Working through these Financial Times

Working through these Financial Times

If you are paying attention to any news lately, you likely have heard grumbling about a recession.  You may even be seeing a decline with your clients spending money. I would like to ask you to take a deep breath and remind you we have been through tough financial times before.

As a 6-month esthetician at the time, I went through my first recession and financial struggles after the tragic September 11, 2001. I won’t lie I remember being nervous, scared and feeling all the feels.  But now having gone through a few challenging times, I know this is just a cycle of life and we will all be ok. Quite honestly, our industry proves to be pretty strong, even in these challenging times.

 Having said that I want to share some tips with you to help you along your journey. First and foremost, don’t panic and do show up for your clients. Be positive for your clients and certainly don’t bring what is happening in the world – all the negative- into your workspace. I know many people try to bring it up. Just kindly remind your client that we want them to feel good in our space. We are an escape from the world and change the subject. Positive stories matter and people want it and crave it.

 Realize that people may come to you instead of bigger things like vacations or large purchases. Visiting you will be taking care of themselves and a little break from the world. Having said this, you may need to push your sleeves up and be a little scrappy. You may need to adjust or simplify your menu. Watch your supplies and inventory. Can you consolidate some of your supplies? Are there products that really aren’t moving well? If so, perhaps do a sale to get rid of that inventory providing yourself with some space and flexibility. If you have extra finances, there may be opportunities to buy extra at a reduced cost from suppliers. If you feel confident that you will use these supplies and they won’t go bad, it can be a great time to stock up on essentials. Look for creative ways you can make money. This is a great time to utilize referral programs with your clients, too.

 Slowing down to use your time wisely can be so important. It can provide space for you to evaluate and learn what is working and what isn’t. Perhaps you would like to narrow down into having a niche and focusing on your ideal client.  It is also a great time to further your advanced continuing education.

 Learning and understanding about your finances is a great tool and skill to have anytime, but especially during trying times. If you have the knowledge about finances for both your personal and professional life and implement the knowledge to better your situation these times can be less challenging.

 These tips can help you work through the current and future financial strains. Remember, we have been through this before. Just adjust and learn on how you can do things better.  We are constantly growing and learning. You can do this. I believe in you.

For more financial guidance, check out our Financial Workshop and our financial courses Making Money Work for You & Your Career (for employees) or Making Money Work for You & Your Business (for solos, owners and independent contractors). These workshop and courses are designed for beauty and wellness professionals and is created to simplify learning about finances. Additionally, if you need guidance to creating your own niche, check out Finding Your Perfect Client & Your Niche & Why It's Important course.

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