Continuing our series of “Best Of” episodes, I felt it was entirely appropriate that we revisit an episode I recorded over a year ago that asks the question: Is the lash industry recession proof? In other words, if the economy were to crash, would our industry survive?

Back then, we all knew a recession was a possibility, maybe it was a nagging worry in the back of your head. Now – we are quite literally about to face what could be one of the biggest economic recessions of all time. The Coronavirus has affected us all in so many ways, but especially those of us who are beauty business owners.

There are so many factors that are out of control, and I know that so many of you are worried sick about where to go from here. Before you freak out, in this episode, I reveal my opinions about why I think the beauty industry will always survive and thrive after recessions. This industry is RESILIENT, and so are you.

So…where does this leave your everyday lashpreneur?

Is it worth investing your time, money and energy into being a lash artist and business owner if it’s all going to come crashing down when the economy tanks again?

{If you want to listen to the podcast episode on this topic, click on the player at the top of the post. Alternatively you can watch the video below, or read on…}

I have no doubts that a recession will have an impact on our industry. After all, our service is not a commodity like gas or milk. It’s a luxury service. But instead of packing it in and calling it quits, I advise that you start preparing now so that when the recession raises its ugly head, you’re more than ready for it.

Instead of worrying about things that you can’t control, focus on the parts of your life that you CAN control…

1. How can you prepare for a recession?

When you start thinking about the looming recession, it’s easy to feed into the fear of the unknown. But let’s face it, you can’t control the economy because it’s out of your hands.

It’s more worthwhile to focus your time and energy on the things that you can control, rather than stressing out about rising taxes, inflation, price points, and all that other stuff that grown-ups have to worry about.

Start preparing for a recession by adding to your rainy-day fund. If you’re the type of person that spends money as soon as it deposits into your bank account, you’re in trouble. Look, there’s nothing wrong with splurging a little and treating yourself to a new purse or a pair of shoes, but you’ve got to have boundaries. I know, I sound like the mother of a shopaholic teenage daughter but hear me out.

You don’t know what’s going to happen in the future

Saving money and having some extra cash for a rainy day can provide you with a financial safety net. So, if your landlord decides to kick you out and you’ve got to find a new place to rent, at least you’ll have your savings to pay for the deposit and the first and last month’s rent.

Try not to live outside your means and avoid accruing a lot of debt. Around 80% of people live paycheck to paycheck, which means that if the recession hits and you get laid off, you won’t have any means to pay for bills, rent or gas, etc.

Planning for the future, taking calculated risks, saving and investing in yourself as a business owner are all things within your control. It’s important to adapt yourself and your business as it continues to grow and evolve with the times. That’s the best way to prepare for the pending recession!

2. Are we “recession proof”?

Have you ever heard of the “lipstick effect”? It’s the theory based on a psychological study that discovered women tend to spend limited resources on things that make them look and feel attractive. And it’s not a vanity thing either. The study shows that when the economy changes, women are “hardwired” to look for or keep a mate to help support them financially. It’s based on our evolutionary purpose to procreate and survive.

But what does the lipstick effect have to do with your lash business?

I’m glad you asked!

The study found that in the midst of a financial crisis, women become more interested in purchasing luxury “attractiveness enhancement” products such as designer jeans, makeup and eyelash extensions.

As a consequence, they give up other indulgences such as coffee or expensive vacations, etc. The results showed that women seek products that are more effective at enhancing their attractiveness, regardless of the cost.

Now before you start typing angry comments – I’m not saying this is true for all of your clients or all women! It’s just an interesting study that shines a positive light on the impact of a recession on our lash industry.

However, that’s not to say that your clients won’t give up lash extensions in times of financial struggle. Wealthier women probably won’t give up on a luxury lash service because they can afford it.

But, if your clientele is highly priced sensitive now, it’s unlikely they’ll be able to afford your services in a recession.

If you want to give your business the best chance of survival during a recession, you need to start attracting a high-end luxury price paying clients because those are the ladies who will keep coming back for your services despite a crash in the economy.

3. What are the long-term positives of recessions for the lash industry?

Compared to other beauty services, the lash industry is still in its toddler years. However, the industry is booming and isn’t going away anytime soon.

There will always be a demand for longer, thicker lashes because it requires ongoing maintenance to keep up with the desired effect. Plus, who doesn’t like beautiful lashes? They open up your eyes and can make a woman feel ten times more confident in herself and her appearance.

Eyelash extensions lasted through the last recession in 2008, and back then they were less popular than they are now. I think that the most significant risk to come from the next recession will be for those who are just in it to get rich quick. They know lashes are trending right now and so, they’ve hopped on the meal train in hopes of making a quick buck before moving onto the next big thing.

Businesses like that, the ones who don’t care about the skillset, the artistry or the business aspect of it will likely be the first to close up shop. Those offering poor quality lashes, products and training will be forced to leave the business due to a lack of repeat customers.

I see the recession as a purification process for the lash industry

Once the economy kicks back in, we’ll have a more purified community of lash enthusiasts, and to me, that’s a good thing!

Although I can’t guarantee your world won’t be turned upside down due to an economic recession, I can say that if you commit to evolving and adapting your business with any changes in our world whether it’s a recession, an algorithm change, a regulation change, a new technique or product, you will have long-term stability and success at whatever you do.