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Counteract Economic Uncertainty
By: Victoria L. Rayner
Posted: June 6, 2008, from the January 2007 issue of Skin Inc. magazine.
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It is impossible to plan for every unanticipated event that could have a negative impact on business. However, it’s wise to have some idea of what to be aware of, as well as the appropriate countermeasures needed to combat economic downturns.
No real assurances
Less than a decade ago, the idea of conjuring up countermeasures to cushion the effects of a depressed economy brought about by the financial repercussions associated with the aftermath of natural disasters, terrorist attacks or the closure of commercial conglomerates was an obscure concept and only a consideration of industry doomsayers.
However, in order to be financially successful today, one must be able to look at other economic factors that can have a major effect on the industry’s economy. Who could have guessed that lasers would have had such a negative impact on the field of electrology? Very few professionals, even now, are aware of medical spa franchises and the influence they are exerting on the future profitability of traditional skin care enterprises. Those once blindsided by their steadfast belief that the spa industry would remain unscathed by the billions of dollars spent on the research and development of pharmaceutically based preparations now respectfully give credence to the impact of a downturn in consumer spending for nonmedical-grade procedures in these facilities.
Nowadays, no one goes about deriving a livelihood in the esthetic field—or any profession, for that matter—without incident. Industry veterans are sharing clients with physicians, nurse practitioners, registered nurses, licensed practical nurses, physician’s assistants and other medically related skin care providers. This industry is seeing nurses replace estheticians and estheticians replace medical assistants.
The Internet has made experts out of all clients. With the click of a mouse, they can read all about professional treatments and the minutest of details involved. They even can rate our performance, object to it or, worse, locate a competitor within seconds.