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    Business

    Grow My Salon Business Podcast

    I know that being in business isn’t always easy. Along with the many highs and ‘a ha’ moments it can sometimes be soul destroying, frustrating and a very lonely place to be. Being a business owner is one of life’s greatest educations and it gives you two clear choices, either you continually learn, adapt and grow, or you resist change, stagnate and perish. We live in ever changing and sometimes challenging times, so being informed and constantly inspired is more important than ever.

    Join Antony Whitaker talking to thought leaders on the business side of the hairdressing industry discussing insightful, provocative and inspiring ideas that matter. Get ready to learn, get ready to be challenged, get ready to be inspired and most importantly get ready to grow your salon business!

    Advertise
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    Latest Episodes:
    167 Talent, Humility, and Constant Reinvention Is the Key to Success with Sam McKnight Nov 15, 2022
    Show notes

    Sometimes I find myself searching for words to aptly describe the achievements and status of someone who is way ahead of the pack.

    My guest on today's episode is one such person, and I’m going to describe him as a ‘hairdressing genius.’

    Sam McKnight is a session stylist with a list of eye-watering achievements, including having worked with every supermodel you can name, as well as celebrities, movie stars, royalty, photographers, magazines, and fashion designers, over the last 40 years.

    He has so many Vogue covers to his credit that he’s lost count (well over 250!) He’s won awards, had exhibitions, published his own book, and been a contributing editor to British Vogue.

    Sam is currently a judge on the UK reality TV show, ‘The Big Blow Out’ (which is sponsored by Paul Mitchell), and on top of all that, Sam is the founder of his own product range, simply called “Hair by Sam McKnight.”

    So, in today's podcast, we just talk about being Sam McKnight…

    In this Episode:

    [04:04] The transition point in Sam’s life that is marked by his book, Hair By Sam McKnight.

    [09:47] Sam explains what motivated him to become a session stylist at a time when most hairdressers were focused on cutting hair.

    [14:46] The person who influenced Sam in the early years of his career.

    [16:33] Value that lies in building and maintaining good relationships with people in the industry.

    [19:38] Characteristics and situations that Sam is repelled by.

    [23:06] The balance between intimacy and distance that is required of a hairdresser.

    [26:21] A trait that Sam believes has been key to his success.

    [27:29] Some of the catalytic moments that signaled a step-up in Sam’s career.

    [29:38] The combination of factors that turn a model into a worldwide phenomenon.

    [32:24] Dynamism that defines the modern hairdressing industry.

    [34:51] The genius of Karl Lagerfeld.

    [37:27] The power that lies in being a hairstylist.

    [42:13] How Sam became involved in the reality TV show, The Big Blow Out, and an overview of the concept behind the show.

    [46:53] Sam’s experience of creating his haircare brand, and the elements that make his products stand out.

    [52:22] What Sam thinks hairdressers should do to stay relevant in the industry as it evolves.

    [59:19] Sam’s biggest strength, the most important life lesson he has learned, and what he wishes he was better at.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Sam for sharing his insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram | TikTok

    Sam McKnight

    Website | Instagram | Instagram [Personal] | Facebook | Twitter | Book


    166 Passion, Purpose, Promise, and People: Finding Your Way In the World with Nina Kovner Nov 08, 2022
    Show notes

    My guest today, Nina Kovner, is someone who I have been wanting to speak with for the last couple of years. I think Nina has a valuable message to share with the world. So, I’m so glad we finally made it happen!

    Amongst many things, Nina is a fellow podcaster and passionate advocate for mental health awareness as well as being a salon business coach and the context creator for Passion Squared.

    Nina has a vast amount of experience in the hairdressing industry and brings an honesty and thought provoking authenticity to every conversation.

    In today’s podcast, we will discuss:

    • The importance of taking care of your mental health
    • Social media and mental health
    • How Gen Z prioritize mental health
    • What leadership really is…

    And lots more!

    In this Episode:

    [03:34] An overview of Nina’s life story and their greatest passion.

    [06:06] Nina opens up about their own mental health struggles.

