Episode 24: Is Your Beauty Business Prepared For Recession?

Mar 23, 2020

Why you have to check out today’s podcast:

How not to panic and how to devise your marketing strategies so as to save expenses and still show and talk about the value of your services even when everyone is tightening his belt

Learn about the important things to keep in mind during a recession and find out the valuable course of actions to take to help your beauty business thrive in the midst of a tough situation

Find out strategies and proactive ways on where to find clients at a time of recession

Summary

We are at a time where we feel the onslaught of the global downturn. The fear that this big pandemic crisis is gripping us with is evident. When things like this happen, usually people take 1 of 2 approaches. First there are those that think of the worst outcome (the sky is falling down) and the other one is, those who are in denial that anything negative will happen.

This is not to sound fear mongering or sowing seeds of panic. This global phenomenon has forced us again to enter into a period of recession. We all feel it. And we know this will have a big impact on our own beauty businesses. As with previous recessions, statistics shows that a lot of businesses closed and it is more fitting than ever for me to talk about this topic now. Yes, we feel apprehensive about a lot of things these days but then, it is best to keep calm and not panic. There is much that preparedness can do and this episode is entirely devoted to making our business thrive amidst all this craziness around. As the saying goes “When the going gets tough, the tough must get going.” Now, Let’s get going!

“This is not the time to stick your head in the hole and freak out. It's the time to be proactive and to start to think about these things. Having a plan, even if it's just like, okay, I think I could do this. I do have enough. Just checking, so that you don't have to panic.”

- April Meese

Topics Covered:

01:35 - The two camps of people in times of recession

02:24 - Statistics that show how many small businesses close and how small business owners behave in time of recession

06:37 - Talking about her own experience during a time of recession

07:40 - How do people view beauty services during times of recession

11:56 - What is the first important thing to remember to prepare for a recession

13:40 - Why you shouldn't be worried about changing back your prices after lowering it

15:43 - The second thing to take note: Why you should not panic and why you should start to cut

17:45 - Next thing for you to think about: Why you should have a customer loyalty plan and the strategies on how to go about it

23:58 - The fourth thing you should keep in mind: The need to tap your network and how to have win-win opportunities

26:10 - Why the need to reduce your supplies and how to do it should be next on your mind

27:25 - The last but not the least that you should do: Why you should start to think outside of the box

27:35 - What are the proactive ways of finding clients when the going is tough

Key Takeaways:

“It's about just being smart. We can't bury our heads in the sand and pretend like it's not happening. We need to have a plan.” - April Meese

“The first thing is to plan ahead. But let me tell you how to plan ahead. You should have cash on hand, you should have enough cash in your business.” - April Meese

“Here's the thing, when the recession hit in 2008 small businesses were not able to get loans as easily. The reason is that it wasn't stable. So if you think, Oh well, I'll just take out a loan. There's an expression that I like to use. which is 'You have to dig the well before you're thirsty.' If you are looking at this and you're like, Hmm, I don't have those funds right now, then maybe you should look into getting a loan.” - April Meese

“Don’t panic and start to cut.” - April Meese

“You have to actually step up your marketing a little bit more because you need to be seen more than ever at a tough time. When it's flowing and the economy is great and you know it's all around, you don't have to do as much advertising, but when times get a little lean, you do want to be in front of people, be on their radars and now your marketing is really going to be talking about the long-term value of your services.” - April Meese

“You should have a customer loyalty plan. So many times we just give the specials to the new clients and this is where I really want you to think about your existing clients because as the expression goes, a bird in the hand is worth more than two in the bush.” - April Meese

“A buyer is a buyer is a buyer. People that have already stepped up and raise their hands and said, 'Yes, I appreciate your services.' Then those are the people that you want to continue to treat well. They already value you, and therefore, it’s finding more things to sell to them.” - April Meese

“Social proof is so important especially when there's a lot of noise out there. How do you get people to see the value of your services? It’s by testimonials.” - April Meese

“Reduce your inventory without reducing the quality of your services.” - April Meese

“Start to think outside of the box because there's an expression when times get tough, the tough get going.” - April Meese

“When there's not a lot of resources, you have to be resourceful And so you have to start to think, where can I find new clients? Where can I find more clients?” - April Meese

If you would like to get a FREE copy of my "Uncommon Strategies to Get Clients Now" where I share my signature Client Attraction Formula then click here for that PDF https://www.aprilmeese.com/client-attraction-formula

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Episode 24: Is Your Beauty Business Prepared For Recession?

Why you have to check out today’s podcast:

Summary

Stay connected with news and updates!

Stay connected with news and updates!

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