In the beauty shop business school of hard knocks, I've made plenty of mistakes, now I can show you how to avoid them so you don't end up broke. Being a beauty professional can definitely help you live your dreams of a fun and lucrative career.
On the other hand, it can be a financial nightmare if you don't plan, save, and invest for your future in your early and most productive years.
In my 25+ year career I have made some good money, suffered financial loss to the point of bankruptcy, and made it back on my feet again. In that time span I have also learned through research, life, and work experience that:
African American cosmetologists and barbers:
• Make up the largest segment of black owned businesses in the country.
• On average has a net worth of under $20,000 after at least 10 years or more years in the business.
• Are still the the poorest division of black small business owners
• Do not educate themselves on wealth accumulation.
Yes, I can truly say "I been there, done that!"
After being being in the above statistics, I realized I had to do something to help myself as well as others in the same situation. So I have added to my skill set by recently attaining a license in life insurance, health, and annuities.
Now I can also help with financial planning so you can avoid financial ruin, protect your health, and retire happy.
I'd like to be a your online resource for not only learning some basic principles for creating wealth & financial planning for small business owners,
but also sharing our best beauty, health, and fashion tips & tricks that will help you look and feel like a million bucks, so we can go and make a million together!
1. Create your business plan!
Creating a personal or salon business plan is not as hard as you think. Please do not skip this step. Why? Just think about it.
If you and your co workers are getting ready to attend a trade show in Vegas for a weekend of education and fun, (ya'll know how we do it), you would need to plan it right?
The same should be taken into consideration when starting, running, and planning your business.
2. You Must Have A Passion For Your Business!
Choose a career in the cosmetology field that you know and love (or one that you are willing to find out more about, for me, it will be braiding). If you do that, running your beauty shop business becomes an easy pleasure instead of work.
3. Learn To Live Below Your Means
Just because you can afford a Mercedes or Lexus doesn't mean you should buy it, especially a brand new one. 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 SEP or index mutual fund!
4. Get Yourself An Accountant.
This is one thing that most young stylist and beauty shop entrepreneurs 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. They will also help you get incorporated, which will help you save a ton on taxes.
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.
5. Advertise And Promote Your Service Or Products Online With Your Very Own Website.
Why? Because that's where the customers are. If you are going to be successful, your business must grow.
You grow your business by advertising thru email marketing, and engaging with your customers on social media outlets like Facebook, Instagram, and twitter, to name a few. This helps you to expand 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. You can learn to build your own website like mine and create an online business here.
6. 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 (sometimes I still do!)
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.
7. Learn How To Trade & Invest In The Stock Market!
Why learn to invest in the stock market? Sometimes business gets slow. I have discovered that trading can help supplement your income on those days when times are slow in the salon.
Trading Binary Options gives me the opportunity to create an additional stream of income. Furthermore, 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.
So in order to make sure you can stop working but continue to live your current lifestyle, you will need to learn to invest in a stocks, mutual fund, and or trading in the stock market.
8. Keep Physically Fit
If you want to make good money and be successful as a hairstylist or beauty professional, 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 and 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.
9. Always Treat People With Kindness And 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.
10. Always Strive To Work On SELF Improvement
Everyone should always strive to improve ones self. Some of things that are essential for beauty care professionals are reading, making assessments, reflecting back on services to your clients, and continuing to come up with new ways to attract new clients.
Stay Beautiful My Friends!
What people say about Darron's Beauty Shop.......
"I appreciate the benefit of knowing that my hair is being well taken care of and on top of all that, I'm in and out in a timely manner." - Janis
I've been a weekly client of Darron's for 20 years because he takes pride in his work. He is very concerned about keeping your hair healthy, and most of all, he's flexible and on time for your appointment." - Rhonda
"Love, Love,Love, Darron's Beauty Shop. While on meds and dealing with hormonal changes, my hair started thinning.
Darron patiently worked with me to find products gentle enough for my hair during that time. He also researched vitamins and organic products I could use at home to help regain my fullness after the problem was identified." - Emily
Need an appointment? Contact me here