    [07:34] The power of “being where your feet are” and practicing gratitude.

    [14:53] Factors that led Nina to a catastrophic meltdown, how they recovered, and what they learned from this experience.

    [22:23] Nina’s advice for protecting your mental health.

    [27:03] Why Nina believes that balance is a myth (and what we should strive for instead).

    [29:37] An example of what it looks like to put in healthy boundaries.

    [31:51] Generational differences in the approach to mental health.

    [36:33] Nina’s thoughts on the pros and cons of social media.

    [43:57] Passion, purpose, promise, and people; the importance of developing a brand story.

    [50:42] Nina’s thoughts on how to be a good leader.

    [55:18] How Nina thinks Gen Z is changing the salon industry for the better.

    [59:15] One of the most valuable lessons that Nina has learned throughout their life.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Nina for sharing their insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram | TikTok

    Nina Kovner

    Instagram | Twitter | LinkedIn | Facebook

    Passion Squared

    Website | YouTube | Facebook | Podcast

    The Meadows of Wickenburg, Arizona

    Website


    165 Who Is on Your External Team? Nov 01, 2022
    Show notes

    If you want to build a business, you can’t do it alone.

    You and your business don’t exist in isolation, and despite how talented, adaptable and hardworking you are, even you can only do so much. Every business owner needs the help and support of other people with other specialist skill sets.

    If business growth is important to you, then building the right external team is just as important as building the right internal team. Your internal team are those people who work in the salon providing hair and beauty services. Your external team includes financial experts, legal advisors, coaches, and the like.

    Tune in today to hear about what your external team should consist of, and the importance of carefully considering the people you choose to fill these positions!

    In this Episode:

    [01:02] Why you can’t grow a business alone.

    [01:55] Examples of the kinds of specialists who may make up a salon owner’s external team.

    [05:37] The value of having an external team.

    [07:55] Why you should have an accountant on your external team from day one.

    [09:07] The value in having an accountant with “the heart of a teacher.”

    [10:21] Why I recommend having a bookkeeper (although you could probably do your bookkeeping yourself).

    [11:30] Examples of times when it will benefit you to have a good relationship with a legal professional.

    [12:21] The advantages of being a member of a professional organization.

    [13:46] Why it’s important to have branding and marketing specialists on your external team.

    [15:39] How a dedicated administrator will positively impact your growing business.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram | TikTok

    Books

    Grow 2 Management | Grow 3 Team


    164 Shifting Perspectives in the Hairdressing Industry with Gordon Miller Oct 25, 2022
    Show notes

    “Show me the data; a person without data is just another person with an opinion.” - W. Edwards Deming

    In some areas of the hair and beauty sector, there is a lot of accurate data. But in other areas, there’s a lot of opinion and perception. And while I can be as guilty of that as anyone, it’s also important to separate fact from fiction.

    My guest on today's podcast is Gordon Miller, who always has a good overview of what’s happening in the hairdressing industry from a business perspective.

    Gordon has held many different roles throughout his career, and today he is the Chief Engagement Officer of Hairbrained (hairbrained.me).

    Although our conversation today is based primarily on trends and data from the United States, most of it has relevance no matter where in the world you are based.

    In today’s podcast, we will discuss:

    • What the data says about how the industry is in a post covid world
    • The current trends in evolving business models
    • The changes happening to the professional retail model…

    And lots more!

    In this Episode:

    [03:57] Gordon shares an overview of his career in the hairdressing industry.

    [10:24] The problem of “fake beauty news.”

    [11:45] What the data tells us about the current state of the hairdressing industry (you may be pleasantly surprised by the answer!).

    [14:48] Examples of the various niches that exist within the salon industry, and the importance of acknowledging the differences between them.

    [19:18] Staff turnover in the hairdressing industry, and how to deal with it better.

    [23:41] Surprising findings from the Professional Beauty Association’s fall 2021 report.

    [26:15] Data around the shift from salon to suite models in the post-COVID era.

    [31:36] How the mindset of employees in the salon industry differs from employees in other industries.

    [33:43] The approximate percentage of salons that reopened after the pandemic.

