Episode 150: Business & Financial Planning for the Long Term: Interviewing Beauty Boss Leann La
Description
What you will learn from this episode:
Learn the key to having strategies and systems in your beauty business
Hear about the need for financial planning and investing outside of your business.
Gain a better understanding of the importance of self-awareness, effective communication, and the significance of delegating tasks
Our guest, Leann La, a highly experienced permanent makeup artist and beauty boss joins us to discuss the importance of understanding the business side of being an artist and taking risks as an entrepreneur. She is a permanent makeup artist extraordinaire, who has performed over 15,000 procedures and coached over 8,000 artists worldwide.
In this episode, we dive into the key strategies and elements to growing and scaling her successful beauty business. We discussed the risks she took and the lessons learned along the way. You’ll hear about the importance of sound financial planning and investing for entrepreneurs. Truly eye-opening!
Plus, Leann La shares her experience with running a business with family members. From the importance of shared visions, mutual respect, and open communication to self-awareness, this episode is packed with valuable wisdom you won’t want to miss.
Topics Covered:
00:29 - Introduction to Leann La's background and accomplishments
01:35 - Starting a beauty business with family and finding your passion
07:39 - Transitioning from artist to teacher
09:55 - Focusing on how to improve
10:54 - Lessons Learned from the different aspects of running a business.
14:14 - The challenges of scaling a business, finding balance, and delegating
16:35 - Building a team
17:40 - Seeking feedback to improve
20:02 - The importance of taking risks
28:01 - Facing financial challenges and the importance of money management in the beauty industry.
30:30 - Investing, and long-term financial planning for retirement.
31:44 - Exploration of a beauty business exit strategy
32:38 - The challenges and benefits of working with family members
34:54 - Utilizing individual strengths in a partnership
36:07 - Trust and accountability
40:41 - Aligning goals, being supportive, and staying focused on personal vision.
42:44 - Advice to Younger Self
51:10 - Upcoming projects, online education, and mentorship
52:28 - The value of spending time with loved ones.
Key takeaways:
"Anything great is going to take time. I know sometimes we see things on social media and it looks like everyone did it overnight. But it doesn't happen that fast you have to be patient. And as long as you're passionate about what you do." - Leann La
"You might not jump for joy after you take training, it's going to challenge you. It is natural to have doubts, like, "This is harder than I thought", or "I don't know if I can do this". Just keep going because you don't know how your life can change." - April Meese
"No matter how long you've been in the business, you're going to experience so many ups and downs. I've learned so many different things. As far as teaching. I've learned that as a trainer I need to always also be a student, there's no stopping me when it comes to education and training. Sometimes people get into the industry and they think I'm gonna take my first training and that's all I need. But it isn't that way. I find that a lot of the top leaders in the industry are also the ones who are constantly taking classes, constantly educating themselves, and constantly getting mentorship. And I think that's so important. It's kind of like what you do, April. You're a mentor to so many other permanent makeup artists out there. And what you do is so important because sometimes we learn to be artists and we have no clue how to run a business, right? We have no clue how to market our business, have no clue how to even make sure we're doing things legally. It's so important." - Leann La
"As an entrepreneur, I always want to at least know a little
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