Friday, June 30, 2017

Tips For Growing Your Beauty Business in The Next Financial Year

Happy New Financial Year!

July 1st brings a new year in business. This is a good time to start with a clean slate. Review your past year performance, assess what worked, what didn't work and make plans for the future to improve your performance and grow your business.

how to grow your beauty business by jana elston
In business, there is no such thing as staying the same. Your business is either growing or falling behind. As the market grows, your competitors grow, inflation grows and the cost of living grows. Your business needs to grow in order to stay viable and stable. So what will you do this next financial year to help your business grow?

There is only so much you personally can do. There are only so many hours you can put in. If you are running a business at capacity, there are ways to increase revenue over the next financial year.

There are ways to grow your business. First, you need to decide on a strategy, write down your goals then make a plan on how you will achieve your goals. Here are some tips on growing your business this new financial year.

To grow your business you either need to increase the number of customers you service, bring new customers to the business, have existing clients spend more with you by seeing you more frequently or buying more products and treatments, or you can raise your prices.

If you personally cannot take on more customers then you need to hire people to help you in the business or outsource tasks that take too much of your time working on your business. By hiring people you will bring in more revenue as your people look after more customers that you physically could not do. The next step to think about is then, how will you bring in new customers?

Another strategy is to free yourself up by outsourcing tasks that take you away from servicing your customers. You need to free yourself up to bring more revenue into your business. Work out what value you bring to your business. If you bring in $100 per hour, and it takes you an hour to do your bookkeeping, then it's going to be cheaper for you to pay someone one hour to do the bookkeeping for you. Think about what you can outsource and make it happen to boost your revenue.

Another way to increase revenue is to have your existing customers buy more from you. This can be done with add-on treatments,  purchasing products with treatments and increasing the frequency your customers purchase from you. Do you need to bring in another service that can be used as an add-on to help increase your revenue? Do you have existing services you can package up so that your clients will spend more with you during their visit? Are there upgrades you can offer your clients?

increase sales to grow your business by jana elston
How are your retail sales? Retailing is the fastest and easiest way to increase your revenue. How can you increase your retail sales? Do you or your staff need training? Do you need to have more products available for retail?

Finally, how can you increase the frequency of your clients purchasing from you? Do you need a loyalty program, a customer club or point system? Do you need to offer incentives and rewards to have customers buy more from you? There are so many ways you can boost your business revenue and your income through retailing in the salon or spa.

The final way to increase your revenue is to raise your prices. If you have already implemented strategies I discussed above, or if you have not raised your prices for some years, it may be time to have a conversation with your accountant. Time to look at your services menu and assess what you should be charging your customers to increase your revenue and grow your business.

As you close off and wrap up another year in business, it is time to sit down and make some plans on how you can increase growth in the new financial year. You need to look at your business and decide which strategy or a combination of these strategies will work for your business best. Make a plan, set some goals and take action early. The earlier you start the sooner you will start seeing results.

If you need help in strategic business planning or need advice on how you can grow your beauty business send me a message and let's have a chat. I am available for business coaching and I can help you find ways to grow your business, make some plans and set some goals.

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Enjoy a successful and prosperous day!
Jana x

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