Hair and beauty
Considered an essential by many, and a service that can’t be delivered virtually, a hair and/or beauty business is worth consideration. Bear in mind your competition though – could you find a location that doesn’t have a salon? Or could you specialise in an area to stand out from the crowd e.g. sustainable and eco-friendly products? Nail art? Exclusive use of a specific treatment or product brand in your area?
To succeed during an economic downturn, start small and ensure your business is lean and agile. Plan to accommodate social distancing to ensure customers feel comfortable. Be smart with your purchasing decisions, for example – do I need this to perform my services? Will it result in efficiency gains? How long will it take to pay itself off? Are there other more affordable versions out there? Do I need this right now? While there will always be people on the hunt for a haircut, ensure you’re prioritising the right things first, and commit to a plan that enables growth over time.
Online beauty business
Continuing under the hair and beauty umbrella, you might want to think about starting your own online beauty business. With salons and spas closing their doors during the pandemic, more money was spent online on items such as high-end skincare products, as customers invested in pro-grade skincare for salon results at home. According to market analyst Kline, who named consumer spending on higher-priced products as a key beauty trend for this year, 75% of physicians who participated in the survey indicated an increase in revenue for professional skincare products. Traditional nail polishes were also a key seller, as consumers opted for premium-quality products that were easy to use and remove at home.
Another key trend reported in the findings is an increased focus on self-care rituals and safe, clean ingredients, which Kline reports is leading the beauty industry’s pivot to wellness. If you’re considering an online beauty business, Kline’s Beauty’s Brightest Trends Report for 2022 is a great starting place.