You’ve worked hard to establish your business, and the last thing you want is to lose money — especially over simple mistakes. Here are the most common ways beauty businesses lose money for you to avoid and run a profitable company for years to come.
You’re not charging enough
Charging the right amount for your products and services is crucial to the overall success of your business. Charging too little isn’t sustainable, and charging too much will keep customers from coming back. Your best bet is to figure out how much it costs to purchase, package and ship your products and charge just enough to make a profit. For services, charge enough to make a decent profit after factoring in employee wages, necessary products and tools used.
Every quarter, look over your finances and adjust prices and expenses as necessary.
You’re not selling your own products
Selling your own private label products could save you thousands on pricey designer fees. Onoxa offers the first-ever online platform for private label skin care. With over 12 industry-leading serums, moisturizers, and cleansers to choose from, you can create skin care packages for every consumer. You can even purchase sample packages to test it out before you invest in a larger supply.
Private label products are an extension of your brand. It’s how people recognize you, your business and your product. Selling someone else’s product won’t help them create brand loyalty with your company, while selling your own custom beauty line creates a loyal fan base with your name and identity.
You’re not on social media
In today’s technology-first society, social media is the first place people look when it comes to finding services and products. As an entrepreneur, you need to claim your social media profiles with your business name and link them all to your website. Your website should also link back to your social media profiles. Aim to upload new content to your social media profiles regularly, and use them to reach out to potential clients.
Use these profiles to advertise specials, deals and the services that make your business stand out.
You’re not encouraging client loyalty
The best beauty businesses are built on a loyal clientele. As you continue to grow your own company, be sure to encourage customers to return. You can do that in a number of ways.
First, provide excellent service. People would rather have a go-to beauty specialist than have to search for someone new and risk a bad experience.
Next, encourage them to make a follow-up appointment before they leave. Ask them if they’d like to add a new service when they come back, as well. If they’re in a hurry, promise to call or email them soon with possible appointment dates and, most importantly, follow through.
Finally, offer a loyalty reward program to keep people coming back. Depending on how established you are, a reward could be anything from a discounted service to a free one. It can even be a birthday coupon that goes straight to their inbox. By interacting with your clients and showing them that you are invested in them as a person, they will naturally feel more compelled to be invested in your brand.