Forget Multiple Streams of Income.
Cater to Your Customers with Multiples Streams of Services
“The Best way to begin is by beginning.” William Murray
For a new entrepreneur, business can seem intimidating and overwhelming. With so many moving pieces, it’s hard not to develop tunnel vision or to give up altogether.
The thing about business is that the core principle is pretty simple: Everything comes down to your customer(s).
Focusing on your customer(s) first not only ensures success but teaches you where to focus your budget and how to improve your processes. It also reveals opportunities to expand solutions into new streams of income.
I recently sat down in a nail shop and debated getting a fill-in for my gel set or getting them removed altogether. I looked at the prices and noticed a litany of services provided by the upscale Sandy Springs salon.
As I looked around the shop, I wondered what everyone else was getting. At just $10 for a removal of your gel set versus $50 for a fill-in, one may assume that most people were there for the cheaper option. However, as almost an Atlanta native, I know better. These people were not here to save and cut costs. They were here to spend time and money to look good and feel better.
As an entrepreneur, it’s important to assess various business models in order to evolve your own as necessary. Thus my visit was not just about self-care, it was a lesson in business regarding multiple streams of service under one umbrella.
Nail salons build up recurring revenue in sophisticated ways. They ensure that you will look good and feel good, at least for a couple of weeks. And they will take great care of you so that you will return when it is time for a refresh.
What I love about nail salons is that they appeal to the full spectrum of nail care needs. However, the more evolved ones offer other services like cosmetic services, lash service, massages, skincare, and even waxing! The salon I went to was a full-service salon and spa, with over 55 services to choose from!
I was impressed.
Not just by the variety of services, but by the way they conducted business and knew their customer.
We see this type of business model in grocery stores, shopping plazas, and even auto-mechanic shops. These are considered one-stop-shops with the value to customers being that they can get any and everything they need for that problem right there and right then.
Does your business cover a wide variety of services to allow you to cater to the various needs of your customer today and in the future?
If you would like to discuss how you can better cater to your customers with multiple streams of service, give us a call at 404-953-KOOL (5665).
For more on this topic, I also invite you to check out our new podcast “Visible. Found. Paid.” It’s available on YouTube and all streaming platforms!
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