Welcome to Darron's beauty shop your online resource for shoptalk about the business of beauty & health. I'm a licensed cosmetologist and a licensed financial services professional.
I've been in the beauty & hair care business since clients were requesting French Rolls and Care Free Curls! Yes, that's a long time! I've had my time behind the chair as a top player in the hairstyling game once upon a time.
Now, I'm more like the coach here to guide and educate aspiring beauty professionals, barbers, and small business owners.
Why Did I Create This Site?
Well, in my time in the business, I've seen many successful salon owners be forced to have to keep standing behind the chair working well past their prime because their was never an exit plan or a financial retirement plan put in place early in their careers.
I know what it's like to spend years building a successful business as a hairstylist from scratch, to loose everything you've spent years working hard for because of an accident or a career ending "bad day".
And The Main Reason Is Quite Shocking!
According to Dr. Cuttie W. Bacon lll Ph.D. and author of the book How To Teach Cosmetologist & Barbers To Be Millionaires, black cosmetologists and barbers represent the largest group black owned businesses in America.
We are also the Poorest of any group of black owned business owners in this country. Less than 2% of black cosmetologists and barbers actually retire from this business.
WHY? Because we don't educate ourselves on wealth accumulation. We have never figured out how to convert our revenue into real wealth.
Over the years I’ve made plenty of mistakes in my beauty shop business because like most beauty professionals I didn't educate myself on how to protect my most valuable asset which was me!
Now, it's my duty as veteran a stylist, educator, and licensed financial professional, to show you how to avoid the some of same mistakes I made, so you
can learn how to think and grow rich over time from your beauty shop, barber, or any other small business you decide to start!
Back in my day, most trade and educational shows focused on styling techniques to help you make more money, but very few where teaching you how to manage, preserve, and grow the income into wealth.
Yes, you are now in a industry where you have the power, the talent, the freedom, and flexibility to run your own business. But in order for you to really win you have to lay down a plan!
I know for a fact that you can make a million dollars, in the beauty and health business, after all it’s a multi billion dollar a year industry and with the creation of "social media", the sky is the limit!
You just have to stay focused and follow the advice on this site! So check back often for new updates and join our newsletter.
Beauty Shop Commandment #1
Create Your Business Plan!
Create your business plan! Creating a business plan is not as hard as you think. Please do not skip this step. Why? Just think about it.
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.
Pay Yourself First!
This is something I learned from an old school beauty beauty product salesman back in the day. I just didn't stay disciplined enough to practice it more than I practiced spending!
Before you pay anyone, always pay yourself first! This will get you used to moving money into your savings account which will keep you from spending on everyday expenses.
It will also get you in the habit of creating savings that's going to add up over time so you will always be ready for those unexpected expenses.
Learn To Live Below Your Means
Just because you can afford a Mercedes or Lexus doesn’t mean you should buy it. I had to learn that the hard way. Now I drive this Hyundai Sonata that looks like a Lexus and I invest the difference between a Hyundai payment and Mercedes payment in a decent performing retirement plan.
Get An Accountant
This is one thing that most young stylist and beauty shop entrepreneurs who are just starting out try to avoid, but it is a must! Don’t be afraid to pay your taxes. Find a account 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.
Incorporate Your Business.
After you find your accountant, tell them to get your business incorporated. 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!
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.
Advertise & Promote Your Brand And 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 online.
You should be scheduling at least 2 hours a week for marketing. These things help keep your business running and growing steadily.
Keep Physically Fit
Now what does that have to do with creating wealth you ask? If you don’t have your health you won’t be able to work and get the wealth.
To be a successful cosmetology entrepreneur, 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 your fingers and arms. You Must preserve or maintain your health physically.
So be sure to check out the health and fitness section where you will find lots of tips for lowering stress, building your self esteem, and relaxing massage techniques that make you feel like new money.
Plus, plenty of fabulous beauty recipes, weight loss help, exercises, motivation, and more advice to help you reach your absolutely most beautiful and prosperous self.
Talk To A Financial Professional
Why talk to a financial specialist? Well at some point during your awesome career, you are going to experience aging and burn out.
You’re going to be ready to hang up the ole curling irons and blow dryer for good or possibly seek and exit strategy.
So in order to make sure you can stop working but continue to live your current lifestyle or better, you will need to sit down with a professional who can help you get a plan in place to make your hard earned money work for you by investing, the sooner the better!
Treat People With Kindness And Always 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.
Let's Run Your Business Don't Let It Run You, So You Won't Be Broke By Age 62!
Need to talk? Contact me here
Stay Beautiful My Friends!