As a connoisseur of beauty events worldwide, I’ve encountered the first beauty event specifically tailored to licensed estheticians where the rubber really meets the road. Why is that, you may ask? More often than not, the objective of many beauty events includes, increased product sales, competitions and/or show exhibits, continuing education, networking, concerts and panel discussions. Several weeks ago, I had the opportunity to speak on the topic of Finance at the Skin of Color Conference held by Chief Cosmetic Chemist Eunice Cofie-Obeng of Nuekie Skincare, which highlighted some of the same occurrences within beauty events. The Skin of Color Conference experience differed from other beauty events to the degree of setting a direct focus for licensed esthetician attendees. The information shared ranged from cosmetic science, leadership, strategy, marketing and finance. Majority of the attendees at the conference operate in varying capacities as estheticians and based on the attendees’ feedback there was a great need for the educational tools provided. Attendees left the conference with actionable steps to make correction and create an improved foundation for viable future operations. Even though it may seem outside of the protocol or may be uncomfortable to refer to a personal business situation one maybe facing in a room full of women, attendees did just that. If there was any discomfort, it is certain that such discomfort allowed the attendees to explore new levels in their business. Although the beauty industry consists of various professions, (i.e. Barbering, Hairstyling, Modeling, Manicurist, Trichology and more) specific challenges are more relatable when it is shared with someone within the same profession.
During the marketing segment of the conference, all the valuable information shared eventually intersected to the overall generalization to “always market and advertise with a purpose and market in mind.” Creating connection and consistency across your marketing strategy is key to attracting the right people and sustaining a business operation. Color psychology is a perfect marketing strategy across many fast-food chain restaurants that invokes a certain feeling or perception to people as demonstrated by Guest Professor Latanya White, Author of Becoming Fearless. When it comes to political campaigns, colors used on ads for candidates are typically the same. Therefore, it is critical that colors conducive to the industry are used to influence the mood of those who desire to receive a service someday.
As a Salon Consultant and Beauty Accountant, it is known that many beauty professionals are not trained or exposed to a curriculum to launch a business. The finance segment conveyed the importance in knowing your numbers to maintain longevity and acquiring a business acumen through financial workshops, online platforms such as Coursera (www.coursera.org) or business consulting services through Regalwood Consulting (www.regalwoodconsulting.com) to develop a better understanding of financial statements, expenditure analyses, business structure and other important aspects before committing to certain business decisions. Knowing where you stand before making a financial decision is important. Having an accounting and payroll department is not something most beauty business owners are privy of during the matriculation of their operations. Therefore, it is critical to seek qualified and experienced professionals to assist in this aspect of the business. This aspect of finance helps to establish and maintain a business that is structured.
Educational insight into pigmentary disorders, effective use of chemical peels along with special considerations for Black, Latino and Asian skin were also provided to conference attendees. Summarizing this conference experience may be unfair, however, attending and receiving such valuable information with actionable steps to propel your beauty business is fairness. This conference is considered as the bullseye target for bringing Esthetics to a new level, especially for women of color.
At this point in time, America and many other nations are trying to determine actionable steps to fight against the Coronavirus, which has resulted in mandatory closures for beauty businesses worldwide. This is a RESET MOMENT for many beauty business owners. A lot of things were going wrong in the course of business before this virus outbreak and NOW IS THE TIME to rectify the errors. Engage in informational reading and research that will help to change certain business processes, avoid too much discretionary spending or making large purchases. Evaluate everything down to the core even your marketing budget to determine if returns commensurate with expenses over time. Understand that every dollar spent on a marketing budget is not an automatic guarantee of immediate returns, however, in a three to four-month period there should be greater returns compared to prior returns before marketing implementation.
This is not the time for a pity-party or an extended vacation at home. This is the time to evaluate current processes and their effectiveness. Identify products or inventory where you are relying on overseas support to meet your demand. Can you change the direction of this support to a home-base manufacturing process? If cost is a reason keeping you from making such change, consider the long-term benefits instead of taking a short-term approach. Conduct a survey with your current staff, customers or both to see where improvement is needed. As a business owner you are like everyone else with the exception of certain Human Resource and Payroll processes that are not automatically set in place for you. Therefore, take the time to review the treatment of income into these categories so that you cannot only retire with dignity, but also weather unpredictable occurrences in our economy, such as…
- Budgeting
- Savings
- Emergency
- Retirement
- Investing and Trading
Like every system out there that requires a reboot period, this is it for the beauty industry. Be prepared to come out on top when it’s all said and done.
Check out the following blog post by Lysandra Joy, Esthetician and conference attendee with details and benefits of the overall conference experience… (Read More)
Cynthia Pierre
Salon Consultant &
Beauty Accountant
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