How to Reinvest in Your Beauty Career When the Economy is Slow
Like all other industries, the economy affects income in the beauty world. When things are going well, you're likely to make more money. But when the economy isn't doing so hot, chances are your beauty business needs you to get creative – and not just with the looks you provide.Don't own a salon or spa? Unless you're directly employed by someone else, you're running a business! This includes booth renters, beauty professionals working out of their homes, mobile estheticians, and just about anyone else in the industry.
The good news is that economic downturns can offer opportunities to make changes to your cosmetology business methods and come out on the other side stronger than ever. Let's dig into a few ways to ensure your beauty business weathers an economic storm.
Keep Up with the News
Avoiding the news during stressful times can be tempting. However, as knowledge is power, you need to know what's happening in the economy to adjust your current methods and plan ahead. You can do this using online resources, industry contacts and organizations, and trade publications.
A quick way to keep on top of news that matters to you is by using Google Alerts. Put keywords into this free resource's search bar, and you'll receive alerts when news stories, videos, blog posts, and other relevant things are published.
Let's say you're dealing with a nationwide recession affecting your cosmetology career. Some of the keywords you could include in your alerts are:
- recession cosmetology
- recession salons spas
- recession economy stylists
However, you shouldn't limit yourself to Google searches. Consider joining local and national professional beauty associations, particularly those focused on your specialty. People in these groups could offer resources, ideas, and empathy.
There are also trade publications, many of which showcase free digital content online. The academic research and writing services firm IResearchNet maintains a list of significant beauty, salon, and spa journals for industry professionals. These dig into today's challenges in depth, making them among the most complete and accurate sources available.
Pursue Continuing Education
Continuing education (CE) is often required and always advisable. Chances are high that your state requires cosmetologists, estheticians, and other professionals to complete
CE courses related to beauty to maintain licensure. If things are slow at work, you could dedicate some time to taking classes.
Even if your state doesn't require CE credits for license renewal, you should take these classes to stay current on current trends, hone your skills, or add additional services to your menu.
Today, you might be able to find continuing education classes online, even though beauty is a hands-on field. This can be beneficial if you can't justify being away from the salon or your home for a few hours or if you're just trying to save on transportation costs.
Note: Be sure your state accepts the CE courses you're considering for license renewal. Your state's cosmetology board site or the class webpage should state if a course applies to your credit hour requirements.
Bolster Your Marketing Strategy
Chances are your
beauty school program introduced you to marketing strategies, but it wasn't the number one focus. Effective beauty business marketing is critical to success, but it doesn't come naturally. Consider taking a comprehensive small business marketing course to learn more about it. You could potentially find these online, which may help you stay at work and study during lulls.
Whether or not you take a marketing course, a slowdown could be a perfect time to research and revise your current cosmetology business marketing plan. This is where your membership in trade organizations or relevant groups can come in – people often want to share their secrets to success. You can also go online and find marketing tips and tricks.
Create or Revise Your Portfolio
No matter where you are in your career or what the economy is doing, you need a current portfolio
. That portfolio can attract new clients, help you get a job, and bolster your online presence.
An Instagram page can't replace a portfolio (though having an active Insta is a wise move!). Why? Because an official portfolio gives you complete control over the first images potential clients and employers see, while an Instagram page lets you show your whole range and connect with people on a more personal level.
Get a Side Hustle
While a side hustle may not immediately benefit your business, the extra income can help keep the lights on. Plus, your other work could still be in beauty, which could put more eyes on your skills and help you improve.
Beauty side hustles can include creating online classes or tutorials, making and selling beauty products, and building a social media presence that eventually gets sponsors or affiliates. There are many options outside of beauty, too, which could be done during slow hours at your everyday job or when you're off work.
Practice Self-Care
Practicing
self-care as a beauty professional is essential to success, regardless of what is happening in the world or workplace. But when you're going through stressful times at work, self-care may not seem worth the time. Getting burnt out can make you worse at your job and less pleasant to be around, though, which can negatively impact your career. Take that time for yourself!
Continuing education (CE) is often required and always advisable. Chances are high that your state requires cosmetologists, estheticians, and other professionals to complete CE courses related to beauty to maintain licensure. If things are slow at work, you could dedicate some time to taking classes.
Even if your state doesn't require CE credits for license renewal, you should take these classes to stay current on current trends, hone your skills, or add additional services to your menu.
Today, you might be able to find continuing education classes online, even though beauty is a hands-on field. This can be beneficial if you can't justify being away from the salon or your home for a few hours or if you're just trying to save on transportation costs.
Note: Be sure your state accepts the CE courses you're considering for license renewal. Your state's cosmetology board site or the class webpage should state if a course applies to your credit hour requirements.
Bolster Your Marketing Strategy
Chances are your beauty school program introduced you to marketing strategies, but it wasn't the number one focus. Effective beauty business marketing is critical to success, but it doesn't come naturally. Consider taking a comprehensive small business marketing course to learn more about it. You could potentially find these online, which may help you stay at work and study during lulls.
Whether or not you take a marketing course, a slowdown could be a perfect time to research and revise your current cosmetology business marketing plan. This is where your membership in trade organizations or relevant groups can come in – people often want to share their secrets to success. You can also go online and find marketing tips and tricks.
Create or Revise Your Portfolio
No matter where you are in your career or what the economy is doing, you need a current portfolio . That portfolio can attract new clients, help you get a job, and bolster your online presence.
An Instagram page can't replace a portfolio (though having an active Insta is a wise move!). Why? Because an official portfolio gives you complete control over the first images potential clients and employers see, while an Instagram page lets you show your whole range and connect with people on a more personal level.
Get a Side Hustle
While a side hustle may not immediately benefit your business, the extra income can help keep the lights on. Plus, your other work could still be in beauty, which could put more eyes on your skills and help you improve.
Beauty side hustles can include creating online classes or tutorials, making and selling beauty products, and building a social media presence that eventually gets sponsors or affiliates. There are many options outside of beauty, too, which could be done during slow hours at your everyday job or when you're off work.
Practice Self-Care
Practicing self-care as a beauty professional is essential to success, regardless of what is happening in the world or workplace. But when you're going through stressful times at work, self-care may not seem worth the time. Getting burnt out can make you worse at your job and less pleasant to be around, though, which can negatively impact your career. Take that time for yourself!