Most beauty shop entrepreneurs will be broke by age 62 because they don't follow the business secrets to success. What are these secrets you ask?
Well its really no secret at all. I think most People just fail to plan and execute. You know what they say, "when you fail to plan, you plan to fail" or something like that.
Welcome to Darron's Beauty Shop.Com. The site that's into helping you bring out your inner beauty, maintaining good health, and creating your style.
Over a span of 25 years the beauty shop business school of hard knocks, has taught me some valuable lessons that I would love to pass on to you the aspiring or established entrepreneur.
I've made plenty of mistakes, now I can teach you how to avoid them. Let's learn how to think and grow rich from the beauty business or any other business you want to start!
Just think of me as a veteran player in this broad and lucrative cosmetology game who has transitioned into a coach.
1. 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.
2. Have a passion for your business!
Choose a career in the business that you know and love (or that you are willing to find out more about). If you do that, running your beauty shop or a 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.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 to a decent performing index mutual fund!
4. Hire a knowledgeable 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.
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. 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 a ton taxes!
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.
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.Stay active and keep yourself physically fit.
Now what does keeping fit 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 entrepreneur, sometimes you must work harder and longer than most people who work a 9 to 5.
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.
So be sure to check out the health and wellness tab 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.
8. Learn to invest and trade the stock market.
Why learn to invest and trade the the stock market? 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.
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 stock and or mutual fund retirement plan.
9. Advertise and promote your service or products continuously.
Why? Because if want to be successful, your business must grow. You grow your business by email marketing, advertising, and by expanding your products and services.
You should be scheduling at least 2 hours a week for planning marketing strategies like email marketing and social media campaigns ect.
These things help keep your business running and growing steadily.
10. 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.
11. Self Improvement and continuing education.
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.
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