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What else you got? Incorporating auxiliary products into your business can provide multiple streams of revenue.



Georgia Crossi 56, can attest that the Chicago-based cosmetic and plastic surgery practice of Dr. Tinsley & Associates provides more than just traditional services. Cross left Dr. Tinsley's three offices with more than a tummy tuck tum·my tuck
n.
Abdominoplasty. Used informally.


tummy tuck Abdominoplasty Cosmetic surgery A procedure in which a large horizontal ellipse of skin and fat is excised from the anterior lower abdomen, and an upper
, breast reduction, and liposuction Liposuction Definition

Liposuction, also known as lipoplasty or suction-assisted lipectomy, is cosmetic surgery performed to remove unwanted deposits of fat from under the skin.
. The practice offers a one-of-a-kind scarless mole removal (SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on ) procedure, which the Chicago native used to zap away moles on her face and chest. Afterward, she began using Flawless, a line of advanced skincare products developed by Dr. Elton Tinsley, one of Chicago's leading plastic and cosmetic surgeons. Now she's hooked.

"I wouldn't use anything else," says the retiree. "I'm used to how he does his work, so I trust the products."

Cross is the type of client Tinsley had in mind when he envisioned not just a medical practice but a multidimensional business. Taking a business to the next level means moving beyond a core product and developing new avenues to kick up revenues, market the company, and create lasting relationships with clients.

SMR, invented by Tinsley 10 years ago, is the "house special" of Tinsley's skincare practice and one of the chief ways he pulls in new clients. The $300, 15-minute procedure generated $200,000 last year. Of his cosmetic and plastic surgery patients, 20% had mole services first, he says.

"The mole removal service is used to boost the skincare business, which boosts product sales, which boosts cosmetic surgery cosmetic surgery, plastic surgery for cosmetic purposes, such as the improvement of the appearance of the face by removing wrinkles or reshaping the nose. ," says Tinsley, 46, a University of Illinois University of Illinois may refer to:
  • University of Illinois at Urbana-Champaign (flagship campus)
  • University of Illinois at Chicago
  • University of Illinois at Springfield
  • University of Illinois system
It can also refer to:
 medical school graduate, who completed his residency at Howard University Howard University, at Washington, D.C.; coeducational; with federal support. It was founded in 1867 by Gen. Oliver O. Howard of the Freedmen's Bureau, to provide education for newly emancipated slaves. A normal and preparatory department was opened the same year. . Eighty percent of the company's advertising dollars market this procedure.

Since Tinsley refocused his business strategy in 1998, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying  have increased steadily from $120,000 to $2.4 million. Flawless products accounted for $150,000 in 2006.

"He took his practice, looked at skincare for women of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed.

See also: Color
, recognized a niche, and pursued it. That's a textbook entrepreneur," says Valarie King-Bailey, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of OnShore Technology Group, a Chicago-based firm whose Master Marketing division handles marketing for Dr. Tinsley & Associates. In addition, Tinsley is working on a guide for practitioners and consumers, Skinside Out: Black Skin and Ethnically Correct Plastic Surgery.

With three offices in Chicago and one forthcoming in the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. , Tinsley and his 10 employees see the ongoing demand for the company's many services. Tinsley says, "My life's work is black skin."

BRANCHING OUT

Looking to add to your business by creating additional revenue and marketing streams? Consider the following strategies:

Do your homework. Who are your customers? How do they experience your products or services? Research cost, manufacturing, licensing/patenting, and advertising before making a commitment.

Seek outside opinions. For feedback, share your new product with focus groups. King-Bailey says some companies have an advisory council--an outside group with no direct responsibility to the organization. "They can think out of the box," she says. "If you're entrenched en·trench   also in·trench
v. en·trenched, en·trench·ing, en·trench·es

v.tr.
1. To provide with a trench, especially for the purpose of fortifying or defending.

2.
, it's hard to see what you've got."

Use the power of marketing. If you have a new, unique product, education should be part of your strategy. "SMR patients are exposed to our in-house marketing, an infomercial playing in our lobby," says Tinsley. Also, attend events that your target customers attend.

Move when it's time. The side product you create should be a natural evolution of where the business needs to go. Are clients routinely asking for or suggesting an item related to your core business? King-Bailey says if it's complementary and you can create and market it cost-effectively, then go for it.

Create returning customers. Start by delivering consistent, quality customer service. Make sure your products and services match the hype, King-Bailey advises. Also, it's important to innovate continually. She warns, "If all you have is a one-dimensional service, you're done."
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Title Annotation:MANAGEMENT ADVICE
Author:Gilliam, Stacy
Publication:Black Enterprise
Date:Aug 1, 2007
Words:612
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