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Episode Info: 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 Privat...
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