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by Certified Public Accountant, Desarie Anderson of Anderson Accounting
As Beauty industry professionals, it has become necessary to diversify your income. Slaving away behind the chair is no longer an option.
As beauty professionals, you are in a unique position to understand what the consumer is looking for by way of beauty products and what works, what doesn't, and for whom it works.
As an accountant, I work with several companies that pay 6 to 7 figures to put together focus groups to understand their target audience's needs.
As beauty professionals, every time a client sits in your chair, you have the advantage of asking him or her the types of questions you need to know to understand the type(s) of product to potentially bring to market based on your professional expertise combined with market research data provided by your clients. Whether you know it or not, your expertise plus client feedback is money in the bank.
It is time to plan your financial future by diversifying your income potential—beauty products, whether hair, facial, or body is a billion-dollar business. By creating an online product/retail business, you have the potential to make money while you sleep. Income that you generate from selling/manufacturing your own products can further be used to invest in passive income like real estate and other investment opportunities.
Standing behind the chair for years can be brutal on the body. You want to be the one that decides when to retire; you don't want to leave it up to your body to force you into retirement without a viable plan to make money by other means.
The Association of Natural Hair Care Professionals has brought together a team of industry experts to help cosmetic and personal care product companies thrive.