What the Beauty Industry Can Teach Us about Becoming Beautifully Successful in Business
Want a ‘recession proof career’? The beauty industry is one of the last to be affected by a recession, in fact a boom has even been seen to occur in what has been dubbed the “lipstick effect” with consumers actually upping their spending on beauty products and services.
This innovative, vibrant industry has spotted a gap in the market, with increased pressures in the workplace and less time to form meaningful relationships people are looking for somewhere they can retreat to for a quick fix. In the salon they can feel nurtured, improve their self esteem and de-stress. However, despite the fact that the beauty industry is booming, successful business owners do not get complacent as they watch many businesses around them closing. This is partly due to consumers becoming more savvy and being more careful than ever before about where and on what they spend their money. Instead of sitting back to admire their empires, these business owners look to improve and evolve. They make sure that their business stands out from the crowd.
What follows is 5 ways any business can learn to improve by following the example of the most successful of beauty businesses who are still making it big in tougher times.
1. Exceed your client’s expectations
The most successful of businesses provide a service that their customer demands, by being flexible in order to meet clients changing requirements, thus providing every person who walks in the door with a unique service. In meeting these demands communication is key. This is to ensure that clients expectations of the results they want to achieve and the service they actually receive are in alignment. Short cuts are never taken as clients will notice the little touches – a consistent high level of service is key. This allows the client to feel valued and therefore will return loyally. Successful beauty business owners know that clients expect perfection and deliver it every time so that their customers feel good about where they are spending their money.
2. Keep making changes
Being aware that even small changes can make a big difference is another the key to a successful business. Feeling stuck in a rut, some owners give up altogether and watch the boat sink. Making one or two small changes can turn things around. Dropping services that aren’t making money or looking at your business and assessing where money is not being well spent can save a huge amount of cash over time. Successful beauty business owners assess and then re-assess their businesses. They also listen to advice offered to them. From their accountant to their staff to their customers, all their suggestions are valued and they are fearless in the face of change. Keeping things fresh inspires both their employees and their customers who learn to trust them and therefore look to them for leadership and advice.
3. Spend money wisely
Successful business owners know their industry inside out. They also know where the easiest money is to be made and therefore where to focus their energies. They don’t overspend and they expect things to cost a lot more than they think. They have a pot of money set aside for contingency plans. Business decisions should be made by looking carefully at the small print and working out exactly how quickly a profit will be made and by what margins. Not getting get sucked into every trend, while still keeping things fresh is a delicate balance. Before ploughing hard earned cash back into the business, a keen business brain will first ask “Will it make a difference to the individual service a customer receives and, in turn, will it make a profit?”
Keeping up to date with the latest products and equipment is very important, however for beauty business owners this is a challenging task as there are hundreds of new advances, products and treatments being introduced to the market every year. A successful beauty business person knows only too well that new purchases are investments, and therefore only necessary if they are going to make money. Everything in the beauty industry is packaged in a way to make you want to buy, buy, buy, which is great as long as it’s the customer doing the purchasing. Purchases based on a buy-one-get-one-free mentality should be left purely to the customers.
4. Keep visible
Selective advertising, using a medium that you know will reach your target audience, is an important way to get yourself known. Online networking is now more important than ever as businesses flood to social media in order to promote themselves. Regular updates to the wide range of social media is essential. However, successful businesses don’t underestimate the power of word-of-mouth that comes from face-to-face contact. Real world networking, by becoming a part of the local community, keeps your business in the forefront of people’s minds. Successful beauty business owners get themselves onto the shop floor and out into the real world, and luckily in the beauty industry there is always something to talk about.
5. Show your employees they are valued
In any business investing in employees keeps morale high. If your employees enjoy what they do, their enthusiasm and positive attitude will rub off on their clients. Those employed in a successful business maintain a thirst for knowledge by being kept up-to-date with training and knowing their products. There are a wealth of real-life and online training courses available, leaving no excuse for not keeping on the ball. E-learning means that it is easier than ever before to fit training in and around busy work schedules. The most successful of beauty businesses have staff who will greet you with warmth as they genuinely love where they work and are proud of what they do.
This article was written by Louise Teather, author of our Beauty School Online course. Louise graduated from the prestigious London School of Beauty and Make-up with both a CIBTAC and CIDESCO international diploma – the highest accolade in the beauty industry and also holds a BSC (Hons) degree in psychology. She has hundreds of hours of experience in delivering beauty therapy treatments to a plethora of clients and the course offers refreshingly practical information for everyone from the keen amateur to business owner who is serious about the quality of their services.
If you’re looking to start a career in the beauty industry as an independent beauty therapist, training provider, work in a top spa or want to start your own business, check out our Beauty School Online course.