3 Steps to Successfully Setting and Meeting Your Financial Goals for Your Spa

3 Steps to Successfully Setting and Meeting Your Financial Goals for Your Spa

Holiday parties, family gatherings, school recitals and shows. These are just a few of the things that fill our schedules around the holidays but then tack on all your clients coming in to make sure they look their best for these occasions, and you’re slammed.

But no matter how hectic the holiday season can get, one thing I think we all like to make time for is reflecting on the year. What did we accomplish? How can we do better next year? What can we do differently to help us create our own success?

One of my very favorite quotes is, “A goal without a plan is just a wish,” so as we're now fully immersed in the holiday season and end-of-year reflecting, I want to talk about goal-setting.

Don’t worry; I’m not talking about New Year's resolutions, so if you’re thinking, “Nope, I don't do resolutions,” I hear you. Today, I am talking about setting goals that get clear on what you want in your life for yourself, your family, and your career, and then creating a tangible, real-life action plan for them.

Not a bulleted itemized list of things to quit or a glorified to-do list, I’m talking detailed goals that are set-up in a way that ensures you’ll take action to achieve them. The goal-setting method I use to accomplish this is the S.M.A.R.T. Method.

S.M.A.R.T. stands for Specific, Measurable, Action-Oriented, Realistic, and Time-bound. It’s a phenomenal way to set personal goals, but the method is just as useful for professional goals.

Perhaps this is the year that you finally decide to go out on your own as a solo aesthetician. Or maybe it’s the year you aim to get promoted or see a big bump in the income you’ll make in 2017.

No matter what your professional goal may be, it's likely that part of that goal is tied to an increase in income. Financial projections can be tricky in any industry, but today I’m going to share three steps that I’ve used alongside the S.M.A.R.T. goal-setting method to help you create a realistic financial projection for your business in 2017.

1.) Know Your Numbers

To build a profitable business, it’s critical that you’re clear on your numbers, specifically what you need to bring in to be profitable. The place to start is calculating all of your fixed costs. Things like rent, utilities, scheduling software; anything that is a monthly recurring charge for the same (or very close) amount.  

Next, you’ll want to add up your variable costs. These costs include things like retail products, treatment supplies, etc. Anything that you spend money on each month, but the amount that you spend changes depending on inventory. I would plug these into a spreadsheet so you can easily keep track of them over time.

2.) Price Your Treatments for Profitability

Knowing the actual cost of your treatments is imperative to the profitability of your spa. I suggest keeping the cost of your treatment below 10 percent of the paid price of the service for general aesthetics treatments like facials or waxing. 

That means when you purchase a package of softs; you need to divide the actual number of softs in each package by the cost, so you know the true price of each one. Do this for each treatment you offer and set your prices accordingly.  

3.) Know Your Competition

Finally, knowing your competition is crucial for a few reasons with the most important being having a strong grasp of your position in the market and understanding how you can differentiate through your client experience, services you offer and your pricing.

I suggest doing a Google search and finding at least 10 of your competitors. What types of services are they offering? What product lines to they carry?What are they charging?  What is your competitive advantage against them?  

Once you have the answers to these important questions, you’ll have the information you need to set realistic financial goals for yourself and your business.

Once armed with the information on your numbers, your prices, and your competition, you’re ready to get busy setting some goals!  

Next, be sure to use the S.M.A.R.T. method to structure those goals so you can achieve them.

Extra tip: spend some extra time on the “Actionable” part of the method. You have to have a clear marketing plan to get people in the door and to meet the benchmarks you set for the other aspects of your goals, and that all gets outlined in the action part of the method.

Alright, time to get to work! Here’s to a happy and prosperous 2017!

Using The Law of Attraction in Your Life and Work

Before getting into the details of the law of attraction, let me first say that I in no way consider myself to be a woo-woo or new age-y type of person. I’ve got plenty of love and respect for those people; it’s just simply not me as an individual or entrepreneur.

I like to know the step-by-step process and create action plans to make things happen. Plus, I’m married to an engineer, and if any of you are too, you’ll totally get that one. See, science and process just make more sense to me.

But I also know that the mind holds incredible power and topics such as meditation and mindset, which some might still consider woo-woo are the subject of many modern-day scientific discussions. (In fact, Harvard and MIT neuroscientists have studied the practice of meditation’s effects on the brain and have found that it can aid in tuning out distractions and relieving pain, you can learn more about it by checking out the article and study here.)

Given my proclivity to science, you can imagine my surprise when I discovered the law of attraction and that it actually worked for my life and business.

It all started back in 2006 when I watched the movie “The Secret." I remember everyone was raving about it and thinking, “this sh*t is crazy.’” You can’t just create a vision board, stare at it all day, and then all of a sudden have a Ferrari and a multi-million dollar home! It takes hard work and action to get there.

However, as the years went on I started noticing strange little coincidences, like when I was getting ready to buy a new car - an orange element - I started seeing orange elements everywhere! Or having multiple instances of thinking about a friend on the mainland who I hadn’t talked with in a year or more and then picking up the phone to call them only to see a new voicemail from that very friend.

If this happened once or twice, I could easily explain it as a coincidence, but things like this were a recurring theme in my life.

As I started to share these experiences with some of my friends (the woo-woo ones), they explained to me that they thought this was totally normal and I was merely manifesting things in my life through the law of attraction.  

At this point I was convinced enough that there was something to the whole law of attraction principle and I started incorporating it into my work through visualizations, for example, writing out my perfect day in a journal as if it already happened. For me, I connect with my emotions and desires best and most clearly through writing, but you may find another method that works better for you like a digital vision board you can create on Pinterest.

When I founded AddoAesthetics, I took this practice of visualizing the types of deals I would make as a consultant and the clients I would work with to a whole new level. Honestly, when some of the things actually came true, I was still shocked and in disbelief.  

Do I think that the visualization practice was the only thing that landed me the deals that would help my business grow into what it is today? Absolutely not.  

It took a strong network, hard work, and dedication. But I also don’t think it hurt. By visualizing what I wanted, I was able to get extremely clear on my goals and what I wanted in my business and life. And visualization also helped me keep my attention on those goals because I was making a conscious effort to keep those goals in the forefront of my mind. 

Energy flows where attention goes.  

So, my challenge to you is to test out the law of attraction for yourself. Think about a specific object like a car or an animal, start with something concrete. Then visualize it in your mind like you have it with you and it’s yours. Over the next few days pay attention to how often you see that thing.

If you want to take it a step further, create a visualization for yourself. Write it out and read it every night before you go to bed. If you do take more inspiration from visual cues, create that vision board of imagery that represents the thing you want to attract. Pay attention to your thoughts and see how that desire can become a reality.

You’ve got nothing to lose except the time it takes to write out your dreams and desires or create your vision board, and I think you’ll find those practices are helpful in the moment, even if you don’t foresee the law of attraction working for you.

Interested in learning more about using the law of attraction? Check out the Abraham-Hicks website where it all began.  

Do you have a story about the law of attraction or use it in your life? Let me know in the comments! I would love to hear if and how this principle has impacted your life.

Until next time, keep making the world a more beautiful place inside and out.