A crisis. For many owners of a beauty business, this word is synonymic to panic. However, experienced entrepreneurs have already felt the so-called economic turbulence and know for sure that the crisis means only complexities and risks but a time of opportunity to lay the foundation for future prosperity. How can you stay afloat during the crisis? Check out the articles and find out the economic principles!
1. Look for suppliers who try to keep prices down (even temporarily). If it’s impossible, pay attention to alternative lines of cosmetics at a lower cost. For example, there are Italian brands with a loyal pricing policy and quality comparable to other European brands. Check out the products of Asian (especially Korean) manufacturers as well.
A profitable affiliate program based on the win-win principle will help the salon at any time. In a difficult period, it can even help you to bring the beauty salon out of the crisis. You can try to include non-core organizations in the affiliate program, such as clothing and cosmetics boutiques, jewelry stores, pharmacy chains, travel agencies.
As a leader, in a crisis your task is to prevent employees from leaving your salon; motivate them, stop possible panic; convince your staff that in a crisis you need to stay a team, be able to save and wait; be sympathetic to the inevitable income reduction.