We Asked 100 Hairdressing Business Owners: What Keeps You Awake At Night? And our survey said…

We asked 100 business owners…

by ATHERINE | THE COST OF DOING BUSINESS

We know business is tough. But which part is the toughest? Creative HEAD asked 100 hairdressing business owners to share what’s been most troublesome for them over the past 12 months and whether those challenges have affected their future plans. And the results are in…

What is most problematic to you when it comes to the cost of running your business?

9%​       High energy costs

30%     Rising employment costs

44%​     Business taxes (eg, VAT, Corporation Tax)

1%​       Property costs

16%     Rising production costs

Which of these costs should government prioritise to help your business?

18%​      Energy costs

61%​      Business taxes

21%​      Employment taxes

Which of these tax reforms would most help your business?

76%​      Reduction in VAT

5%​        Reduction if Corporation Tax

19%​      Simplifying the tax system

Did you raise your prices in the last 12 months?

89%        Yes

11%​        No

If yes, do you plan to raise them again in the coming months?

56%​        Yes

44%        No

If no, do you plan to raise to raise your prices in the coming months?

54%        Yes

46%        No

The National Minimum Wage has risen this year by 14.8% to £8.60 for those aged 18 to 20, while the National Living Wage rose by 9.8% to £11.44 and now includes those aged 21 or over. Does this mean you will:

Hire fewer apprentices

69%        Yes

31%​        No

Stop hiring older apprentices

63%​        Yes

37%​        No

Do you think your profit will increase this year?

32%​        Yes

68%​        No

If yes, will it go up by more than 10%?

42%​        Yes

58%​        No

 If no, do you think you will break even?

58%​        Yes

6%​           No

36%         I think I will make a loss this year

 Do you feel optimistic about your business in 2024?

65%​        Yes

35%​        No

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