Issue link: https://www.ascpskindeepdigital.com/i/1278890
find your dream career! ascpskincare.com/career-toolkits 19 beautybuzz INDUSTRY NEWS Tips and Trends Save, plan, and grow your business SAVE LIKE A BOSS Because of the pandemic shutdown, some spas remain closed while others are struggling to reopen. Flexible business owners have several ways to continue to grow while cutting expenses at the same time. Hillary Thomson of Boss magazine offers these four simple ideas to save money in your small business. 1. Get energy efficient. Utilities can be a big business expense. To help cut costs, take the time to do regular maintenance on your AC and HVAC units, and consider updating old appliances and thermostats to Energy Star models. Switch out lightbulbs to help save 10–30 percent on energy costs. 2. Hire your kids. Trade privileges or a bigger allowance for help around the spa to save on staffing costs—and teach the value of hard work and investment. Plus, if you pay reasonable wages, you can claim these as a business deduction. 3. Offer an internship. There are a lot of young adults who want to gain work experience. Partner with local universities to find willing candidates, but don't view these interns as free labor. You'll likely need to pay at least minimum wage and overtime. Check the Fair Labor Standards Act guidelines (www.dol.gov/agencies/whd/flsa) to be sure you're in compliance. 4. Share your space. Sharing your space is a way to cut rent and utility costs. Find a business you actually use, and barter your services for theirs. Or maybe rent extra space to another business in need of storage, or to a freelancer looking for a small office setup. According to a new report from Grand View Research, Inc., the size of the market for men's skin care products is expected to reach just under $19 billion by 2027, with a compound annual growth rate of 6.2 percent from 2020 to 2027. Rising awareness of personal grooming is driving the demand, along with a growing desire for premium shave care and by the growing popularity of organic and natural products. To see the full report, visit https://bit.ly/2Y5h8JW. For members heading back to work or seriously contemplating doing so, the ASCP Back to Practice guide is a hierarchy of ideas and precautions we strongly encourage you to consider for yourself, your practice, and your clients. ASCP has developed a very thorough look at the issues and challenges you will face when you resume your practice. Start with the summary, which provides a good synopsis. Should you want to dig in deeper, there are seven other sections of valuable information at ascpskincare.com/back-to-practice. Grab Your Piece of the Men's Skin Care Market Let ASCP Guide You Back to Work Associated Skin Care Professionals INFORMED ESTHETIC PRACTICE www.ascpskincare.com/back-to-practice