There's nothing we like better at Tuel than a day that celebrates gender equality. In the spirit of women helping women kick some ass in the skincare world, we sat down and came up with five important things we think everyone in this business should know. So in honor of International Women’s Day 2020, and this year’s theme, Each for Equal, read on for five business tips straight from two second-generation skincare lady bosses focused on helping everyone succeed in the industry through hands-on training, product knowledge and “tell it like it is” business advice.
1. Keep it Simple
When it comes to life and skincare services. If your services menu is straightforward, you can maximize your profits thorough inventory management and efficient product ordering. This also allows you to refine your skills set focused on a select number of services. The goal? Be the best at what you do.
2. Get a Mentor
Almost everyone who has done big things as an entrepreneur has had a mentor. (Guess who mentored Mark Zuckerberg? Steve Jobs.) The experience a mentor can offer is invaluable, and research shows you are more likely to succeed if you have one. They can also increase your networking opportunities and provide a strong sounding board.
3. Set Prices So You Can Make Money
Understanding what your market can bear and doing your homework on what your competition is charging is important to your ongoing success. Establishing a business plan upfront will help you evaluate and understand the numbers BEFORE you invest, set proper pricing, and lead to a better understanding of what you need to do to make money. Taking the time to create a business plan is worth every minute of your time. Just do it.
4. Only Invest in What Will Create Income
While we all want our salons to look amazing, the fact of the matter is a $20K floor might look fantastic, but it won’t make you a dime. Instead, invest in education, effective products, marketing, and the retail aspect of your salon. Those are the things that are worth every penny.
5. Sell Retail to Everyone
Speaking of retail, if you aren’t selling it in your salon, you are missing out on a BIG profit center. Truth? They are going to buy it somewhere, so why not from you? Stock your shelves with products, and then educate yourself on those product benefits so you can communicate the value while you are with your customers during their treatments. The hands-on, customized approach is the key to ongoing success and repeat business.