    [33:59] Gordon’s thoughts on why the suite model has gained traction in recent years although it has been around for a long time.

    [38:53] Trends that Gordon has noticed taking place in the blowdry bar and barber shop spaces.

    [44:56] The future of the salon industry through Gordon’s eyes.

    [52:00] The percentage of hairdressers who work less than 30 hours a week.

    [59:06] Comparing how different population groups have responded to changes that have taken place in the retail space since the pandemic, and what this likely means for salon retail.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Gordon for sharing his insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram

    Hairbrained

    Website | Instagram | Twitter | Facebook | Podcast (Apple) | Podcast (Spotify)


    163 Business Lessons from A Small-Town Salon Success Story with Jennifer Akers Oct 18, 2022
    Show notes

    This week on the podcast, I am talking with Jennifer Akers from Hollywood Hair, a salon group that is located in three small towns across the United States. I love talking to Jennifer and her team at Hollywood hair because I always learn from them, and today is no exception!

    Often times it’s the really big, high-profile hairdressers with celebrity clientele who come up with innovative new ways of working and get acknowledged for being successful business-wise. But as the Hollywood Hair story illustrates, success can come in all shapes and sizes!

    Today we are going to talk about a whole range of topics that cover what makes a salon business successful, and whether you have a small salon with just 1 or 2 team members or a chain of salons, I will guarantee that you will learn something from this conversation.

    So, without further ado, welcome to Jennifer Akers from Hollywood Hair…

    In this Episode:

    [02:34] How Hollywood Hair has grown since its opening in 1994.

    [03:32] An overview of the employment model that is utilized at Hollywood Hair.

    [04:36] The sizes of the towns where the three Hollywood Hair salons are situated, and the target market of each salon.

    [07:45] Jennifer shares some numbers highlighting the high productivity levels being achieved by Hollywood Hair.

    [10:55] The percentage of Hollywood Hair’s total sales that comes from retail.

    [12:05] Factors that are contributing to the growth of Hollywood Hair’s retail sector.

    [14:26] What the Trello app is and how it adds value to Hollywood Hair.

    [19:25] Benefits of the online consultation forms that Hollywood Hair uses.

    [21:15] Where the idea for the Hollywood Hair treatment cart originated.

    [24:03] The role of the Hollywood Hair concierge.

    [25:49] Examples of the unusually wide range of beverages that are available at Hollywood Hair.

    [27:32] What Hollywood Hair’s virtual assistant is responsible for.

    [31:09] Benefits of the Hollywood Hair app.

    [34:04] The different levels that make up the career path of a Hollywood Hair stylist.

    [41:46] Jennifer explains how the Hollywood Hair partnership model works.

    [43:59] The intentions behind the morning huddles and evening celebrations that take place at each of the Hollywood Hair salons.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Jennifer for sharing her insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram

    Hollywood Hair Salon

    Website | Instagram | Facebook | App

    Trello

    Website

    WePhone

    Website


    162 Why consolidation can be more profitable for the business and better for the team with Simon Matthews Oct 11, 2022
    Show notes

    There are many salon owners who decide to make the journey from one salon to two or more salons, only to then go back to one.

    Obviously, there are many reasons why that might happen, but they do often have certain things in common.

    My guest on today's podcast is a salon owner who has made that journey, and his story could be the story of many others. His name is Simon Matthews from The Simon John Salon in the UK, and in today's episode, Simon shares his journey and the lessons learned along the way.

    In today’s podcast, we discuss:

    • Why bigger doesn’t mean better.
    • How his salon has adopted a 4-day work week… and
    • The benefits of building one successful salon business rather than spreading yourself across multiple locations.

    And lots more!

    In this Episode:

    [00:40] Today’s guest is Simon Matthews.[01:57] Simon tells us about himself.

    [03:18] Simon’s vision when opening his first salon.

    [04:27] Why Simon opened a second salon.

    [05:51] Simon talks about his third salon.

    [08:42] Some of the challenges Simon faced.

    [13:33] Simon discusses atmosphere.

