We know you’re rocking those makeup brushes and styling shears like a boss, but when it comes to managing your finances as a beauty professional, it's a whole new ballgame. From protecting your profits to turning tax season into a cinch, here’s how to master the art of financial finesse. Follow these steps to get your bank account looking just as good as your signature blowout.
First things first, it's time to level up your payment game. Asking clients to pay with crumpled cash or through third-party payment platforms (no shade to Venmo) doesn't cut it if you want to maintain that professional vibe. It's time to equip yourself to handle every payment method with ease.
Instead of burdening clients with entering their payment details during booking or at the end of their appointment, you can seamlessly and securely accept payments with a simple tap on your phone screen.
Clients can opt for a contactless card, Apple Pay, or other digital wallets to breeze through the checkout process. And the best part? All these payments flow seamlessly into a single hub, offering you the ultimate flexibility.
If you prefer a physical card reader, the app seamlessly syncs with your GlossGenius card reader, giving you even more options to suit your business needs.
We're sure you already know it’s easier and less expensive to keep an existing client than it is to go out and get a new one.
If you didn’t know, returning clients spend 67% more on average than new clients. That means your loyal clients are your golden ticket to success, so you’ll want to keep tabs on them as if your business depends on it (because it does).
One of the best ways to do so is by keeping client notes on file. This invaluable resource allows you to document not only their custom hair color but also personal details like their kid’s recent recital or any specific concerns they may have shared.
This information empowers you to offer personalized recommendations, making it easier to upsell products or services that you know will benefit them.
Speaking of retail, offering products is another surefire idea to boost your bottom line, because clients appreciate the convenience of purchasing products on-site.
For the eager folks who can't get enough of your magic touch, be sure to implement a waitlist so you can efficiently fill last-minute openings, keeping your schedule fully optimized.
And don't be shy about raising your prices – your skills are worth every cent. This strategic move not only reflects your growing expertise but also contributes to your overall profitability.
Plus, GlossGenius offers the added benefit of instant payouts, so it's payday every day, providing you with the financial flexibility to reinvest in your business and continuously enhance the client experience.
Between the inevitable no-shows, last-minute cancellations, and those dreaded chargebacks, you’ve got to safeguard those hard-earned profits with everything you've got.
To fortify your funds, consider implementing a deposit system and a cancellation policy that's as fierce as your contour game – and make sure clients acknowledge it. Some stylists opt to go the deposit route, but some feel this approach might deter new clients you haven't yet built a relationship with.
An alternative is to securely store their card info when they book, making it convenient to charge a no-show or cancellation fee without requiring an upfront payment.
When it comes to chargebacks, GlossGenius has got your back with 100% chargeback protection. Chargeback protection is a resource designed to provide financial coverage against payment disputes. Even if the bank rules against your business, it ensures that the disputed funds are returned to your client.
GlossGenius goes above and beyond by taking proactive measures to advocate on your behalf when chargebacks occur, safeguarding your hard-earned income, no matter the bank's decision.
Few things are less inspiring to a creative than crunching numbers, we know, but as a beauty professional, maintaining precise, organized financial records is absolutely crucial.
The most financially savvy business owners know that the best way to breeze through tax season is to be organized and prepared throughout the rest of the year!
Having your bookkeeping neatly categorized into a profit and loss (P&L) statement becomes your secret weapon for seamless filing. This means that throughout the year, you’re meticulously tracking profits (through your service and retail transactions) and losses (through your expenses and payroll) in one location.
Plenty of business owners use bookkeeping software, like Quickbooks, to track these things for them, but beauty professionals and business owners in the wellness industry can take advantage of GlossGenius’ all-in-one Reporting & Analytics capabilities to keep up with bookkeeping.
GlossGenius automatically tracks all of your services, retail sales, business expenses, and payroll, and provides reports on demand, so you are always a few taps from seeing your numbers at a glance. Then, when it’s time to tackle your taxes, you can hand off your GlossGenius reports to your accountant, or file yourself, knowing you have all of the information you need, in one place.
If you're running a salon with a crew of your own, managing your team's compensation is a breeze with our comprehensive commission reporting tools. Keep an eye on these reports to ensure everyone's work is being rewarded fairly and equitably. After all, a motivated and well-compensated team is essential to the success of your business.
And as a pro tip for the savvy salon owner: consider maintaining separate bank accounts for your business, your personal finances, and your individual team members. This practice isn't just a smart financial move; it's an organizational technique.
It enhances your financial organization, simplifies accounting, and empowers your staff, allowing you to focus on what you do best – delivering exceptional services and growing your empire with confidence.
As a beauty professional, it can sometimes feel like your financial situation is dictated by your clients and how much business you’re conducting. But by taking control of your finances, you can make your business work for you.