All businesses face competition as it is an inherent part of any industry. Although competition can be intimidating, it has positives aspects that can support businesses to operate at their best. Overall industry competition can lead to lower prices, innovation, and better customer service. It can also encourage partnerships and collaborations among businesses. However, if businesses are not proactive, competition can also lead to lost sales and clients. Understanding your business and the competition that it faces is critical for developing effective strategies, identifying opportunities for differentiation, and anticipating competitive threats.  

CURRENT & RELEVANT 

The beauty industry is changing constantly with new trends, product innovations, and service advancements. The waxing service segment of the beauty industry is fast paced with low barriers to entry. Skin professionals can establish themselves as a waxing business relatively easily without a large amount of capital investment involved. When compared to other spa services, such as facials, which often requires the purchase of expensive equipment, waxing services can be established at a relatively low cost. As a result, it is important to keep your waxing business relevant and work to differentiate it from the competition.  

This can be accomplished in a few ways such as offering promotions, adding new services to the menu, and refreshing your retail offerings. Attending industry tradeshows and events is a great way to learn about new products and services and to expand your knowledge of the current industry trends. Consider signing up for educational seminars to advance your waxing skills and learn about various products. You can register for classes ahead of time to ensure you are prepared and have done your research on the brand.  

Lindsay Miller is the president of LYCON Wax North America. Having first discovered LYCON Wax in the United Kingdom 10 years ago, she has dedicated her time to growing the brand across North America, including introducing LYCON to Canada. Training and product quality are extremely important to Miller and she prides herself on building a strong team around her that can offer the best customer experience possible. LYCON continues to be a market leader in hair removal wax and is used in top spas and salons around the world.