After a few years (or months) managing your home-based salon, being a mobile lash artist, or working in someone else's space, you have come to the point of finally fulfilling your dream of growing your lash business. After all, there are only so many clients you can physically lash in a day, and if you want to make seven figures soon, you will need some planning.
With that in mind, in this blog, you will learn how to expand your vision and reach by avoiding some "what not to do's” when growing your lash business. Let's get started!
1. Not having a financial plan
We always emphasize how working smarter is always better than working harder. Here is an excellent article on earning 100,000 a year through your business. Suppose you have noticed that despite your steady income stream, you need help to keep up with your expenses. In that case, that means you need to be financially savvier. Have a financial plan. Hiring an accountant is essential if you have a full-fledged business. They will help you manage your taxes, help you get maximum returns, and keep your business legally safe. Outline all your monthly expenses and calculate them against your profits; if you are breaking even or going in the negative, it's time to make some changes.
2. Not having policies for your lash salon
Imagine a client threatens to take you to court because they have had a bad allergy. Imagine a wayward employee puts you in hot water. What is the next step? Do you have any documents to refer to? How do you legally deal with a situation like that? First, you need to outline a set of policies that will keep you and your business safe. Guidelines for your employees, waiver forms for your clients, and business policies will help you create a safe and fair environment for both parties. In addition, documented policies give your employees and yourself great confidence to work without confusion as the expectations are well defined.
3. Not moving to a bigger space
One of the biggest milestones in growing your lash business is the decision to rent a bigger salon space. Although this is a sign of success, it can also come with added responsibilities, such as increased rent costs, increased running costs such as heating/cooling, managing a larger area, and potentially hiring additional staff. Renting a bigger salon allows you to provide your clients with a more spacious and comfortable environment and offer a more comprehensive range of services. If you're considering expanding your business in this way, it's essential to carefully weigh the potential benefits and drawbacks and plan how you'll manage the transition.
4. Trying to do everything alone
You are only one person, and you can only do so much. Running a successful lash business means you have to be on top of your business but it doesn't mean you need to take the onus upon yourself to do everything. That's why it is crucial to consider hiring staff. Success means you take your business forward, not trying to do everything yourself or micromanaging your team (if you have one already). If you already have staff, you should set the goals and expectations and ensure they are met and reviewed monthly, quarterly, or yearly. As a leader, it is your responsibility to teach your staff. This can be done by setting work policies and behavioral expectations. Having formal documents on the company policies, a business motto, and goals gives them clarity on how to move forward.
5. Hasty team hire
Now that you know having staff is an important step to successfully growing. However, that doesn’t mean you should rush the process. DO NOT hire someone hastily because you are understaffed and need someone urgently filling in the position. The goal should be to find an employee who is aligned with the job requirement, is goal-oriented, and is committed because it will otherwise cost your business dearly and will also affect the reputation of your business.
Outline the job role before starting the process; knowing what you want from the position makes it easier for the candidate and yourself to set expectations. Map out the questions you intend to ask at the interview and ensure what they expect from the role and their future goals. If they align with your business goals and the expertise you are looking for, you know you have found the right candidate.
6. Not thinking outside the box
You should think outside the box when you want to boost your lash business. Elevating your business is much more than having an operational plan. Challenge yourself and think of new ways to be competitive in the market. For example, have you ever thought of becoming a lash trainer or mentor? Becoming a lash mentor or trainer is a rewarding and lucrative career path for those with a passion for the beauty industry and a desire to help others succeed. This role involves providing education, guidance, and support to aspiring lash artists, helping them develop the skills and confidence they need to thrive in their careers.
Greek philosopher Plutarch believed that to make no mistakes is not in the power of man, but from their errors and mistakes, the wise and good learn wisdom for the future. Based on this philosophy, we wish you luck in confidently growing your business. We learn something new every day, and it never stops; however, embracing the tips we have shared today can help you avoid the missteps others have already explored.
When growing your lash business, make sure to challenge yourself and set high expectations to succeed and transform yourself and your career. Discover more helpful tips and tricks for growing your lash business from the Prolong Lash blog and learn how to partner with us to receive personalized assistance from our team now.