Financial Planning within the Beauty Industry

Use a software to keep track of your daily purchases

• Quickbooks

• Mint 

• Goodbudget

• Expensify

• Wally

Ways to Save $

• Conserve Water

• Waste Disposal

• Eco Saver Materials 

Be Ready for Slow Seasons!

Don’t forget to take into consideration the pricing of hiring workers 

• Booth Rental

• Commission Based

Have permits and licenses to open your salon.

Questions to ask yourself

• What’s your busiest day of the week?

• What are your best selling products?

• Who are your highest-performing employees?

Determining Your Prices 

• Estimate how many services you will have in a week 

• Determine how much you will have to charge in order to make a profit 

Total Revenue

(-) Total Expenses

= Net Profit

Calculations to take into account when managing expenses 

• Profit & Loss Statement

• Break-even Analysis

• Financial Forecast

• Business Startup Cost Calculator click here

Determine Your Competitive Analysis

• What types of customers do they serve?

• What services do they offer?

• What products do they offer?

• What is their pricing (premium, low, etc.)?

• What are they good at?

• What are their weaknesses?

What is a Financial Planner

• Financial Planners are licensed to give investment advice and develop comprehensive financial and wealth management plans

 How Can a Financial Planner be a Resource

• consulting with clients to analyze their goals, risk tolerance,  life stages, and investment strategies

The most important investment you can make is in yourself!🌸

Learn More about Entrepreneurial Planning click here