This has been a season of uncertainty, transition, fear, real movement, and change…but it’s also an amazing time to check in not only with our personal goals and plans but with our business plans as well.
Think about it: when was the last time you looked at your business plan to make sure it was still on track for not only what you want this year but in the years to come?
And before you think, “Oh, I’m not a salon owner, so this doesn’t apply to me,” know this: if you have a cosmetology license, you are a business owner. You should have a plan for where you want your business to go now and in the future.
If you’re like most of us, it’s been a while since you’ve looked at your business plan, right? So let’s take this amazing gift of time and use it to check in with that plan to make sure it still works for you.
What’s your true north?
First, let’s talk about where you want to go.
When you sit back and think about your dream life, what does it look like? What would your dream job – the one you’re so excited to wake up every day to do – be?
Maybe it’s exclusively working with balayage extension clients in New York City. Maybe it’s as an exclusive bridal stylist who specializes in helping women look their absolute best on their wedding day. Maybe it’s creating the best, most welcoming salon in your small town.
Whatever that dream life is, that’s your true north.
Your true north is your guiding star, the dream that you’re constantly working towards achieving. It’s not always realistic, and that’s totally okay.
Write down your true north and make a note to check in with it periodically to make sure it’s still what you want out of life.
Check-in with your goals
When you mapped out your business plan (officially or unofficially), you probably set some one, five, and ten-year goals for yourself. Pull those goals and a separate sheet of paper (or even your phone’s notes app) and ask yourself if these goals still align with where you want to go in life.
Set aside judgment, what’s “realistic,” and the nagging little voice in your brain that always starts sentences with “should.” This is about what you want, not what you think you should do.
Review your goals. Are they pushing you towards your true north? If not, how can you shift them?
Make notes and adjustments in your business plan.
Is your target market still your target market?
A huge part of a successful business is knowing exactly who your dream customer is. This is the perfect time to sit down and decide if you still want to serve the same person after we come out on the other side of this.
It’s okay if you need to make a slight (or big) adjustment. This unusual season has given us the time to really step back and see what was working and what wasn’t in our businesses. Know that if you need to make any adjustments, it’s totally okay. Write down how you will attract and market to this new dream client.
Maybe your target market is still totally on track for your goals and true north, but you need to shift your marketing strategy. Note how you’ll make those changes.
Check your services
As service providers, our services are our trademarks, our special touch, our flair. Are yours still helping you stand out from the sea of other stylists and attract your target market?
Pull out your services list and, without judgment, scan your list. Is there anything in there that does not serve your true north or your dream client? Anything that you absolutely hate doing and want to get rid of? Anything that needs a small tweak to make it even more special? Now’s the time to make these adjustments in your business, so go for it!
Review your finances
Last, let’s take a look at your finances in your business plan. Are the offerings you’re currently doing working for you financially? What about the ones you’re planning to add?
Also, if you’ve been thinking about a price increase, consider doing it now. Guests will be so much more understanding right now if you need to shift your business. Just make sure if you do a price increase that you’ve earned it.
Take a look at all your costs, including things like retail, rent, and new PPE charges, and make sure everything is accounted for in your plan.
2020 might not be going the way we had planned, but that doesn’t mean you need to give up on your dreams of a successful, stable, thriving business. Take advantage of this amazing gift of time to review your business plan and make amazing things happen in your business.