Planning for the new year in your beauty business
The beginning of a new year is the perfect time to reflect on how your beauty business has been performing and to plan where you’d like it to head. Whether the last year went perfect or not as you’d hoped, now is the ideal opportunity to use this knowledge and experience to either expand or restructure your plans for your beauty business in the year to come. So we’re sharing some simple yet key steps to help you take a good look at your business and plan for its future.
Reflect on what worked and what didn’t
Understanding what business aspects enhanced your business in the last year and what didn’t is crucial to plan out the next year. Have a look into what services or products were the most popular and resulted in the most returning customers; look at what services and products were fine but could use some improving; and most importantly, look into some services and products which didn’t perform or caused bad feedback throughout the year. Looking at these will help narrow down what you can focus on really marketing or improving; what you can choose not to offer anymore; if you need to hire more specialists in a particular area you’re understaffed in; or if you need to look into new products and equipment.
It’s also vital to look at your numbers. Looking at numbers such as income; costs; profit; client base; average purchases and retention rate will give you a benchmark of your performance and allow you to set goals for the next year.
Brainstorm & research a new year plan
Look into what services you can change up or improve or introduce new products to. Do your research on current and predicted trends for the year ahead and plan how you can become a part of leading the trend rather than being left behind. For example, if you’re killing it in the hair and makeup game, why not add a spray tanning service to your business as fake tanning becomes more and more popular compared to tanning in the sun.
Ask your current customers and followers on social media what they’d like to see new in your salon. For example, maybe they love the way you style but they’d like to see more vegan beauty products being offered. Starting this conversation with your customers will ensure success and a higher retention rate as the customers will know your aim is to provide what they want.
Next, brainstorm and research what you can do to improve your marketing in the new year. Maybe your website needs updating or optimising, or maybe it’s time to hire someone to run your social media for you to really leverage digital networking as a way to get new customers to your business. If you’re already killing it in your marketing, look at new things such as video and competitions to really generate big engagement with your customer base and/or community around you.
Education & feedback
Working with your customers on what can be improved or what they’d like to see in your business can really encourage upskilling and training for you and/or your staff. Have meetings with your staff and see if there are any things they’d like to learn or improve on and develop an education plan and a calendar for one-on-one meetings to track their progress within your business – having this relationship is so important for a business to function well.