What’s changed at your business lately? If the answer is not a lot, then it’s probably time to take stock of your spa or massage business. Successful businesses grow and change. Without change, you might be able to maintain for some time – even for years. Inevitably, though, something will force you to change. Just think of the economy over the past few years; it forced change on a lot of businesses. Change also may come about because a large competitor comes into the area and you’ve got to scramble to keep up.
Whether it’s once every six months or certainly not less than once a year, take stock of your business and decide what needs to be different or better. Maybe it’s time to boost your retail line and even take it online through e-commerce. Consider if you should you expand your bodywork modalities or treatment options to accommodate a new clientele or gain additional revenue from existing ones?
Take a look at your marketing. Are you taking advantage of all the new social media channels to get your message across? Even more important, are your messages up to date and relevant to your various target audiences. What’s appealing to the millennial generation is vastly different from messages to baby boomers even if the services and products you offer are equally relevant. You may need updated and in some cases separate marketing materials to appeal to your wide range of clients.
What about your internal operations? Whether it’s your rent, your equipment and even the products you use, are you maximizing your profitability. Maybe you need to change to products that require less re- application or have a longer shelf life? Everything adds and affects your bottom line.
IS IT TIME FOR A BIG CHANGE?
It may be several years since you launched your spa or massage business and now it’s time for a really big change to get to the next level. Consider these possibilities:
Align with another business
I’ve talked about this several times. There can be great synergy in co-marketing or forming an alliance with another business whose products and service are complementary. Just be sure your clients, goals and business philosophy are in line.
If you are thinking of opening another location, do your homework and number crunching. If you have the confidence of consistent bottom line profits at your current location, the right systems in place, the financing and the time, geographic expansion is something to consider. And of course choose the location carefully in potential for new customers and competition.
Buy another business
Expansion might mean acquiring another business. Another business could accommodate your desire to be in another location or add complementary services to your brand.
Have you thought of writing a book, becoming a paid blogger, going on the speaking circuit or offering seminars for adults or continuing education classes for professionals. Expanding your business doesn’t preclude doing something different in your industry.
Whatever you do, take stock of your business periodically and take action.