Beauty With a Twist: Episode Summary

Title: 95% of You Won't Make It, Owning a Salon is BAD Business & Skincare is MORE Profitable than Waxing
Host: Dede
Guest: Laurina Stori, Owner of Eva's Aesthetics and Baradin Wax
Release Date: August 30, 2024

1. Introduction to Laurina Stori

The episode kicks off with Dede introducing Laurina Stori, a seasoned professional in the beauty industry who proudly claims the title of the "OG Wax Queen." Laurina shares her extensive background, emphasizing her deep-rooted connection to the beauty world.

[00:08] Laurina Stori: "I am the OG Wax Queen. The first. Anybody wants to challenge me on it, I'll meet your ass outside."

Laurina recounts her early beginnings, growing up in her family's expansive beauty salon since 1973, and her initial forays into waxing during her high school years.

2. Evolution from Waxing to Skincare

A significant portion of the discussion centers around the profitability and sustainability of skincare compared to waxing. Laurina argues convincingly that while waxing provides immediate cash flow, skincare offers more consistent and repeatable income.

[14:26] Laurina Stori: "I think skin care actually can net you more income than waxing, really."

She breaks down the financial aspects, illustrating how skincare treatments not only bring in higher revenue but also involve retail product sales that contribute significantly to overall profits.

3. Challenges of Owning a Salon

Laurina delves into the harsh realities of salon ownership, highlighting why a staggering 95% of salon owners fail within three years. She attributes this high failure rate to a lack of business acumen among beauty professionals, who often excel in their craft but struggle with the financial and managerial aspects of running a business.

[23:06] Laurina Stori: "It's why something like 95% will not be in business, will not be using their license three years after they get it."

Furthermore, Laurina discusses the complexities of managing employees, emphasizing that the responsibilities extend beyond mere payroll to include taxes, benefits, and maintaining a harmonious workplace.

4. The Importance of Financial Literacy

A recurring theme in the episode is the necessity for beauty professionals to understand their finances. Laurina stresses the importance of tracking profit and loss, managing costs of goods sold, and making informed decisions about product lines.

[16:16] Laurina Stori: "Some of the reasons that people fail are because they don't care about the numbers."

She advocates for estheticians to embrace financial management tools and practices, ensuring they have a clear picture of their business's financial health.

5. Social Media and Modern Marketing

The conversation shifts to the impact of social media on the beauty industry. Laurina expresses skepticism about platforms like TikTok, noting that a large following doesn't necessarily translate to profitable clients.

[25:37] Laurina Stori: "Your followers are not your clients."

She shares her own experiences with viral content, illustrating both the opportunities and pitfalls of leveraging social media for business growth.

6. Laurina’s Business Philosophy

Laurina emphasizes authenticity and meaningful client relationships as cornerstones of her business success. She believes in selling products that genuinely benefit clients rather than pushing items that may end up unused.

[21:00] Laurina Stori: "The greatest thing about our industry is that you really do have to be authentic or people will just go away."

This philosophy extends to her approach in training and educating other professionals, focusing on creating value and building trust with clients.

7. Advice for Aspiring Estheticians

Towards the end of the episode, Laurina offers candid advice for newcomers in the beauty industry. She urges aspiring estheticians to be self-starters, continuously seek education, and prioritize building a loyal client base over simply mastering technical skills.

[63:54] Laurina Stori: "You have to be a self starter. I don't care if you go to work for a salon. You have to find your own customers."

She also warns against the saturation of the market, encouraging professionals to differentiate themselves through quality service and strategic business practices.

8. Future Endeavors and Legacy

Laurina reflects on her journey, celebrating the longevity and success of Eva's Aesthetics as a third-generation family business. She shares her commitment to mentoring the next generation and ensuring the sustainability of her brands.

[49:14] Laurina Stori: "Two of my nephews are now owners, and that to me is the best thing ever."

Laurina's legacy is marked by her dedication to excellence, both in service and in business, setting a high standard for others in the beauty industry.

Conclusion

Dede wraps up the episode by acknowledging Laurina's invaluable insights and unique personality, highlighting the blend of expertise and authenticity she brings to the table.

[69:04] Laurina Stori: "If you fail to plan, then you're planning to fail."

This episode of "Beauty With a Twist" serves as a candid exploration of the challenges and triumphs within the beauty industry, offering listeners both seasoned professionals and newcomers practical advice and inspiration.

Notable Quotes with Timestamps

• Laurina Stori [00:08]: "I am the OG Wax Queen. The first. Anybody wants to challenge me on it, I'll meet your ass outside."
• Laurina Stori [14:26]: "I think skin care actually can net you more income than waxing, really."
• Laurina Stori [23:06]: "It's why something like 95% will not be in business, will not be using their license three years after they get it."
• Laurina Stori [16:16]: "Some of the reasons that people fail are because they don't care about the numbers."
• Laurina Stori [25:37]: "Your followers are not your clients."
• Laurina Stori [21:00]: "The greatest thing about our industry is that you really do have to be authentic or people will just go away."
• Laurina Stori [63:54]: "You have to be a self starter. I don't care if you go to work for a salon. You have to find your own customers."
• Laurina Stori [49:14]: "Two of my nephews are now owners, and that to me is the best thing ever."
• Laurina Stori [69:04]: "If you fail to plan, then you're planning to fail."

This comprehensive summary encapsulates the key discussions and insights from the episode, providing valuable takeaways for anyone interested in the business dynamics of the beauty industry.