Are you wondering if you should keep your beauty business alive and ride out the COVID storm? We’re living in uncharted territory. Every industry is in turmoil due to COVID and local businesses are fighting for survival. It’s predicted that 30% of hotels and restaurants will not recover from this immense setback. Many sectors are affected and our very own beauty industry is no exception.
Many beauty business owners are choosing to close their doors. Some just don’t have “the fight” in them anymore. You may be at the same crossroads.
It’s not easy navigating the challenges and uncertainty we’re going through right now. Many beauty businesses reopened only to find themselves working at 25% to 50% capacity. The revenue is not coming in like it did pre-COVID and the situation is simply not sustainable.
Some beauty professionals are in unique situations. A few states aren’t allowing estheticians to perform facials on clients due to mask mandates. It’s a huge blow to businesses if facial treatments make up a majority of services and income!
Then, there are states such as California where estheticians can only perform services outdoors — which is just not practical for most of the services that we offer.
But of course, complaining about the situation isn’t going to get us anywhere. As I always remind my clients and teach my students — we need to take charge and put ourselves back in the driver’s seat!
You may be at a decisive point right now, trying to decide whether to throw in the towel or do whatever it takes to keep your business open.
Ultimately, you need to make a decision that’s right for you and your family. There’s no shame in taking a step back if that’s what serves you best. But if you decide to keep your business going, here are the foundational elements you should have in place.
What It Takes To Ride Out the COVID Storm and Keep Your Beauty Business Alive
If you want to keep your business open, you need the money in the bank and your head in the game. Are you prepared to ride this out if your books are not as full as they used to be? Let’s find out:
You Have Money in the Bank
This is the cold hard truth — you may want to stay and fight to keep your business but what does your bank account say? Right now, beauty businesses should plan for negative cash flow for a while even if you tighten the belt and limit your expenses.
Do you have the cash to pay for the basics you need to deliver your services and stay in business? These may include rent, utilities, insurance, and products. Of course, you also have to pay yourself if you’re going to make this work!
Do the math and know your numbers before you make a decision. Research the market to see when you may expect things to turn around in your area. Then, consider if you have enough money in the bank to ride out this rough patch.
You’re in a Right Headspace
Where are you emotionally and mentally? Many of us have gone through a lot during the pandemic and some were affected personally by the virus. The stress and pressure can take a toll on our physical, mental, and emotional wellbeing — impacting our abilities to work effectively in our businesses.
It’s one thing to consciously set a goal and it’s another to follow through and take action. If you’re not in the right headspace to implement the strategies and tactics your business needs to ride this out, you may have to re-evaluate your decision.
Even if you’re in a good place right now, you have to keep doing the inner work to stay in a positive space so you can face the challenges that are bound to come up every day.
Our circumstance changes daily as the rest of this year unfolds.
You’re Ready to Pivot and Shift – Creative Ideas
Pivoting or shifting means you still have your long-term vision and dream in view. You’re just shifting your way of doing business to reach that goal. Right now, you need to come up with creative ideas and be willing to do what it takes to generate income — because you won’t have a business if you don’t have cash flow!
I have met many creative beauty professionals during this COVID crisis. I have no doubt that you can also find a way to keep your beauty business alive as we explore this new world.
Some beauty business owners are designing masks and plexiglass shields for sale — leveraging their client base, resources, and professional relationships to create value and generate income. For example, my dear client, Sheryl Baba, has designed the Esthetician Breathe Guard to help keep beauty professionals and clients safe.
Many factors affect your decision on whether to ride out this COVID storm. Analyze your business from an honest financial viewpoint to determine what is best for you.
During this critical time, exchanging ideas with and getting support from other beauty professionals can help you uncover hidden opportunities and stay position when things get tough. I invite you to join us in the Esthetician Inner Circle where like-minded beauty business owners can access our large library of business and marketing masterclasses while learning valuable “from-the-trenches” insights from each other.