Money is money is money… isn’t it? And do we have a ‘Money Personality’? If that seems a rather strange idea, let’s explore it a little. After all, it’s clear that we all have our differences in taste and lifestyle. One person loves rap music, another classical. For some people sport is the most exciting thing to watch, while for others a great series on television is the best of all worlds.
So clearly we have our differences, but surely in business there must be only one approach to how we use money? Well actually, no.
Let’s look at some examples, and see if you recognize your own Money Personality.
As you’d expect, Gamblers take risks and are attracted to the rush of when they might ‘win big’. A Gambler always claims to have a sure fire system, but to outsiders they often look dangerously addicted and lacking caution. What a Gambler will tell you is that sometimes they do win, and when that happens everything...
Anyone who enjoys being outdoors - maybe in a park, or forest, or gardening - knows that this time of year is, well… kind of dead. Or at least it seems that way at first sight. The beautiful colors of Fall have gone, and now the ground is rock hard. It's cold, there could be snow, and those lazy days of summer seem a very distant dream.
And yet, look more closely. There may be signs of tiny buds on the branches of trees. Beneath the soil, seeds are making their first attempts to push up to the light. So although it seems like most of nature is fast asleep, we know that there's a whole heap of stuff going on. Take squirrels - those clever guys who lay in a stock of food at the start of winter, then hunker down for a long snooze. They’ve figured out that when the weather gets warmer, they will wake again, reach for their stack of acorns and engage with the coming spring.
You know what? We humans aren't so different. Except sometimes we're not...
Here’s a special announcement: There’s the tiniest chance that you may have not noticed, so just in case… It will soon be Christmas and the Holiday Season! Did that news come as a surprise? Probably not, and yet every year the festivities come around and there’s always something that we’ve forgotten, or left to the last minute. Has all the shopping been done, the presents wrapped, the decorations put up? If you’re one of those people who can answer ‘Yes’ to all of that, then congratulations, you belong to a very select group.
For the rest of us mere mortals, Christmas is a time when there always seems to be another thing on the list. As we check one thing off, another appears!
In our businesses there’s also so much to do that it’s easy to forget to plan ahead, but remember, there’s a New Year coming soon, with fresh opportunities and the possibility of improving profitability. Right now the chances...
What a brilliant idea! Combine the buying power of a group to get coupons issued offering hugely discounted prices on goods and services. Consumers win by getting what they want much cheaper, and suppliers win by massively increasing their catchment: Pile ‘em high and sell ‘em cheap. It should work, shouldn’t it?
The Groupon concept (a word made up of ‘Group’ and ‘Coupon’) has been around since 2008, and yes, it has worked for a lot of people and a lot of businesses, but there are pitfalls.
Let’s look specifically at the Spa and Salon industry, and how Groupon promotions can help, or sometimes set-back the progress of a business.
Probably the biggest positive for a Spa or Salon exposed through the Groupon network is that it is effectively receiving ‘free’ advertising. Groupon reaches people that the business might not normally be able to find, so that must be a good thing. Or is it? If too many people...
OK, it’s career choice time! Do you want to train as:
A) A physician
B) A cosmetologist
Both jobs help people feel better and good about themselves. Both jobs require a period of training. For a doctor this will be years and years, while for a beautician, typically a one year course will get them qualified.
So in terms of time invested, working in the Esthetics industry wins easily, but what about potential earnings when the diploma is finally awarded? According to a 2018 Medscape Physician Compensation Report, Primary Care Physicians earned $237,000 a year, while Specialists earned $341,000. These are average earnings, but even the lowest-paid 25% of Doctors made around $112,210. Compare and contrast with average annual earnings of Beauty School graduates of around $26,000 a year.
So have you decided yet whether to be a Doctor or a Beautician? OK, we know this is a bit like comparing apples with oranges, but stay with us on this!
What about the ...
This year, perhaps more than any other, people are ready for their vacations. That often means time spent outdoors, and looking good, feeling good. For many lighter-skinned people, preparing for summer also means tanning themselves, either in sunlight, or at salons. Meanwhile, a great many men and women want to be ready for the pool party or beach by having hair removed that they find unsightly. So there are two complementary needs going on at the same time. Or are they complementary?
The run-up to summer vacations should be the time that Salons and Spas are really busy helping customers prepare for when they’ll be showing more of their flesh. Presuming that many of those customers will not opt for shaving, waxing or plucking to remove excess body hair, what remains is laser hair removal. Here’s the catch though - if a business has an older first-generation laser device, this is precisely the time when it can be used less and less. Isn’t that...
So you go to the Dentist. He has a manic gleam in his eyes as he says, “Shall we do this the hard way, or..?” At that point you might run screaming from the surgery. If it was a serious question from your Dentist, then for sure you’ll opt for, “Easy, please.” - Take a hit of the ol’ laughing gas, and let the work begin.
The strange thing is that we’re often confronted with the choice between ‘hard’ and ‘easy’, no more so than in the esthetics industry. Many of us need and want services such as hair removal, but are we really prepared to suffer quite so much? Do we have to do things the hard way?
For example, have you ever tried shaving your legs with a blunt razor? Or perhaps pulling out each hair individually using tweezers? In truth, the previous generation of Laser Hair Removal devices weren’t a whole lot better than that. The result? Discomfort and pain, mainly because no laser hair removal devices were...
How much is a lot of money? It’s possible that your definition is not the same as Elon Musk’s!
If you’re an owner of a salon, spa, or esthetics business, then right now ‘a lot of money’ is probably far less than it used to be. All over the country, businesses like yours are struggling to survive, let alone thrive. If you’re one of those that are doing well, despite the odds, then congratulations! However most people have witnessed their turnover and profit margins going rapidly south, and they’re desperate to see some change in their business fortunes.
One sure way to develop a business is to always demonstrate the difference between your offering and everyone else’s. You attract customers by showing them something new, special, and unique. That way they beat a path to your door and you’ll see an upswing in their spending. No-one ever attracted increased business by saying, “We’re continuing to...
It’s a new year, and time to start thinking about a beach holiday. Or a pool party. Or a summer vacation. Say what?
Let’s face it, 2020 wasn’t such a bed of roses, and we can all hope that 2021 does better in helping create happiness and sweet memories. As the year turns, people are starting to think to the months ahead, when the weather will be warmer, when it’s time for barbecues, swimming… and being seen in skimpy clothing. It’s nice to dream about for many people, and a coming nightmare for others. These are the people who have more body hair than they’d like, and battle to stay on top of its removal. The lockdowns of last year made it harder to get treatments, and now they’re seriously worrying about the schedule that will see them ‘beach ready’ by the summer.
Anyone who has had Laser Hair Removal treatments (and any salon owner who has given them) knows that it’s not something...
So the holidays are nearly over, and we hope you’ve had a great time, and the chance to decompress after one of the toughest years ever for many of us. No doubt you’re now thinking about what’s ahead, and how you’ll meet the challenges of 2021. Will it be just as difficult as the year we’re leaving, or are there tools that can be utilized to help the fight back to profitability? Even businesses in the spa, beauty and esthetics area that have done relatively well in 2020 (and there are a few) have to plan for the future, and figure out ‘where next?’ Those who have struggled are looking for the magic bullet that will help them to recovery.
The great news for both ends of the spectrum is that there is help at hand, in an entirely new form of Laser Hair Removal, and the superbly engineered, European-made Elysion-Pro system. If you’re not already aware of this game-changing device, then you can get up to speed on...
For an Executive Summary, majoring on the efficiency and profitability of Elysion-Pro, we have a 3-minute read brochure for you. That’s a super-quick guide to how the system offers such a great Return On Investment.