Growing an established business requires a different strategy than building a new business. Our next Elevate Program kicks off in just a couple of weeks so this week we’re sharing three steps every established personal stylist should take grow their business to become happier and more profitable this year.
Focus On Partnerships
Once you have an established clientele and a clear sense of your client niche, making strong partnerships with retailers and other service professional is critical to differentiating yourself in your market. Creating strong relationships with other businesses allows you to give your clients a unique experience when working together. Examples of client perks include getting exclusive discounts, gaining access to special in-store events, and knowledge of when items are in stores before anyone else. Assessing which partnership are right for your business at any given time requires a solid understanding of what your target market wants and what they value. If you have three or more years of styling experience under your belt, it's worth the time it takes to nurture partnerships to stand out in your client's eyes.
Raise Your Prices
Raising your prices is never easy, but it’s critical for growth. There are two key things to remember when you’re considering raising your prices. The first is that the price your charge for your services is, in and of itself, a vetting tool for clients. Your prices help a client know whether you’re a good fit for each other. For example, if a potential client is a bargain hunter and won’t spend more than $19.99 for a top, and your styling fee starts at $125/hr, you are not the right fit for that client. And, they are not the right fit for you.
Second, your prices should reflect your experience as a stylist and business owner. In any other job or career path, you would regularly receive a cost of living raise. When you work for yourself, it’s easy to forget that you need to give yourself a cost of living raise periodically too. The costs associated with running a business go up every year (ex: LLC fees, bank fees, and other professional services) so raising your prices is a requirement to live. Most clients understand that.
Know When To Leave A Client Behind
We know that leaving a client (or multiple clients) behind is one of the most anxiety-producing realities of owning a business. But, it is a reality of business growth. Give your clients a heads up that in a certain amount of time you will be either raising your rates, going in a different direction (an example of this is no longer styling men/women/children and sticking to one demographic) or limited how many clients you take per season. Let them know when that change will take place and tell them how they can book you one last time if they would like.
Finally, if you have a clientele that is draining you, you can’t grow while you have those clients in your book of business. It’s emotionally draining, and it’s taking away space in your schedule from clients you do what work with. We know it’s hard, but we’ve seen lots of established stylists change their client demographic and feel great about it after putting it off for years.
Ready to take your established personal styling business to the next level?
Our three day Elevate Business Accelerator begin April 6th. Learn how to build strong partnerships, find the right new clients for your business growth, raise your prices with grace, and market your business with ease... in just three days.
Learn more here.