something I’ve learnt over time, through experience and enduring difficult times too. But without them I know I wouldn’t have got to the place I am now. My career took off after training with a major salon. It’s here that I found my passion for business as well as hair and where I took my first serious steps into entrepreneurship. It led me to owning and managing 28 salon franchises across the world. I was driven by success and predominantly by monetary success. This time in my life was hard, tiring, exciting, manic and rewarding all at the same time – I loved it. As my personal life changed and I married and had children I found myself torn between work life and home life. The unbelievably long days grafting no longer merited the success in my mind, instead it meant time not spent with my loved ones at home. One by one I sold the franchises and decided to open my own salon – Smith England in Salisbury. I knew I wanted it to be not for profit from the beginning. I’d entered a new phase of my life and I wanted to have a better work/life balance, which is my first reason for becoming not for profit. Being a not for profit and enforcing a ‘no target’ policy in the salon has improved the state of mind and wellbeing of myself and my team. Our passion and dedication remain the same but the sense of competition and anxiety over targets has gone. We love to do as much as we can for the local community. Being not for profit allows us to financially give back to those that support the success of our business. It also means I know exactly what money is coming in and out of the salon, which enables a peaceful state of mind. It frees up space to think and work smarter and more creatively. Finally, it’s good for the soul. I’m happy and positive and this translates to the salon team too. I have time with my family and the opportunity to fully support my team and community in a way they can really appreciate. People never forget the way you make them feel – it’s why I love hairdressing and it’s why I love being not for profit. You can make a difference that matters." 5 reasons to become a not for profit 1. Your work/life balance will improve. 2. No targets will mean better wellbeing for you and your team. 3. You can give back to the community in a meaningful way. 4. You know exactly what money comes in and out of the salon. 5. It’s good for the soul!