Episode 39: Making The Inc. 5000

September 4, 2018

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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