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8 The Colorist | MAY/JUNE 2015 | thecoloristmag.com ➽ If you're anything like me, you're always pressed for time but don't want to miss any exciting industry news and happenings. ➽ That's why we launched the "Buzz" column in our "Newsfeed" department this issue, a quick read that's full of interesting tidbits on everything from top colorists moving to new salons to celebrity color transformations. ➽ Find out what the professional beauty business's movers and shakers are up to, and see what the industry is talking about on page 34. rupta voluptamet business matters PHOTOGRAPHY (FROM TOP RIGHT): COURTESY OF L'ORÉAL PROFESSIONNEL; COURTESY OF PEARSON Lotus Abrams EDITOR IN CHIEF labrams@creativeage.com T he new book New Business: Next Steps: T e All-in-One Guide to Managing, Marketing and Growing Your Small Business (Pearson, 2015) by Ann Hawkins and Ed Goodman cites some pretty discouraging statistics about the success rate of small businesses—50 percent of new businesses fail within 12 months, with 90 percent no longer in business after fi ve years. One of the issues, Hawkins says, is that many people start businesses primarily because they want to do something they love. "T e person may be a great photographer, hairdresser or massage therapist, but what happens is that he or she quickly realizes that there is so much more to running a business than just doing the work," she says. T ings like managing fi nances and cash fl ow, creating eff ective marketing and social media strategies, and keeping staff motivated and productive all play a role in a small business' success. Indeed, salons face many of the same challenges as other small businesses, in addition to some of their own. According to ML Corbett's article "What Weaknesses Does a Hair Salon Business Have?" published on Chron.com, the Houston Chronicle's website, high staff turnover; expensive employee commission plans; current tax laws regarding tips; and ethics issues, such as stylists walking away with client contact lists, are key issues for salons. T at's why we're introducing a new column this month called "Workplace," where you'll fi nd helpful advice on managing and growing your business. We'll cover topics ranging from making the most of social media to market your salon and tips for boosting your retail business to enhancing staff creativity and making training sessions more eff ective. T is month, we focus on the impending credit card fraud liability shift that makes it a good time for salons to consider upgrading to new point-of-sale systems that can handle chip card payments. We know how much you, as a stylist, love what you do. T at's why we aim with every issue of T e Colorist to give you the tools, information and inspiration you need to make your business successful. upf ont Boost your business with this new book.