EP 128: How to Recession Proof Your Spa Business

If you’re tuning into this episode as it’s released, you’re well aware of the current state of our world, the economy, and the brick-and-mortar industry. 

This week’s podcast episode is pulled from a training I did for clients and members of my paid programs at the end of February 2020, and was slated for release as a podcast episode for late April. 

Well, times have changed, and my team and I decided we needed to get this training into your hands, or rather, your earbuds, asap. 

As you listen, you’ll hear me make reference that we are not currently in a recession, which just goes to show how quickly the tides can change. 

While the spread of COVID-19 has sparked a downturn that will take time to recover from, I’m optimistic that the timeframe will not take nearly as long as it did in the past (if you were in business during 2008/2009, I know you’ve got a good picture of what I’m talking about), however, it is still critical that we do what we can right now to make the situation have as best of an outcome possible. 

And regardless of the fact that we are currently in the downturn and not in front of it, the steps I outline in this episode will continue to serve you now as well as in the future. 

Also, be sure to dig into the resources section below, there’s a lot packed in there, but it’s there for you to leverage so we can rise and come back from this stronger than before, and we WILL come back from this.

In this episode, you’ll learn:

• Ways to cut your expenses and manage your cash flow 
• Why it’s critical to continue marketing full force and what to focus your marketing on
• A breakdown on conducting your inventory management to ensure you don’t have too much cash tied up in product
• The why and how behind knowing your numbers, especially your profit margins on all treatments 
• How to continue networking online and offline 

Additional Resources to Check Out and Leverage for Your Business 

• To keep the conversation going, ask questions, seek support, and connect with other like-minded aestheticians, click here to join the free Spa Marketing Made Easy Podcast community. 
• Watch the replay of a Facebook Live I did on How to Run a Spa Through COVID-19
• Sign up for our Free Resource Portal - This year, for every 25 new reviews we receive for the podcast, my team and I are releasing a new training video, PDF, tracker, or other high-value resource to help you grow your aesthetic business. There are already a few resources unlocked in the portal including a bonus from my paid program, Spa Retail Rockstar, which includes a 6-video tutorial on how to set up a Shopify store if you’re wanting to go the e-commerce route. 

Resources Mentioned in Episode #128 - How to Recession Proof Your Spa Business 

• Read more statistics from iSPA’s industry report here
• Learn more about the Chase Sapphire Reserve credit card