Hey there, beauty boss! Are you ready to take your business to the next level in 2023? It's rewarding to run your own beauty business, but it's also a lot of work. Even if you currently have a job in the beauty industry, you could feel the need to go out on your own and establish your own service company.
However, before you jump in, it's crucial that you learn about the specific difficulties encountered by those working in the beauty sector. It's not enough to have a good business plan and a great service; you also have to ensure that you stay on top of the latest trends and implement strategies to set your business up for success.
In this blog post, we’ll go into detail on five tips that can help you successfully set up your beauty business in 2023.
Let’s dive in!
5 TIPS FOR BEAUTY BUSINESS SUCCESS
1. Re-evaluate Your Marketing Efforts 📈
Marketing is a crucial aspect of any business and it's important to ensure your efforts reach the right audience. Take a step back and evaluate your current strategies. Creating a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) will enable you to work with your strengths to give you a better idea of services to provide and where to channel your marketing efforts.
You need to be honest with yourself. Are your marketing plans still effective, or do they need a refresh? Consider where your target audience spends their time, demographics, interests, and behaviors, and adjust your efforts accordingly.
For example, if most of your clients are on Instagram, focus on building a strong presence there by creating engaging content, running Instagram ads, or working with influencers. Also consider other platforms, like Facebook, TikTok, LinkedIn, etc. And still try out other marketing methods like email campaigns, SMS campaigns, or referral programs.
You can increase membership with a loyalty program that provides benefits such as discounts, freebies, and cash back for repeat bookings. Put together a newsletter full of helpful advice and special deals. Make a website (or a Poshed™ Pro Profile 😉) where people can leave reviews, you can advertise new services, and you can share helpful tips.
Here is a detailed roadmap for reevaluating your beauty business's marketing strategies:
Review your current marketing plan:
Take a look at your current marketing strategy, including the channels you're using and the messages you're sending. Make a list of what's working well and what needs improvement.
Analyze your target audience:
Make sure you clearly understand your target audience, including their demographics, interests, and pain points. This information will help you create more effective marketing campaigns.
Set specific goals:
Determine what you want to achieve with your marketing efforts. Are you looking to increase brand awareness? Boost sales? Improve customer loyalty? Having specific goals in mind will help you measure the success of your marketing campaigns.
Experiment with new channels:
Don't be afraid to try new marketing channels, such as social media, email marketing, or influencer partnerships. Just make sure to track your results and see what's working best.
Engage with your customers:
Encourage customers to engage with your business through social media, online reviews, and other channels. This will help you build a strong online presence and gain valuable insights into what your customers are looking for.
Measure your results:
Regularly track and analyze your marketing results, including website traffic, conversions, and sales. Use this information to make informed decisions about which marketing efforts are working best and which ones need improvement.
Adapt and refine:
Continuously evaluate and refine your marketing efforts to ensure you're getting the best results possible. Don't be afraid to pivot if something's not working, and always be on the lookout for new opportunities to reach your target audience.
That's it! If you follow these suggestions, you'll be able to reevaluate and improve your beauty business's advertising in no time.
2. Adjust Your Pricing 💰
Sometimes deciding how much to charge for a retail product or a service can feel like a game of guesswork. But you'd be surprised to learn that there are quite a few important considerations to keep in mind as you work out the best price for your business or services.
Price of Goods
The sum total that you spent on beauty products and tools is known as your "cost of goods." If you decide to run a strictly product-based business selling beauty items, for instance, your cost of goods would be the products, tools, and accessories you supply to your customers. You probably also have “cost of goods” if you're into the beauty service business, but you still have service costs.
You should be competitive, but you should also be able to make a profit and recover your product expenditures. You may need to rethink the goods you want to use in the beginning if you can't find prices that account for everything.
You can also sign up to be an affiliate partner with your favorite professional product brands. This is a great opportunity
to sell products to your customers without needing to keep much stock and you can still earn profit based on the brand's commission structure.
When adjusting your prices, you should consider your cost of goods, expenses, and profitability. It's also important to consider your competition and the prices they charge for similar services.
You probably already know that figuring out how much time you've spent on a job involves more than just adding up the hours or minutes you spent working on the job itself. Any additional training you received in 2022 (and now in 2023) should affect your pricing. Take the time to re-evaluate your prices and ensure they accurately reflect your services' value.
Improving yourself, investing in courses, keeping up with trends, etc., takes time. These are actual hours put in; therefore, factor them into your asking price.
Also, inflation can affect your prices. Don't be afraid to increase your prices if necessary, but also make sure you're still competitive in the market. You can see what your competitors are doing and adjust accordingly.
You can also ask your potential customers how much they are willing to pay for a particular product or service. Knowing how many people are willing to pay for your service or product is crucial. If your pricing is too expensive, just a fraction of your potential customers can pay it.
The goal is to find that sweet spot where you make the most money and still have a lot of customers.
Quality is another aspect to think about when setting prices. You should price your services fairly if you use high-quality products, which will probably increase your service costs. Generally, the more valuable a good or service is, the more you should charge for it.
The question of how to define "quality" in your services might vary slightly from person to person. In our opinion, your work will be only as good as your ability to do it. Still, other factors like your years of experience, education, clientele, honors, and recognitions can help bolster your reputation.
As a beginner, you may focus on client acquisition as a primary aim. While you are just starting out and building your clientele, referral network, and portfolio, you may wish to offer discounted rates. However, you should raise your rates when your level of expertise, experience, education, clientele, and/or recognition grows.
