VIDEO: Recognizing Market Shifts To Scale Your Business

By QuickBooks

1 min read

No matter what industry your business is in, the fact is that no market is static. Costs, customers and markets are always in a state of flux. This may be no truer than when it comes to the beauty industry, where attentive business owners must constantly adapt in the face of shifting tastes and consumer behavior.

David Abrams, owner and founder of Los Angeles-based LuxeLab Salons, is no stranger to doing what it takes to keep his customers happy. When David and his business partner, Jason Lara, realized that hair coloring was becoming an ever-increasing part of the market, they decided to open up a brand new salon dedicated exclusively to the art and science of color. As a result, Chroma Color Bar was born. It’s a fusion of an express color bar and a high concept, specialized full service salon.

David attributes Chroma Color Bar’s continued success to a focus on service specialization. Each step of the styling process is handled by a different highly qualified staff member who specializes in his or her respective role. By helping their customers choose exactly what they want and offering them a premium experience with a fair pricing strategy, David and Jason have been able to scale far beyond their initial projections. They measure their progress through bookkeeping: each extra zero at the end of a number isn’t just profit, it’s their customer’s happiness. The happier the customers, the more revenue a business generates.

As David exemplifies with Chroma Color Bar, every small business owner needs to pay close attention to their market’s fluctuations whatever industry they’re in. Networking with your peers and maintaining engagement on social media are some of easiest ways you can stay on top of the latest trends. When a business does that, they are bound to scale accordingly. In the cases of LuxeLab and Chroma Color Bar, catering to specific consumer demands has allowed David and Jason to expand sustainably and successfully.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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