11.12.08
Finding Where the Profits are…
Recently talking with Julie Flakstad who successfully launched Blow, a New York blow dry bar, I found one of her early “lessons learned” to be a common one for entrepreneurs. She mentioned that after her first year in business, she realized that product sales are a key component to strong margins in the hair salon business. Something Julie says she wishes she would have realized earlier. She is capitalizing on this now and is preparing for an ‘09 QVC appearance where she will offer Blow’s specially formulated hair products to QVC’s widespread audience.
A way to keep the learning curve short so you build your business and discover keys to profitability is to remain open to others in your network. Keep meeting other CEOs as a priority in your schedule. The time away from your business can pay back dividends to your business as you uncover fresh insights and approaches from others’ experiences. Include CEOs within your industry as well as outside of it. Sometimes the best ideas emerge from interactions that spark new ideas, and some emerge from tried and true industry approaches, both of which could help you maximize your profits.
