Financial freedom for beauty business owners is the primary goal here. Do you find yourself trying to make decisions as to whether to pay yourself, reinvest in your business and contribute to your savings account? Or do you grab for a carton of Haagen-Dazs or Breyer’s vanilla bean and say “I’ll deal with this later?”
The harsh reality of owning a beauty business is that you should be doing all three of these things and then some.
Let’s take a look at three important factors to consider when running your beauty business:
Pay Yourself First – A big part of financial freedom is in understanding how to run your beauty business. Paying yourself is one way of acknowledging just how important you are to your operation.
So many of you tell yourself that you should be putting the money you’ve earned back into your business. Are you living in fear feeling that if you do this more money might not come your way?
Stop worrying about unforeseen obstacles and give yourself permission to pay Yourself! One way to overcome this way of thinking is to set up a separate bank account, one for business and one for you.
In the beginning, it might be easier for you to consider
yourself as an employee. Put
yourself on payroll and pay yourself at regular intervals. If you worked for someone else you’d be
expecting a check on or around the 1st and 15th of every
month. Make it happen and stick to
your plan. Having a plan is a key to financial freedom for beauty business owners.
Invest in Yourself and Your Beauty Business – Investing in yourself and your beauty business is an important measure for any business owner. Knowing and understanding that you have to spend money to make money can be challenging when owning a business.
You must reinvest in your equipment in order to offer modern treatments. You must reinvest in yourself and stay on top of current trends in your beauty business. When you stay on top of industry trends you’ll find that you’ll earn your biggest return on investment.
Your clients are always looking for the latest treatments and products and when you possess them, you show up in your beauty business or in the treatment room as the expert and leader in their eyes.
Create a plan of action and stick to it. Decide on a few trade shows you’d like to attend and go to them. Can't afford the trade shows yet? Look for webinars that will offer you an affordable way to continue your education.
Have A Savings Account – Want to know where you spend and how much you save? Put a little money aside each month even if it’s just a few dollars.
As an independent contractor or business owner you’ll need at least 30-35% of your income for taxes.
One thing’s for certain, if you keep doing what you’re doing, you’ll keep getting what you’re getting! The key … what are you doing?
When you invest in your beauty business and you invest in
yourself, you’re making a statement that you’re ready to grow your business and
increase your income. This is the way to financial freedom for beauty business owners.