The 8 Most Common Mistakes Made by Business OwnersAug 03, 2022
As a lash studio owner you are bound to make mistakes, we all do! As long as you embrace the mistake as a lesson and grow from it, it was more of a blessing than a 'mistake'. Over the past decade I have worked with many lash studio owners and I've discovered that many of you are making the same mistakes. I have complied this list of some of the most common mistakes I see in the lash industry so you can review it and reflect on your own business behaviours. These mistakes can wreak havoc on your business if not addressed, so be honest with yourself and make the adjustments where necessary.
1. Failing to set policies.
Creating policies is important. Making sure everyone knows what those policies are is even MORE important! Your expectations must be clear to the client at the time of booking. Policies need to be published on your website, written into your booking process and added to your clients confirmation and reminder messages. It’s also a good idea to display them in your reception area where they can be easily seen by everyone. It’s important that everyone is aware of the rules BEFORE they book a service with you. Also, having reminders published everywhere will increase compliance.
2. Failing to plan for the future.
As a business owner you need to think about the future. What will you do when a competitor moves into the neighbourhood, when a staff member leaves, when the market changes, etc. Be aware of potential changes (positive and negative) so you can plan ways to adapt, grow, and come out on top.
3. Failing to communicate.
It’s your job to lead, coach and manage your team. They can’t read your mind. Clear, consistent communication is important if you want to have a strong team. Staff want to be told what is expected of them, they wan tot be good employees. It’s up to you to make sure they understand your expectations.
4. Failing to reprimand staff.
You can’t be afraid to be the and guy sometimes. When staff behaviour needs to be corrected take care of it immediately. Be calm and professional but also be very clear when explaining the issue and the expected correction.
5. Failing to manage money.
This is a business and therefore you need to know your numbers, manage your spending, pay yourself a salary, pay taxes, and save for the slow periods throughout the year. Don’t use your business as your personal spending account. Keep track of income and expenses, calculate costs per service, analyze ways to improve profit margins, and make sure your business is actually profitable. Cash in the bank doesn’t mean you’re profiting. Hire an accountant if you are not well-versed in bookkeeping and accounting.
6. Failing to be open to change.
Things can’t stay the same. You need to be flexible and open to change. When things are working you must do something different. When they are working, you need to be thinking of ways to stay successful, to stay relevant and to continue to grow. Change is a vital part of success. Embrace it.
7. Failing to prioritize.
We all fall victim to ‘shiny object syndrome’ from time to time (some of us more than others) but as a business owner you need to stay focused on what is most beneficial to your business. Prioritize the things that are vital, profitable, useful, etc over the things that you are inclined to do because they’re fun or easy. Stay focused on what needs to get done and avoid be distracted by shiny things.
8. Failing to take responsibility.
It’s no nones fault but yours when things go wrong or don’t turn out as well as intended. Don’t blame your staff or your clients or anyone else. You are the owner. Everything is on you! If your staff aren’t doing as their told it’s because you’re not managing and motivating them effectively. If your clients aren’t returning it’s because you are failing to provide a service they are excited about. You must take responsibility for everything that happens in your business and you must be the one to fix it. The good news is, you’re the boss . . . you have the power to make the changes and improve the business!
Disclaimer: This blog is intended for informational purposes and is not intended to replace formal business advice, financial advice, government regulations, or any other form of legal advice.