Earlier this year, I was part of a great panel discussion on going from 'Self-Employed to Beauty Business Owner' put on by the Association of Natural Hair Care Professionals (ANHC Pro). The intention of the webinar was to discuss how to scale your business or make it scalable. As one of the Advisors, I shared some of the reasons we, as owners, often can't or don't scale successfully.
1) We're exhausted. We're busy doing so much in our business, that we don't have the time or energy to work on our business. Take Gina, she was literally too tired to do the planning and implementing needed to take her business to the next level. She had created a great business from scratch and was super busy (add overworked and overwhelmed) taking care of what she'd already created. So why was she so exhausted? Gina knew there were many times she should've said 'no' when she said 'yes' instead. She hasn't had the courage to raise her prices because she's scared she's going to lose what she's worked so hard to build. Which, believe it or not, is actually keeping her from getting to the next level, which is where she really wants to be. Some changes, mindset shifts, delegation and more, may need to be made in order for Gina (or anyone else) to scale.
2) Next is the exact opposite. We haven't actually created success with what we're currently doing, yet we want, and expect it to explode in growth. It should go without saying, but it's critical to have a successful business, i.e. satisfied clients, fairly consistent income, a waiting list, more demand than you can handle, etc. Before you're able to scale, you have to have something to scale. Just like you can't build a house without first building a foundation for that house, a business can't scale without a solid foundation either. Several people who attended the online even, had questions that were more about a 'great idea' that they have, than an ongoing business. Some had two or three 'businesses' that were all in the beginning stages, with no real demand for any of them. It's impossible to scale something that isn't already up and running. Get one plate spinning first and don't be in a hurry to scale. Spend your time getting that one business running like a well oiled machine, then you're ready to scale.
3) How much can you actually handle? What infrastructure, technology, assistance or other resources need to be in place to meet increased demand? I met with a business owner of a product line, we'll call her Lois. She'd done an amazing job with marketing, advertising and creating demand for a product that produced excellent results. She wanted to scale and have her product in stores nationwide. That's a great goal, and one that's achievable. But not at the stage she was in. All products were being made, packaged and shipped in and from her home, with a skeleton crew (which really means she was doing most of the work). Lois had other commitments and was barely able to keep up with the current demand. She needed to hire, but hadn't had the time (or skillset). And what happens if she, God forbid, gets sick or called away for an extended period of time. Life happens to all of us, even when you're building a business. But if she was barely able to keep up with demand, what would happen if she '10x'ed' her business with increased volume, shipping demands, production demands, etc. At that time, Lois was unwilling to take the time to work on her business to think through what the next phase of the business would need. What about you?
Unfortunately, what got you this far will not necessarily get you to the next level! If you're doing $5,000 a month, it's not just doubling that that will get you to $10,000/month. Scaling often requires a new mindset, maybe a new skillset and definitely a new way of doing business. I love helping people make that jump. And it doesn't have to take as long as you may think. I've watched my students (savvy business people, talented Artists, Beauty Pros) transform their minds and their businesses, within months, sometimes even weeks. They get to live a new lifestyle, take better care of their clients and increase their creativity or business savvy, all because they learned how to work smarter rather than harder. If you're ready to scale, let's connect!
P.S. Ready to scale your business? Club $10K may be for you! It's a 90-day Mastermind that will help you skyrocket your serviced based income to $10,000/month and beyond. For more details, and to see if it's right for you, book to meet with Miki - no pressure or obligation. Spaces are limited and the next session starts in May, so don't delay! Visit https://Profitplan.as.me/10K
Miki Wright is a Pricing Strategist and Business Funding Expert, as well as a long time Leader in the Beauty Industry. She helps Business Owners confidently set and raise their prices, without fear or guilt and offers business funding (up to $25K within 24 hours). Wright has a deep understanding of the unique challenges faced by Entrepreneurs with regards to pricing and accessing funding.
Wright's former Salon and Spa has been featured in Essence Magazine, The Washington Post, and qualified as one of the 200 fastest growing Salons in the country with SalonToday.com, for three consecutive years. Wright is known for her ability to innovate, inspire and offer actionable steps that get results and is the Founder of the Club $10K 90-day Mastermind.
Ready to take your business to the next level? Wright will help you set and raise your prices with confidence, and build and fund the business of your dreams. Contact her at BeautySuperStars.com or for business funding, visit bizfunds4u.com