They say: “Start small and scale later…” Yes, we agree! In the beginning, you might have taken calculated risks, but as the launch proves to be successful, it’s time to take your business to the next level.
What is Scaling a Business?
Scaling a business is preparing for long-term growth. It is paving the way that enables your business to grow without being hampered. Many don’t know, but scaling is different from growth. When you scale your business, you increase revenue without substantially incurring on resources. By contrast, growth is the result of tantamount efforts on investment.
How Do You Scale Your Beauty Business?
Scalability is about the capability and capacity to deliver exceptional products or services while generating colossal revenue. The golden question business owners should ask themselves is: can my organization accommodate growth?
Many businesses fail at this step because they sacrifice the aspects that contributed to their brand’s success in the first place. So how do you scale while keeping your business a top-achiever?
Scaling requires well-crafted and tactful strategies. Here are 8 actionable steps you may take to scale your beauty business:
1. Carefully Evaluate and Plan
Attaining exponential growth begins with knowing where your business stands today to gauge if you are ready to take it up a notch. First off, develop a strategy to skyrocket your sales. Then, imagine a scenario where your orders amount to 200x the usual volume overnight. Ask yourself: do I have the systems in place to fulfil these orders and satisfy my customers simultaneously?
That is where planning is essential. For example, you should plan to acquire the staff and conduct training. Moreover, implement solid procedures to handle high volumes of orders and large customer requests.
2. Get Funds
Scaling comes with a financial cost. You may need to upgrade your facilities, hire new employees, or rolling new technology. As such, a financial cushion will be necessary to assist your growth. Look into small business contests, potential bank funds, or a line of credit to access the necessary capital.
3. Keep Innovating Your Products and Services
The beauty industry is constantly changing. Therefore, you want to ensure that your brand keeps afloat in the competition. Launch products and services that delight your existing customers and attract a new clientèle and keep them coming back for more.
4. Focus on Providing Outstanding Customer Service
The customer is king. How you handle inquiries and complaints will either retain or chase away customers. Be sure to have a system in place to deal with customer support. Have personnel knowledgeable of professional and friendly customer service practices. First-class customer service stimulates customer retention, which means repeat business.
5. Hire Talented and Qualified Individuals
To expand your business, you need to delegate tasks, so the business can run smoothly. Employ individuals who are passionate about the organization’s vision. A strong team understands what it takes to hold up to the standards of quality that your customers expect.
6. Leverage Technology
This could mean launching your proprietary app or automating processes within your company. Modern technology has a lot to offer to support the growth of businesses through streamlining processes and operating more efficiently. For instance, think of customer relationship management (CRM) software to record customer data and nurture your customer relationships.
7. Invest in Marketing with Social Media Influencers
Nowadays, a brand may not survive without a social presence. While you should aim for organic engagement on social media from your efforts, it is beneficial to partner with social media influencers. They have large communities across different social networks. As a result, this boosts your chances of reaching a massive audience from a single collaboration. The most important in this strategy is to pick influencers that best match your brand image, and then set clear mutual expectations.
8. Adapt Hastily to Changes in the Industry
To grow sustainably in the beauty industry, you need to be willing to stay flexible and adaptive to new fashion. The industry is fast-moving, and trends influence customers purchasing behaviours rapidly. If the only way to reach your target market, amidst unforeseen changes, is to alter your marketing strategy or tweak your product idea, you need to ride with the punches.
Helpful Resources to Scale Your Business
As your global health and beauty product development partner, we strive to provide value to your beauty enterprise at every step of the way. Whether you are looking to get coaching or innovate products, we are here to support you.
Check out these supplementary articles for handy tips on scaling your business: