Issue link: https://www.ascpskindeepdigital.com/i/1495571
New member benefit! Get the ASCP SkinPro app at ascpskincare.com/skinpro 53 4 5 8 9 10 6 7 services annually rather than on a monthly basis. Most companies o er a 30–40 percent savings for purchasing their services annually. You Didn't Do Market Research. Market research provides critical data about your immediate area and can be used to make important business decisions. As a rule of thumb, your market research should be done by listing 5–10 similar local businesses. Be sure to take note of what services they o er as well as their target demographic, current specials/promotions, price points, niche, and marketing angles. Lastly, take note of any areas of improvement (or weaknesses). Ask yourself if there is a demographic that is being underserved in your area. Using this data will allow you to tap into a niche market with a need that is not being served. By no means should you copy the competition, but a thorough analysis will allow you to know how to position your business in the market and how to improve what you already o er. You Haven't Raised Your Prices Recently. When was the last time you did a price increase? Keep in mind that the cost of living rises every year, therefore your prices also should rise slightly. Even if it's a small incremental increase, these changes will make a di erence in your bottom line (See "Pay Raise," ASCP Skin Deep Autumn 2022, page 78). When reviewing your pricing, consider the cost of service, salary, and overhead (including backbar, esthetic wipes, alcohol, and Barbicide). You Have Too Many No-Shows and Last-Minute Cancellations. Every time a client cancels at the last minute or does not show up, it costs your business money. When a client fails to show for their appointment, it leaves a slot open that could have been lled by another client. A good way to combat no-shows and cancellations is to collect a deposit or require clients to have a card on le that will be charged a de ned amount should they cancel last minute or not show up. Additionally, having set policies on your website and booking application will help clients understand what happens if any of your policies are violated. You Don't Rebook Your Clients. The lack of client retention is one of the top reasons why beauty professionals don't make a pro t. Many believe it's easier to retain clients than it is to acquire new ones. One way to do this is to rebook them before they leave your establishment. Don't leave it up to your client to remember to book with you. Simply recommend that they return for maintenance and set a de nite date on the calendar. For example, if your client is receiving a waxing service, let them know that in order to maintain their results, you would like to see them back for a follow-up appointment in four weeks. Clients rely on your expertise, so don't be afraid to recommend they return for the best results. You Don't Have a Marketing Plan. All businesses should have not only a business plan, but also a marketing plan. A marketing plan is an outline of how and where you will market your business. Your marketing plan does not have to be extensive. It simply needs to identify your message, target demographic, o erings, marketing platform (e.g., social media, yers, ads), and the way you will collect and nurture your leads. You Don't Have a Niche. Your business and services are not for everyone, and that's OK. De ning your niche will help you de ne your marketing message and help your clients nd you. For example, you wouldn't go to a general practitioner for assistance with a dental cavity. You would search for a dentist. This also applies to your professional beauty services. By all means, o er more than one service, but become the expert in 1–2 services and use your marketing e orts to bring in more clients. You Don't Know Your Numbers. Be sure to charge your worth. Do you know how much you need to make in your business to pay your salary? You should know how much it costs to run your business, pay taxes, and pay yourself a salary (and employees if you have them). Not knowing your numbers could cost you pro tability. A great way to get to know your numbers is by placing all your expenses on a spreadsheet. From cotton rounds to suite rental, electricity to your salary, be sure to calculate everything. Special O er for ASCP Members Want to make sure your business is headed in the right direction? Download Crystal's Profi table Beauty Business Checklist. Learn more at crystalngozibeauty.com/coaching. 10 WAYS