Enjoy Co – Business Strategy and Systems
Enjoy Co is the best haircut you’ll ever get. Without exaggeration. That’s why I’m so proud to have helped launch, stabilize, and evolve their 5-star precision hair studio.
Launch Enjoy Co’s first studio; attract and retain Portland’s top stylists; design and implement easy-to-use management systems; and empower the team to deliver best in-class services – while preparing for future growth cycles.
We created an innovative commission model designed to balance profitability with contractor retention; developed forward-thinking business strategies and financial tools; simplified operational tools; and streamlined service offerings.
The end of Q3 2019 marks one full year of operations in our new space, and the results are in: Since launch, revenue is +400% on a per quarter basis; revenue per chair is +64%; revenue year-over-year (weighted) is +30%; revenue per transaction is +15%; the average commission is holding steady at 62%; and tips are solidly 20%.
In 2019, we twice updated services and pricing without sacrificing service quality or customer satisfaction; and we are adding a fourth station to meet demand. We currently anticipate 2020 revenue to exceed an additional +25% year-over-year and generally stabilize at that level.
Q3 – Evolved and streamlined services based on customer experience goals and services metrics; refined service tiers, lengthened sessions, and tuned cost structure.
Q2 – Updates to services, commission model, and financial projections based on first six-months reporting/analytics; delivered insights and strategic recommendations.
Q1 – General leadership support as studio continues to grow.
Q4 – Supported the launch the new shop in Portland, OR; leadership training for financial tools and self-management; establish 2019 milestones; financial analysis and projections; and first full team meeting.
Q3 – Created an innovative tiered commission model designed to promote fairness, transparency, contractor retention, and profitability; full configuration and integration of Square, Slack, Quicken, and more; developed financial tracking and projection tools to help flush out an appropriate longterm business model aimed at growth and higher profitability with a focus on ease of management.