Navigating Economic Cycles. A Strategic Opportunity for Beauty Entrepreneurs

By Elle Wilson

In the journey of entrepreneurship, right at the heart of the beauty industry, we constantly find ourselves manoeuvring through the ups and downs of economic cycles. Embracing nearly four decades of experience, I’ve come to acknowledge a constant truth - each cycle, whether filled with challenges or abundant with opportunities, can serve as a pivotal moment for the visionary entrepreneur.

Is it possible to unearth opportunities in the midst of an economic downturn?

As salon and spa owners, we are constantly at the cutting edge, attempting to navigate through a sea of daily decisions, and challenges, and quite often, missing the golden opportunities that lie inconspicuously right before our eyes. There seems to be no time for strategic innovation, as it can often become a wish for the future, a quieter time.

Yet let me be clear, this time doesn’t often come, and when it does, you will most probably choose to take a break - you’ll be burnt out! I know you know exactly what I mean. I too have lived ‘doing’ business this way. It can be traumatic, to say the least.

Stephen Covey was a well-known author and thinker; his 4 quadrants for time management is a framework that categorizes tasks based on their urgency and importance, with Quadrant 1 being important and urgent, Quadrant 2 being important but not urgent, Quadrant 3 being not important but urgent, and Quadrant 4 being not important and not urgent. Covey emphasizes the importance of focusing on Quadrant 2 activities, which contribute to long-term goals and success while minimizing time spent on less important tasks in Quadrants 3 and 4.

In this article, we are going to look at Quadrant #1 and how often salon owners find themselves spiralling within this quadrant. This Quadrant, if you recall, is where all the emergency alarms are ringing - tight deadlines, mounting pressures, and the kind of troubles that can wear you down to a frazzle if you’re not careful. It’s like being in constant survival mode, where there’s no room to think ahead or make plans because you’re too busy putting out fires. You live in a world of hope.

Right now, everyone’s pointing fingers at the economic climate as the culprit. But here’s the thing: living in Quadrant 1 isn’t really about the business itself; it’s about how you’re handling things. It’s not the business that needs a makeover - it’s first you.

So, what happens when we are running our business and our lives from Quadrant 1? In this quadrant we often feel disempowered and tired. It’s incredibly easy to start vibing with the crowd that’s stuck in survival mode, the ones who see the world through a lens of constant crises. And here’s the trickiest part – the easiest thing of all is to gravitate toward others who share this ‘survival mode frequency.’

Before you even realise it, you’ve got a chorus of voices around you nodding in agreement, reinforcing those very fears and doubts.

This longing to belong, while natural, can sometimes lead us to link up with popular opinions without really stopping to think if they make sense for us. Suddenly, you find those adopted views defining your decisions, keeping you from pushing past barriers and achieving the kind of growth and change that sets true innovators apart. In fact, you have stopped thinking for yourself.

It’s fierce inside of Quadrant 1. Most of the day your inner voice is on high alert, you’re grumpy and never in the present moment. So, think hard about the way you start your day and deal with Quadrant 1 issues and daily challenges. Transforming your workday out of Quadrant 1 is easy, discipling yourself to stay clear and laser-focused can only become a reality when your mission outweighs your old habits.

The economic downturn, to an entrepreneur not ensnared in Quadrant 1’s reactive thinking, heralds a time to pivot, to restrategize, and potentially to capture a new segment of clientele. Believe me when I say to a visionary entrepreneur it is downright exciting.

Consider this: within your location, beauty salons and spas are undoubtedly flourishing, tapping into unmet needs and positioning themselves as indispensable to their ideal clients.

Quadrant 1 entrepreneurs will more often resort to discounts and value packages - short-term remedies borne out of immediate, emotionally driven decisions lacking in long-term strategy. This reactive behavior leads to further downward spiraling and a feeling of emptiness and lack of fulfillment.

How do entrepreneurs, especially women, overcome the tendency to succumb to limiting narratives, choosing instead paths that lead to thriving, without believing they need to emulate men to succeed and thus sacrificing a significant part of their richness and essence?

Let’s delve into the world of billionaires, as an example, a realm where a distinct division lies between male and female achieversand explore how this reflects broader tendencies within the beauty industry. The vast disparity between male and female billionaires is not just a statistic; it’s a mirror reflecting how differently we engage with our world.

Females, often relying on their emotional responses - Quadrant 1, face a unique set of challenges, considering we’re inherently wired to feel deeply. Growing through this aspect involves maturing beyond our initial emotional responses to embrace strategic, logical thinking, traditionally associated with the male approach to problem-solving. This isn’t true; however, women have a huge capacity to use reason and logic.

The huge difference in the number of male billionaires to females is staggering. Just let me add to this that the majority of female billionaires ascend to wealth through inheritance - doesn’t this tell you that there is a pressing need for women in leadership and entrepreneurship to recalibrate how we navigate tough times?

Emotions spin narratives that are disempowering and damaging. This energy sends out signals a little like a radio frequency. You will find others resonating at this frequency, make no mistake. The only question to ask yourself is, is that what I want?

Ruth Bader Ginsberg, the second woman to serve in the American Supreme Court was given one piece of advice she remembered clearly… “Whatever you do, don’t use your emotions.”

Now we know that moving past Quadrant 1 and stepping only when we decide is critical to our wellness both mental and physical and to our inner fulfilment, which ultimately is the meaning of true success. Now let’s take a quick look at the Quadrants beyond Quadrant 1.

Quadrant 2 focuses on planning, strategic thinking, and seeking new opportunities - elements crucial for thriving amidst economic cycles. Quadrant 3, though appearing urgent, often encompasses tasks that could be delegated or postponed, allowing for a clearer focus on what truly matters. Quadrant 4, the realm of least urgency and importance, serves as a reminder of what we must minimize to preserve our strategic intent and energy.

The journey toward strategic liberation begins with an earnest reflection on our current associations and influences. Are the mentors, peers, and circles we engage with pulling us back into the mire of Quadrant 1, or are they lighting the path to strategic innovation and Quadrant 2 thinking?

Each of us within has a strategic self. We get glimpses of her now and again.

Ask yourself if it’s time to align with those who embody strategic foresight, who navigate the economic climate not as victims but as architects of opportunity. The economic climate offers a canvas for rebirth, for rebranding, and for rediscovering the clients who seek the unique value only you can provide.

It may very well be a renaissance for your salon, spa or studio.

Elle Wilson. CEO & Founder of TrueBrow International and Elle Wilson Enterprises

@ellewilsonofficial