According to IBIS WORLD.Com The beauty industry, specifically the hair industry as of Aug 2017 had a revenue stream of $44 billion dollars with a 1.8% annual growth rate. Numbers like this prove that this definitely is a profitable industry to be in, however, while one beauty brand is growing another has decided to call it quits.
The beauty industry with all its glitz and glam attracts people like the siren of the sea by its beauty but there is a side that no one discusses often and that is the fierce competition. While I was in cosmetology, I can not recall any lessons about the business side of the beauty industry I can only remember techniques. So when I started out as a new stylist I found myself bobbing and weaving through the hair industry just trying to keep my head above water. All that changed when I took Brendon Burchard course Expert Academy. It showed me how to build a brand from scratch regardless of the stage of the business you are in. The best part of about taking his course was that everything had a simple recipe formula type of flow, in my opinion, it makes it easier to learn in a fast amount of time.
Today I’m going to give you a crash course on what I learned from taking this course, take notes had I known this back in cosmetology school I would have used this method while I was still a student, but it’s better to be late than never right? Let’s jump in, here is the 4 step system in a nutshell that I learned…
- Chose a niche, AKA Specialize in something: This one move alone put’s you ahead of the general population of people in your field, and it instantly increases your marketplace value, think of general dentistry and cosmetic dentistry.
2. Cater your business to a specific group of people: Most business owners try to be everything to everyone. Since it’s impossible to please everyone, why not focus your efforts on a particular group of people that are more likely to be a better fit for your product or services. This creates a pleasant experience for both parties the patron and the business owner.
3. Positioning: Position your brand to be the go-to source of knowledge for that industry. Become a visible curator of knowledge pertaining to all things related to your specialty/niche.
4. Stop selling products and services and start selling purpose. This is key in 2018 and years to come, people don’t care about what you are selling or offering, they care about why you are doing it. The consumer market is smarter than ever before. This is how your clients connect with your brand, a purpose makes it feel more personable.
“A Brand at its core is a purpose-driven perspective on any given market shown through products and services”.
If you follow this recipe I can promise you that you will have more clarity, confidence, and certainty that you are on your way to building a 6-7 figure beauty brand.
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Until Next Time, Cheers to Your Success