Beauty Shop Stylists & Barbers, Protect Your Income & Grow Rich Now!
Welcome to Darron's beauty shop where beauty and the financial education meet. After years in the business as a hairstylist, what I've painfully discovered is that hairstylsts and barbers are the least financially literate in the industry.
According to Dr. Cuttie Bacon PHD & author of the book How To Teach Cosmetologists And Barbers To Be Millionaires, less than 2% of beauty shop professionals, hair stylists and barbers actually retire from this business because of
- the unexpected (illness/accident)
- burn out
- physical decline
- poor money management
(I've experinced all of the above!)
That's a very depressing statistic!
Once upon a time I was making a grea living as a rockstar hairstylist with more clients that I could service, motivated, ready to take on the world, coming in to work early and staying even later. Slaying French Rolls, updo's & short precision cuts and styles with the best of them. And then one day....
That one day might look like this. I'm playing in the driveway at home with my daughter and I fall off a skateboard and fractured my wrist. I was not able work and was without income for several months. Most Ameircans can't survive 1 month if they lost their job.
That one day might be you get a bad doctors report and were diagnosed with a chronic illness or a terminal illness and you had to leave the business from behind the chair you've worked so hard building.
That one day might be "oh theres a pandemic and you have to close your barber or beauty shop for six months, that actually happened to me too. Think about how do you continue to survive?
That one day might look like a thousand different reasons, but something we really have to think about is,
That one day will come for all of us at some point and time!
Will you be prepared?
Why no one taught us about finance?
e tend to make. My friends thats pretty depressing because the longer we are in it, the less money we tend to make.
- The beauty business school of hard knocks, has taught me some valuable lessons over the years.
As a licensed cosmetologist & financial services educator, I feel It's my duty to pass on helpful advice to you the aspiring entrepreneur and beauty enthusiasts.
Yes, I’ve made plenty of mistakes in the beauty business, now I can teach you how to avoid them so you can prosper as an entreprenuer in the beauty , barber, or any other business you decide to start.
************Disclaimer*****************
Pleasse be advised that the information on this site is meant to be for education purposes, this is not meant to be personal fianancial advice. If you need financial resources I will be happy to send you to trusted financial professionals that i know and trust?, However please note this content is for educational purposes only.
Warnig! These commandment will work for all small business owners!
But then, over time, without even realizing it, something started happening... My income started getting smaller and smaller!
Why Did I Create This Site
Over the years I got frustrated and depressed watching beauty shop owners not be able to financially retire and have to keep standing behind the chair as long as they could because their was never an exit plan or retirement plan put in place.
I've seen collegues in the buiness, some of the best stylists in my city and community, loose everything they worked hard for because of an accident, illness or bad diagnosis from the doctor.
And because I did not plan for the unexpected........
It was financially devistating to say the least, I ended up loosing my home and other assets. It took some time to get back on my feet thanks to support from my family.
To help me further recover from that stresful experience, I took a dive head first into the wonderful world of fiancial services where I attained my life insurance, health & annuities license, and securities license.
Now hopefully I can bring some much needed easy to understand financial education to our industry.
1. Create Your Business Plan.
Starting out, we all have the desire to become the stlyist that's got it going on with rockstar status and one day you will, but it's very important that you do not skip this step.
Yes, putting a business plan in place may sound boring or even intimidatig, but it's not as hard as you think.
If you were going to take a long road trip across the country you would need to plan it right? The Same should be taken into consideration when starting, running, and planning your business.
2. Have A Passion For Your Business Like A Child Playing With Their Toys!
Children are curious, imaginative, and deteminded to get it right when they find something they like. That's how youshould be when it comes to choosing a your path in this huge industry.
Choose a specialty (or two) in the business that you know and love or one that you are willing to increase your skills and knowledge about.
If you do that, running your beauty shop business becomes an easy pleasure instead of work!
3. Always Advertise / Promote Your Services & Products.
Why? Because if want to be successful, your business must grow. You grow your business by marketing, advertising, and by expanding your products and services.
You should be scheduling at least 2 hours a week for marketing. These things help keep your business running and growing steadily.
4. Talk To A Mentor.
I sure wish someone told me this early on in my career. This is probably one of the most important commandments to follow for your business and your personal life.
Nothing like knowing you have an affordable plan in place to protect you, your buisiness, A good mentor can help you do that.
5. Get A Good Accountant.
This is one thing that most young stylist and beauty shop hair salon owners would like to avoid, but it is a must! Don’t be afraid to pay your taxes. Find a accountant that has experience working with beauty professionals.
Also make sure they know the tax codes of the IRS, State Revenue, and Social Security, trust me, it will save you time, money, and plenty of headaches down the road and you will get money back on your tax returns instead of always paying in.
6. Incorporate Or LLc Your Business.
After you find your accountant, tell them to get your business incorporated or get an LLC. This will protect your assets, home, bank accounts, retirement accounts and other personal property in case you get sued, they can’t get your assets and you’ll also save on taxes!
7. Do Daily / Weekly Bookkeeping.
Know where your money is going at all times. Back in the day I used to do this with the ole pencil and note pad.
Today it’s much easier to use some sort of personal bookkeeping software like Quicken. Nothing like being able to produce a profit and loss statement at the push of a button.
8. Exercise To Keep Physically Fit.
Now what does that have to do with running your business you ask? If you don’t have your health you won’t be able to work and get the wealth.
To be a successful hairstylist in the first part of your career, you must work harder and longer than most people who work a 9 to 5.
Work in the beauty shop can be very physically demanding lots of standing on your feet bending your back and doing repetitive motions with fingers and arms. You Must preserve or maintain your health physically.
10. Always Treat Your Clients With Kindness & Try To Over Deliver!
A professional in the barber and beauty industry must always take heed to the fact that people see you as a expert in your in your field.
So be sure to give all clients the number one thing you have to offer, and that is superior service with a smile. Always over deliver, try to give the client more than what they expect.
Need to talk? Contact me here
Stay Beautiful My Friends!
Darron Hardmon Professional Cosmetologist
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