The key is to know your worth and demand for it.
3. Find A Network Of Pros To Lean Into 🤝
Networking is key in any business, and the beauty industry is no exception. Look out for other professionals in your area and build a network of support. You start by joining our online Poshed™ Society HERE to be instantly emerged into a network of beauty pros! Not only can a network provide valuable advice and resources, but they can also refer clients to you.
Here are some tips to help you find a network of pros in the beauty industry:
Attend events and trade shows:
Attending events and trade shows in the beauty industry is a great way to network with professionals and learn about the latest trends and products. Poshed On The Go will be hosting many of these events and our first one is coming up soon! Again, be sure to join our Poshed™ Society to get all the latest details about these events.
Join professional organizations:
Joining professional organizations in the beauty industry, such as the Professional Beauty Association, can give you access to a network of professionals and resources.
Connect on social media:
Social media platforms like LinkedIn, Instagram, and Twitter are great places to connect with beauty industry professionals and follow industry leaders.
Take courses and workshops:
Taking courses and workshops in the beauty industry can help you build relationships with other professionals and stay up-to-date on the latest techniques and trends.
Reach out to professionals you admire:
If you admire a particular beauty industry professional, reach out to them directly and see if they're open to connecting. Who knows, they might be happy to offer advice or even mentorship!
Join the Poshed™ Society:
Our online community of beautiful professionals is open to all wanting to network, mentor, learn, and grow in the beauty industry. We provide free weekly training, business tips, and a safe space to ask all your beauty business questions. Please click here to join us today!
Remember, building an expansive network takes time, so be patient and keep reaching out to new people in the industry.
4. Sign Up For Continuing Education 📚
The beauty industry is constantly evolving, so it's important to stay up-to-date with the latest techniques and trends.
Continuing education is crucial for a few reasons as you set up your beauty business.
The beauty industry is constantly evolving with new techniques, products, and technologies being introduced all the time. By taking continuing education courses, you can stay up-to-date with the latest advancements and ensure that you're offering your clients the best possible services.
Continuing education can help you differentiate yourself from other beauty businesses. By pursuing additional certifications or specialties, you can show your clients that you're dedicated to providing high-quality services and that you're always striving to improve.
Continuing education can also be a great way to network with other beauty professionals and gain new perspectives on the industry. You never know, you might just pick up some tips and tricks that can help you take your business to the next level!
In short, continuing education is an investment in yourself and your business. Look into continuing education courses or workshops that align with your business goals for 2023 and put them on your calendar. This will not only improve your skills, but also give you an edge over your competition.
5. Go Mobile and/or On Demand 🚗
With the rise of on-demand services and mobile businesses, it's worth considering offering mobile services and/or an on-demand option for your clients. This allows them to have services done in the comfort of their home or office. It can also expand your customer base, as some clients may not be able to make it to a traditional brick-and-mortar salon.
You can consider offering services like mobile hair and makeup, on-demand beauty treatments, or even virtual consultations.
Here's a step-by-step guide on how to make your beauty business mobile and/or on-demand:
Evaluate your business model:
Start by assessing your current business model and determining if going mobile and/or on-demand makes sense for you and your clients. Consider factors like your target market, the services you offer, your 2023 business goals, and your current equipment & resources.
Invest in equipment:
If you're going mobile, you'll need to invest in some portable setup options, that might include a massage table, chairs, and additional tools you need to provide your services on the go. If you're going on demand, you'll need to make sure your equipment is set up for last-minute bookings.
Get licensed and insured:
Make sure you have all the necessary licenses and insurance to operate your mobile or on-demand beauty business. This will vary depending on your location and the services you offer, so do your research and make sure you're fully compliant.
Create a website:
A professional-looking website is a must for any business, and it's especially important if you're going mobile or on demand. Your website should showcase your services, pricing, and availability and allow clients to book appointments online. If you're not tech savvy, remember setting up a Poshed™ Pro Profile is easy and will take care of all of these necessary features for you!
Use app-based booking platforms:
App-based booking platforms like Poshed On The Go™ are great tools to help you manage your on-demand and/or mobile services. They allow clients to directly book appointments, view your availability, and make payments, all from their phones. And they allow you to manage all these pieces of your business from your phone, too!
Promote your business:
Utilize social media and other marketing channels to promote your business and reach new clients. Offer special deals and promotions to get the word out and start building your client base! Poshed On The Go™ will have auto-marketing features included so you can directly reach your clients faster and easier.
Keep your clients happy:
Finally, make sure you're providing top-notch services to your clients, and that you're going above and beyond to make their experience as seamless and enjoyable as possible. Word of mouth is a powerful tool, and happy clients can be your best source of new business.
Wrapping It Up
The beauty industry is competitive, with many would-be beauty entrepreneurs vying for the same customers. But if you put in the time and effort required, you too can build a successful beauty business.
If you have the appropriate mindset, approach, enthusiasm, and dedication, you can be successful in any business you start.
While there is much more to cover, these are some essential elements to consider when you structure your business. By following these tips, you'll be well on your way to setting your beauty business up for success in 2023!
And don't forget, if you're looking for more in-depth advice on how to earn more money and freedom in the beauty industry, sign up for our FREE PDF guide below! 📖 It's packed with valuable information and tips to help you take your business to the next level.
See you at the top!