The Beauty Shop Business School Of Hard knocks, has painfully taught me some valuable lessons that I would love to pass on to you, the aspiring entrepreneur.
Again, I’ve made plenty of mistakes, now I can teach you how to avoid them so you can learn how to think and grow rich from your cosmetology/barber business. (or any other business!)
No one was really teaching us money management skills back my early years as a stylist.
Most trade 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.
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.
You just have to stay focused and follow the advice on this site! So check back often for new updates and join our newsletter.
So what’s one of the first things you should do?
1. Create you 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.
2. Have a passion for your business!
The beauty industry is huge so you should 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 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 a decent performing retirement plan.
4. Get An Accountant/Bookkeeper.
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.
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 on 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. 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.
8. Talk To A Financial Planner
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 your plan in place, the sooner the better!
9. 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. You should be scheduling at least 2 hours a week for marketing. These things help keep your business running and growing steadily.
10. 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.
Take Time Out For Seeking 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.