Episode 39: Making The Inc. 5000

Hair Biz Radio: How To Start And Run a Hair Extension Business

Episode – 39 Summary:

On this episode of Hair Biz Radio, Hosts Mikey and Zakiyrah talk about what’s been going on at Private Label Extensions and deliver exciting news.

Show Notes:

– Mikey and Zakiyrah reveal some good news for Private Label Extensions.
– Private Label Extensions ranked 278 in the Inc. 5000.
– Technically they’ve made the Inc. 500 in the U.S. in Georgia they rank #13.
– In consumer products, they ranked #20.
– What do you need to do to become a super fast growing company?
– They they first started, there was still a lot to learn.
– The goal was to learn as much as they could in 2014.
– Their growth percentage was 1,750%.
– In 2014 they did $220,000 in sales, in 2017 they did $4.2 million.
– The #1 thing you have to do to get to a high level of growth.
– Consistency.
– You and your team must both be consistent.
– Say no to everything when you first start – focus on making one thing successful first.
– As the business grows you can segment what everyone’s doing.
– It wasn’t until 2016 when the numbers started looking really good.
– Making training videos through Screen-o-Matic or Screencast allows you to record your browser window and share.
– Tip #2 it’s important to do a competitive analysis.
– Focus on making your business one step ahead of what anyone else is doing.
– You have to focus on what’s going to differentiate you and what’s your unique selling point (USP).
– When you don’t see increased sales, make new streams of income within the business.
– They’ve created a system to rapidly build hair brands.
– Tip #3 Marketing.
– You have to stay on top of all marketing techniques.
– Email is not the only list that you build.
– You have to learn and apply marketing techniques.
– A lot of people fall short on implementation.
– Types of lists:
– Facebook users, Instagram, Facebook Group, podcast subscribers.
– You have to think of how to build and cross-promote to your lists.
– It’s hard to grow your social media followers across the board and at the same time.
– Focus on one platform first and build it up.
– When is Private Label Extensions getting into their new building?
– They could get their occupancy in the next couple of weeks.
– The process of moving into a salon or any building is a process.
– Tip #4 you have to plan for the slow seasons.
– They’re investing in land and real estate for the business.
– You have to invest a lot of money back in the business.
– Now that they’ve made the Inc. 5000 what’s next?
– Keep pushing!
– Keep the information you learned and then add on to it.
– You need to figure out how you’ll make it the next year.

Tweetable Quotes

– “If you’re not consistent with your business, you’re not going to make it.”
– “Once you have the team you have to focus on training.”
– “Focus on making your business one step ahead of what anyone else is doing.”

Resources Mentioned

Private Label Extensions Facebook Group
Private Label Extensions Website
The One Thing – Book by Gary Keller

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