    [15:35] Atmosphere vs. culture.

    [17:09] The key to successful expansion.

    [19:59] The decision Simon made to not open a fourth salon.

    [22:26] Why Simon scaled back down to one salon.

    [25:20] How COVID affected Simon’s business.

    [27:47] Simon is profiting more now with only one salon!

    [29:44] What changes has Simon made to how he runs things?

    [32:27] How Simon assigns shifts.

    [35:38] Simon’s payment process.

    [39:08] What does Simon’s work schedule look like?

    [40:41] Where Simon can be reached.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are beneficial and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews,” tap to rate with 5 stars, and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support! Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram | YouTube

    Simon John Hair Limited

    Instagram | Facebook | TikTok


    161 Effective marketing is like a 3 legged stool Oct 04, 2022
    Show notes

    I often get questions like, “I get a lot of new clients, but we never seem to grow. Where are we going wrong?”

    So today, I want to talk a little about the role of marketing and what marketing really is.

    Many salon owners are focused on growth. So all their attention, time, money, and energy are focused on attracting new clients into the business.

    But the problem is that they are only addressing one component of marketing.

    In today’s show we will discuss

    • Client Generation: Attracting new clients.
    • Client Conversion: Turning those new clients into regulars.
    • Client Retention: Keeping them as long as possible.

    And lots more!

    In this Episode:

    [01:01] What role does marketing play?[01:44] Marketing has three components.[02:42] The three reasons clients don’t come back.[03:24] The most common reason clients don’t return.[05:50] Clients should feel wanted and not rushed.[09:00] Finding new clients is only the first step.[10:40] Being friendly and positive can make a huge difference.[13:08] A recap of what has been discussed so far.[14:10] Marketing is about making a promise.[15:50] Take a break![16:06] Next steps to take to grow your business.[17:10] Some helpful resources for you.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support! Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram | YouTube


    160 What It Takes To Build A High-End Hair Extension Business with Emilly Hadrill Sep 27, 2022
    Show notes

    As many of you know, I've been in the salon industry a long time, and I’d like to think that I know a lot about hair and hairdressing. But one of the areas that I haven’t had a lot of exposure to is hair extensions.

    Extensions first came onto the hairdressing scene in the ’80s, and since then, they have become a significant part of the industry.

    My guest on today's Podcast is Emilly Hadrill. She is the leading provider of premium extensions in Australia and has 4 hair salons across Brisbane, Melbourne, Gold Coast & Sydney, generating 6 million dollars a year in sales!

    In today’s podcast, we discuss:

    • How to work with extensions
    • How Emilly has grown and successfully expanded her business
    • Why and how you should start integrating extensions into your salon business…

    And lots more!

    In this Episode:

    [02:54] Emilly’s early exposure to hairdressing and the personal experience that influenced her to pursue a career in the hair extension industry.

    [07:17] What the hair extension field looked like when Emilly started her business.

    [11:06] How Emilly’s career progressed after she completed the hair extension course.

    [17:18] Exploring the variety of hair extension techniques that exist (and why Emilly uses a combination of tape and weft extension techniques in her own hair).

    [20:59] How long hair extensions last (if you look after them!).

    [23:36] A breakdown of the price range of Emilly’s services.

    [29:41] Reasons for the high level of repeat customers in the hair extension business.

    [33:13] The power of delegation: one of the biggest lessons that Emilly has learned as a business owner.

    [33:42] What Emilly’s first few years in business looked like.

    [38:34] Emilly explains the motivation behind the countrywide expansion of her business, and the pros and cons that have accompanied it.

    [42:10] The keys to successful salon business expansion, according to Emilly.

    [43:33] How Emilly’s business is structured.

    [47:22] Factors that have driven the growth of the hair extension industry worldwide.

    [49:23] Advice for integrating hair extensions into the service offerings at your salon (and why you should!).

    [54:03] What Emilly believes to be her biggest strengths and weaknesses.

