Recession-Proof your Lash Business

Let's talk about the elephant in the room. With whispers of an economic slowdown, it's natural to feel a tad uneasy about your lash business and how it could be affected in the future. But don't hit the panic button yet!  Remember, the beauty industry has a secret weapon: the Lipstick Effect. History shows that even during tough times, people still treat themselves to little luxuries like gorgeous lashes. ✨

Now, let's be real. The UK economy is facing some bumps, with rising prices and talk of a recession. But here's the good news: you're in control of your lash business!  By taking some smart steps, you can not only weather the storm but thrive even during a downturn.

This post is your guide to recession-proofing your lash business. We'll break down how you can protect your business, then dive into actionable tips like:

✨Analysing your business

✨Protecting cash flow

✨Where to focus your efforts

✨Marketing tips

✨The power of community

So, grab your coffee (iced or hot, you do you!) and let’s get stuck in!✨ Remember, with the right knowledge and a bit of fierce determination, you can turn any challenge into an opportunity.

First things first - numbers. Although it can be a daunting task, knowing your business finances actually gives you superpowers. It shows you your strengths, like consistent revenue or a loyal client base. It also spots weaknesses, like hidden expenses or overstocked products in the salon. Think of it as lash analysis for your business – essential for healthy growth and recession-proofing. 

Have a look at what you have coming in and what you have going out. The aim is to get a good understanding of how much revenue you need to keep your business going comfortably. If you can build a buffer for your business, even better, so try and see where you can cut unnecessary spending. 

Similar to the point above. Protecting your cash flow is vital. 
One example would be to find more ways to generate more income, like diversifying your treatment options. If you offer lash extensions, why not train in lash lifts and brow laminations? By giving people more service options, you have more opportunity to increase your income. 

Another thing to mention here is pricing. When you think of economic recession, it is natural to think you should reduce your prices to accommodate customers being shorter on cash. Resist the urge to slash your prices. Remember the Lipstick Effect: during tough times, people often turn to small luxuries like beauty treatments. 

Keep your prices steady, but consider adding value instead of discounts. Think free aftercare kits, loyalty programs, or bundled packages that give clients more bang for their buck.

Don't settle for being the place to go for "nice to have" lashes. Aim for "essential" status, the kind of luxury your clients can't imagine living without. Remember, it's all about experience.

Elevate every interaction, from the moment they book an appointment to the final flutter of their perfectly-styled lashes. Offer seamless online booking, personalise their experience with detailed consultations, and go the extra mile with pampering touches, like relaxing eye masks or aftercare products and tips.

Make them feel confident, beautiful, and valued, and they'll see your services not as a splurge, but as an investment in themselves – an investment they'll happily repeat again and again. Remember, loyalty is key in a recession, and creating an unforgettable experience builds that loyalty like nobody's business! 

Dont Stop. In this situation, silence is not the one! Don't let your online presence fade away like a poorly applied extension. Stay top of mind by consistently posting on social media with engaging content, hosting fun giveaways and competitions, and actively engaging with your community.

Now, if your client base is feeling a bit sparse, reignite the spark. Don't be afraid to reach out to those who haven't booked in a while (even if it feels awkward!). Offer them exclusive deals or irresistible promotions to remind them why your lashes are simply the best.

Remember, loyalty is essential in a tight market, and a little effort to rekindle past connections can go a long way in securing your business's future. So get creative and get social.

With your customers:
Invest in your customers. It costs more to acquire new clients, so one very overlooked tip is to build real relationships with your customers. Show them that you have their back as well as them showing they have yours and the loyalty will increase.

With your fellow lash artists:
Join Facebook groups and go to events where you will be able to connect with people in the same boat as you. This will allow you to share your experiences and also hear from others who could help you with yours.

Times will get hard in your business, regardless of the recession, but if you focus in the right direction you will come out the other side. You just have to be agile and flexible - plan and execute well.