What are the basic principles of finance and selling within the beauty related industries?

The basic principles of business are really the same for any industry.

DON’T RUN OUT OF MONEY! is much more important than profit.

There are three ways to make money… through trading, financing and finding investors. This means SALES (PROFIT), LOANS and SALE OF STOCK.

Ensuring that you have enough working capital (cash) to pay your bills on time is the basic principle of finance. If you don’t sell a lot of beauty products and services, you need to rely on a bank to give you money. You plan for the future by having backup strategies (such as a bank that lends you money or relatives that give you free money [equity]).

Professional sales are also pretty much the same across all industries. Be dressed appropriately. Approach people in a hospitable manner. Find leads (people who MAY need your product/service). Qualify these prospects (determine how likely they are to need it).

Find your prospects. Make the sale.

Follow up after the sale is done to make sure the customer is satisfied and to see if they would like to buy anything else. Generally, if you call someone multiple times, they will tell you where to go or buy something. You don’t lose anything trying. In fact, you gain nothing and lose everything by not following.

You just need to make sure you don’t bother people (too much) when you call. Ask, “Is this the right time? If they say NO (an objection), then you say, “Oh, I’m sorry.” What I have to say will only take a moment. “How you progress from there determines how good a salesperson you are. Sometimes people buy things from you just when it’s a BAD TIME for you to be there (to get you out of there). You want to ensure that the customer doesn’t suffer from cognitive dissonance (buyer’s remorse) later on.

If you say… it will only take a moment… and then you start talking, then you are cheeky. It works for some people.

If you say… “I totally understand that.” Would tomorrow be a better time? — then you risk losing the sale (or never getting a chance to present it). But, you cannot alienate the person.

Knowing how to react is more of an art than a science. As well as beauty.

Leave a Comment