Managing your own finances is already a juggling act, but when you throw in employees, commission talent, renters, and the hustle and bustle of salon ownership, it can feel like you're performing a high-stakes circus gig as a one-person show.
But fear not, we're here to share how to handle your money matters like a true boss. Ahead, we're diving into financial management for salon and spa owners, from knowing your numbers to getting your people paid on time.
Payroll is a big deal for any business, but for salons, spas, and other beauty and wellness businesses, traditional payroll solutions make compensation a headache.
Now you can check payroll off your to-do list in three easy steps with GlossGenius Payroll. Since it’s integrated with your booking and payments system, GlossGenius Payroll automatically pulls all of your relevant appointment, tip, and commission data, to make running payroll as simple as tapping a button.
Want to see for yourself? Join the waitlist now and get three free months of payroll!
We’re never not preaching the importance of knowing your numbers, and it’s even more essential to understand where you stand when overseeing the finances of an entire team.
Whether you want a bird’s-eye view of business or need to zoom in to see how each of your team members is performing, a range of reports that tracks everything from commissions to sales gives you the power to know it all. No more money mysteries – you've got the receipts.
The saying, "It takes money to make money" is true, but to have a good handle on the making part, you’ve got to keep a close eye on the spending.
The good news is that you don’t have to shuffle through shoeboxes full of receipts or cross-reference your bank statements if you have a built-in expensing program as part of your salon management software. It’s all about working smarter – not harder – and that starts with leveraging the right tools.
Enter GlossGenius. With our built-in Expense Management features, you can keep every expense in one place, categorize them, store receipts, run reports, and even track your retail inventory, too. You’ll know at a glance how profitable you are, without actually crunching numbers yourself, giving you the power to make savvy financial decisions like a true beauty mogul (minus the math)!
Being a great leader involves more than just being in charge – it's also about empowering your team and arming them with the tools to build their own success. When it comes to pricing, let everyone be their own boss by giving your team the flexibility they need to set service prices that work for everyone.
By empowering your team in this way, you're not only boosting their financial well-being but also allowing them to truly shine. They set their prices, and you customize the commission rate; it’s a win-win.
Protecting your team’s time is also protecting their money. One of the best ways to effectively do this is by requiring deposits upon booking.
The magic of GlossGenius lies in its meticulous design. Crafted with beauty professionals in mind, we know exactly what your crew needs to ensure the most success (and the least amount of no-shows).
That’s why you can customize deposits by service, adding that extra touch of flexibility. Plus, you can choose to require deposits for all clients or just the newbies.
Making sure your team gets paid promptly is key to keeping your business booming and your folks smiling.
There are several different payroll models to explore, each with its pros and cons, but here's a tip: if you have booth renters or contractors, let them set up their own bank accounts.
It’s easy to do with GlossGenius and it's a feature that streamlines payouts, benefiting both your salon's efficiency and your team's financial empowerment. Just take note that this option is specifically designed for booth renters and contractors, and doesn’t apply to full-time or commission-based employees. For your full-time staff, check out our new Payroll solution!
We all know the beauty industry can have its fair share of drama, but when it comes to payment processing, we believe in keeping things easy, breezy, and yes, beautiful. Say goodbye to extra fees and complicated transactions with one ultra-low fee for processing all digital transactions (whether your clients prefer to tap, dip, or key in their cards). Keep those dollars rolling in without the hassle!
With GlossGenius in your corner, you can conquer the financial world of your beauty empire with confidence and style.