Some say TikTok and how-to videos are lowering the demand for hiring professionals, as consumers are more confident than ever, they can DIY everything. But stylists would argue that coloring is a craft and maintaining the health of the hair and the scalp are as important if not more so than style. Many are saying it's time to get back to the basics - no frills and fillers - just cutting, coloring, styling, and caring for the overall health of the client.
Read MoreThe business side of the work you love can be a big learning curve for salon owners and we are here to help make that transition smoother - and keep your hard-earned money in your pockets! Managing expenses and costs is essential in the salon industry, ensuring financial stability, profitability, and long-term sustainability so you can build a legacy.
Here are some first steps to handle expenses and cost management successfully:
Read MoreTax season can feel stressful and overwhelming, especially if you’re an independent contractor. But you can be prepared and have more peace of mind. We will explain how to file 1099 forms as an independent Spa or Salon Contractor, so you can stay compliant with the law and on track in your business.
Read MoreIf you're a salon or spa professional, you have the option of three types of salons/spa business models: employee-based, independent contractor-based and hybrid. How you pay your team will be determined by which business model you choose. They are not the same and it can sometimes be confusing, so we want to break everything down for you here to help you stay compliant and run a successful business.
Read MoreBookkeeping is a crucial aspect of a business for a salon owner. Bookkeeping helps to maintain accurate and up-to-date financial records by tracking income and expenses day-to-day, providing a clear financial picture to make informed business decisions.
Quality bookkeeping ensures compliance with tax regulations and financial reporting requirements - contributing to TAX SAVINGS and preventing you from over paying or under paying at tax time.
Read MoreAs a salon and spa owner, tracking and analyzing KPIs (Key Performance Indicators) can allow you to make data-driven decisions that strengthen the resilience of your business against economic downturns. Tracking them allows you to take a proactive approach, to adapt quickly and maintain profitability, even through challenges.
If you're unsure what to track or how, a good place to start is with your financial reports; a great one being your Income Statement. Here's how:
Read MoreIs this relatable?
Here’s the secret - it is lack of KNOWLEDGE that keeps you scared and stuck when it comes to engaging with your salon’s financials.
It’s not hard - it’s the UNKNOWN that makes it hard. BUT small changes make a BIG impact.
Your financials tell a story - and you need to understand that story. It is imperative that you understand your numbers - because they are YOUR numbers - they’re not someone else’s numbers.
Read MoreAre you experiencing some slow months as a salon owner? This is solvable. There are four key metrics you’ll want to measure in order to grow.
The number of new clients booking appointments monthly?
The number out of the new clients who are rebooking appointments?
How many returning clients are booking appointments each month?
How many out of the returning clients rebooking another appointment each month?
It's always a bit disappointing and stressful or confusing when you get negative reviews. But we're breaking down a system that you can put in place, so you make sure your team members know you've got their back + you know when to stand up for yourself if you're not in the wrong and keep new clients coming in despite any negative reviews.
Read MoreAs a hairdresser, you can claim various expenses for tax deductions. Use this list so you don’t miss a thing - your hard earned money is worth saving!
Read MoreSocial media isn't the only way to bring new clients into your salon. We want you to branch out into the real world and create new possibilities in your business - with a focus on building relationships.
How?
Focus on partnerships with local businesses that are like-minded and bring something to your clients that you don't - think boutiques, gyms, spas.
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