Five Things You Need to Know to Succeed in the Modern Beauty Industry

The beauty industry is worth more than $532 billion — but that doesn’t mean every modern beauty business is making it. For success in the beauty industry, you must take the time to stay abreast of the hottest trends, build a digital footprint, and integrate that into robust business and marketing plans while also being digitally savvy.

The key to strong growth in the beauty industry is to continually be a step ahead while attracting the kind of clientele you’ve always dreamed of.

Here are five tips to thrive in this ever-changing, thrilling, fast-paced field.

A business plan serves as a dynamic document that can help generate ideas. This document should include:

• An executive summary that explains what makes your business first, different, or better than the competition
• An in-depth description of your company, including your history, mission statement, and values
• Market analysis to outline the other businesses in your region you consider competition
• Your organizational management plan
• Details about your products and services
• Marketing strategy including the budget, timeline, and delegation of responsibilities
• Financial projections that include your expected expenses and projected profits

From here, you’ll be able to make some important decisions regarding realistic goals for growing your business. Think in terms of quarterly goals as well as annual goals. Remember, you won’t be able to reach your goals if you do not set them. 

Your brand is who your customers know you to be. It is based on your values and goes well beyond having a memorable logo or catchphrase. To create a brand, you first must have a clear understanding of your target audience. From there, everything you do can be geared toward attracting those customers.

As part of your marketing plan, make sure you provide value. That is, solve the problems of your target audience. At the same time, be authentic and use your own voice in any content you share. Consistency is an important element of any successful brand and business.

Today, everyone is on social media. Creating a digital footprint is essential. Make sure your business has a page on at least TikTok, Facebook and Instagram with accurate information. You can grow your brand identity through regular posts that include things like:

• Before-and-after photos of clients
• Themed deals
• Answers to questions about hot trends
• At-home maintenance tips
• Product reviews
• Profiles of your team members 

Remember that social media is a way to strengthen your relationship with your clients — while attracting new ones, too.

Never stop learning! You should be encouraging your team members (as well as yourself) to attend training events, seminars, webinars, conferences, and other learning opportunities within a specialty. Not only will this allow you to always offer the latest in the industry to your customers, but your employees will feel supported and motivated within their careers. It’s a win-win. 

As a beauty professional, you know that trends can change in a heartbeat. Even if you live in some of the most stylish cities, like New York, London, Paris, or Los Angeles, you still must put in the effort to stay up to date with the newest trends. 

Subscribe to magazines, follow popular beauty bloggers and brands on social media, visit your competition, attend industry events, and travel for inspiration. Explore new concepts so you — and your growing beauty business — can prosper with creativity.

You don’t have to grow your business in a vacuum. Log on to Beautytap to be a part of a thriving community of beauty professionals while earning free masterclass education by industry leaders and creating valuable connections that will help grow your business.