If you have a solid base of loyal customers and have sustained high profit levels for a significant amount of time, then you might be considering growing your beauty business. Growing your business can be hugely exciting, as you are creating the opportunity to take your operations to the next level. However, growth needs to be a carefully planned and managed process; otherwise, you risk alienating your existing clients, diluting your brand image, and wasting resources.
If you are looking for ways to grow your beauty business, then this guide is here to help by outlining ways to identify the most appropriate growth opportunities.
Conduct Market Research
One way you can identify ideas for expanding your beauty business is to conduct some market research. When you are completing market research, you should find out what your competitors are offering. In addition, you should look to find out what your competition is doing, at what price, for what type of customer. Finding out more about your existing market can help you to find your market niche more accurately.
Expand Your Offering
Another way to grow your beauty business is to expand the number of services you are offering. This can be a very cost-effective way of promoting business growth, as it does not require a big upfront investment if you have enough space to facilitate an expansion of services.
For example, you could diversify your operations by offering piercing services, skin treatments, or waxing. As Barber DTS explains, many regulations apply in the UK regarding what equipment you can use when offering piercing and tattooing services. Make sure that you comply with all necessary regulations before expanding the services you offer.
Digital marketing is another very useful tool for promoting business growth. If you do not already have social media accounts and a website for your business, you should set these up now.
Your social media accounts are particularly important for your beauty business as they show potential clients the quality of work you are capable of. In addition, focusing on social media marketing and search engine optimization practices can help you to expand your brand awareness and customer base.
Your staff are probably the most valuable asset you have as a beauty business owner. However, it is not uncommon for customers to be more loyal to a client than they are to the business itself, so make sure to hire wisely.
When you are hiring new members of staff, you not only need to consider what experience they have and how well they will suit your business but also their personal following. Taking the time to check out a potential hire’s social media accounts to find out their follower count and level of engagement can be a useful indicator of how much business they will bring in. In addition, you should always help new staff get comfortable at work, and establishing them as valued members of the team is vital to ensure low staff turnover rates.