    [54:58] The importance of maintaining balance; a lesson that Emilly learned the hard way.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Emilly for sharing her insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram

    Emilly Hadrill Hair Extensions

    Website | Instagram | Facebook | Pinterest | YouTube


    159 Evolving the Salon Business Model with Clinton Norris and Lucas Doney Sep 20, 2022
    Show notes

    I'm currently doing a monthly series of Facebook live interviews on behalf of John Paul Mitchell Systems. And both the guest and the content have been great, so I am also repurposing them as my weekly podcasts.

    The first one is today's episode where I spoke with Clinton Norris and Lucas Doney who, along with Clinton's wife Lauren, are salon and school owners in San Diego.

    They are also extremely nice people who have some interesting insights into the salon of today!

    I know you will enjoy this episode where we discuss:

    • Changing salon business models
    • Business in a post-Covid world
    • Generational changes
    • Life as an educator…

    And lots more!

    In this Episode:

    [03:17] Origins of the name of Clinton, Lucas, and Lauren’s salon and creative space; Citizen.

    [05:22] Unique elements that make Citizen more than just a regular salon.

    [07:29] Lucas, Clinton, and Lauren’s approach to curating their creative space.

    [10:45] The very effective hybrid business model that is utilized at Citizen.

    [15:23] How they have built a healthy team culture at Citizen.

    [22:34] An explanation of the tiered rental system at Citizen.

    [29:50] Desires and expectations of new generation hairdressers.

    [37:23] The core values of Citizen.

    [40:58] Experimentation that has characterized Citizen’s first few years in business.

    [42:51] How Paul Mitchell has influenced the way Clinton and Lucas approach their work.

    [47:09] Why the percentage of Citizen’s revenue that comes from retail is very high.

    [51:40] Exploring the educational component of Lucas and Clinton’s working lives.

    [56:22] Clinton and Lucas share their thoughts on how new generation hairdressers are changing the industry.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Clinton and Lucas for sharing their insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram

    Citizen

    Website | Instagram | Facebook | Book an Appointment

    VARSITY Hair Education

    Instagram | Facebook

    Clinton Norris

    Instagram

    Lucas Doney

    Instagram


    158 What does it take to be a successful celebrity hairstylist with Wendy Iles Sep 13, 2022
    Show notes

    A career in hairdressing can take you on a journey in all sorts of directions that you couldn’t possibly have imagined!

    My guest on today's podcast is hairstylist Wendy Iles, the founder of her signature product line and a true ‘Celebrity Hairdresser’ in every sense of the word.

    In today’s episode, we will discuss:

    • Finding the balance between a successful career and life as a mother and wife.
    • What it takes to be a successful celebrity hairdresser.
    • The importance of strong foundation skills.

    And lots more!

    In this Episode:

    [05:29] How Wendy defines a Celebrity Hairdresser and how she came to hold this title.

    [10:36] The difference between being a magazine session stylist and a celebrity hairdresser.

    [13:33] Wendy shares the story of her journey of learning to dress hair.

    [19:06] How Wendy’s time spent living in France has influenced how she approaches her work.

    [20:55] Comparing vogue aesthetics across the world.

    [24:04] A big reason for the limited number of female hairdressers working as editorial and session stylists.

    [28:52] The instrumental role of hairdressers in editorial shoots.

    [32:01] Wendy shares the story of how she became president of a haircare company.

    [38:29] Big changes taking place in the Iles Formula family business this year.

    [40:48] What Wendy feels is her biggest achievement.

    [45:16] Wendy’s thoughts on the evolution of the salon industry.

    [49:01] Inspiration to step out of your comfort zone!

    [50:40] The importance of nurturing connections.

    [52:49] The biggest lesson that Wendy has learned throughout her illustrious career.

    Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!

    They do matter in the rankings of the show and help other people find my podcast.

    I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!

    Special thanks to Wendy for sharing her insights with me for this week’s episode. Until next time!

    Antony

    Links and Resources:

    Grow My Salon Business

    Website | Facebook | Instagram

    Wendy Iles

    Website | Email | Instagram | Facebook | LinkedIn | Twitter |

    Iles Formula

    Website | Instagram | Facebook | YouTube | Twitter | Pinterest


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