When it comes to growing a thriving skin care business, often, aestheticians can be their own worst enemy. Here are six common ways skin care professionals tend to hamper their own success.
NOT ACCEPTING CREDIT CARDS
Let’s face it, clients are more likely to do business if the professional accepts the form of payment that offers them the most convenience and flexibility. According to Visa, cash payments are decreasing and providing this option for clients is becoming less of a courtesy and more of an expectation, especially when dealing with big-ticket items (think packages). A recent survey found that 83% of small businesses that accepted credit cards saw increased sales. Furthermore, clients tend to spend more when they purcase on credit.
NOT HAVING ENOUGH INVENTORY
As an industry standard, retail product sales should make up somewhere between 50% to 75% of income. Yes, 50% to 75% of income! It does not take a financial expert to see the dramatic affect a little focus here can have on a business. If a spa does not have inventory to sell, clients will simply go elsewhere to make their purchases. Clients will buy retail skin care products somewhere, so why not from you? Consider also the possible detrimental effects of clients purchasing inferior products from retail outlets, ones that might not only conflict with ongoing treatments, but also damage the eventual results the client and professional are both seeking to achieve.
VOUCHER-TYPE SALES AND PRICING DISCOUNTS
Offering services at consistently discounted prices consistently produces bad results. Regularly discounted sales train clients to delay purchases and wait for the next sale. Professionals have to believe in the services they offer and the price point they are offered at. If they do not have confidence in themselves, they cannot expect their clients to have confidence in them either. Clients need to see professionals as their industry expert.
Also, the discount chasers of the world will never be loyal. These clients are always looking for the next deal and continually jump from aesthetician to aesthetician to feed their need to find the next discounted deal. Building a business around constant discounts dooms the business to eventual failure or, at best, a bare subsistence.
FALLING PREY TO INVESTING IN TRENDS
This can be thought of as “the shiny new thing syndrome.” Who has not scrolled through Instagram and Facebook to discover the next new amazing product, mask, or machine? Many quickly invest in the next new thing – that is, until the next trendy fix-all appears and the cycle repeats over and over. This is a dangerously expensive cycle to fall prey to, especially when what clients really desire is consistently great results and services.
PRICING PRODUCTS AND SERVICES TOO LOW
With proper pricing and a well-designed menu of service offerings, skin care professionals have the potential to earn a solid six-figure income, so why not? Clients will value services no higher than the level at which value is assigned. Aestheticians have a tendency to undervalue and underprice products and services.
Here are a couple quick facts to remember: people will pay for whatever’s a priority to them – do not pre-judge a client’s pocketbook – and people shop in their income bracket. Providing higher-end services will attract a higher-end client base.
LACK OF PRODUCT KNOWLEDGE
One of the biggest problems many spa owners and aestheticians have is a lack of understanding of the products and tools they have at their fingertips. There are many great skin care brands to choose from. Armed with knowledge, professionals have the ability to completely revise most skin conditions. Critical to this is the need to, first, understand how skin works and, second, to understand how products work with the skin.
Assessing these six areas is a great place to start if a professional wants to improve their financial success.