Skip to content

SAME-DAY DISPATCH BEFORE 3PM! Shop Now and Pay in 4!

Close

Be money smart for your salon

19 Apr 2023 0 Comments

As a hair or beauty salon owner, you work very hard doing your amazing work and keeping your clients happy. Suddenly, you also had to become an expert in managing finance, human resources, marketing, social media and so on. Sometimes things can be a bit overwhelming but it is important to take small steps to have control of your financial situation. How?

Know your Expenses Inside out

I don't know about you but as a business owner looking at the bank account can be a brave thing to do! It's a great feeling when you have very well earned money coming in from the fruit of your hard work but do you know exactly the money coming out? Think about those wages, rent, inventory, insurance, supplies, stationery (the list can be pretty long, hey!) How about making a profit for yourself?

As a beauty salon owner, I can't emphasize enough how critical it is to know all your expenses in and out. If you haven't already, grab your notebook or your laptop and start going through your bank statement and highlight every single dollar that came out from your bank account and put them into categories. These can be something like the below:

  • Direct Expenses 

These are all the expenses that are attributable directly to doing your beauty procedures. For example all your beauty supplies you need to perform your work,  your retail products (inventory) and so on. You don't need to list every single product and I suggest grouping them by your supplier's names and hopefully Luna Beauty is one of them! 😊

  • Indirect Expenses

These are all the expenses related to running your business such as rent, insurance, wages, utilities, stationery, software costs, subscriptions, memberships, training, cleaning, etc etc. 

Some people prefer to separate costs in fixed vs variable but coming from the corporate world myself, I see more value in using this system. 

Once you have all your expenses listed...

Time to put your business and master negotiator hat on!

Start thinking about any cost saving opportunities. For example, you could contact your beauty supplier and negotiate some discounted pricing? I am sure they want to keep your business (as much as you want to stay in business) so you will be surprised at what you can achieve by simply asking the question. It's like calling your bank and telling them you will switch banks if they don't drop the interest rate!

Another example is simply shopping around on costs like electricity, internet, insurance, etc etc.

On a similar note, don't forget to look for potential government grants! I have done a blog on this topic which you can find here.

Now, the next very important step is to...

Create Your Salon Financial Budget

Budget is not a fancy word and we may be a bit reluctant, unfamiliar or even scared to do one but this step is super important so we are not drowning financially. 

When doing your budget, the rule of thumb is that your outgoings should be less than your income. I know it's a no brainer but this will determine for example what retail products you will buy or how far ahead you buy your beauty supplies for and so on.

There are lots of templates on how to create a budget online so have a look and pick one that suits you!

Set your Targets for Growth

First of all, be money smart and don't spend all your money during peak periods. Unfortunately, there are some quiet times and expenses run at the same pace so be prudent and keep money in your bank account for those times. 

In this step, think about what you have achieved in the last 12 months (or whatever period of time is relevant for you) and consider where you want to be in the next 12 months. I have done a blog article on how to set SMART goals which you can read here

At Luna Beauty Supplies, we provide special discounts to beauty businesses, academies and students so contact us for more information! 

If you like this blog article, leave us a comment below and share it with your colleagues!

With Love, Ari xx

Disclaimer: Also seek financial advice from a professional. This article is not intended to replace professional advice. 

 

 

 

 

 

 

Prev Post
Next Post

Leave a comment

Please note, comments need to be approved before they are published.

Someone recently bought a
[time] minutes ago, from [location]

Thanks for subscribing!

This email has been registered!

Shop the look

Choose Options

Close
Edit Option
Close
Have Questions?
Close
Back In Stock Notification
Compare ()
Close
Compare
Product SKU Description Collection Availability Product Type Other Details
Close
Terms & Conditions
RETURNS AND REFUNDS Any item can be returned and refunded if it is returned within 14 days from the date you receive your parcel. If 14 days have gone by since your purchase, unfortunately we can’t offer you a refund or exchange. To be eligible for a return/refund, your item must be unused and in the same condition that you received it. It must also be in the original packaging. To be able to return your product, you must provide proof of purchase, such as confirmation email, order number, and a picture of the delivered product. Unfortunately, we do not offer a refund on opened or used products unless faulty or damaged in transit. Shipping costs are the responsibility of the customer and are non-refundable. REPLACEMENT PROCESS If your products are faulty, broken or damaged in transit please email us at hello@lunabeautysupplies.com.au within 2 weeks of receiving your order with your order number and image/video of the products you received as well as the packaging it arrived in. RETURN PROCESS Please send your order back to: LUNA Beauty Supplies 112 South Terrace, 401, Adelaide South Australia 5000, Australia We will notify you once your return has been received and approved. The refund will be processed to the original method of payment. We recommend using a tracked service to return the goods as all transport risk is borne by the sender. If you have an issue with your product or delivery, please contact us to discuss your options at hello@lunabeautysupplies.com.au SHIPPING Same Day Dispatch for both Domestic and International orders. All orders placed before 12pm AEST will be shipped on the same day unless stated otherwise (excludes public holidays and weekends). Due to COVID-19 we might experience processing or delivery delays. We will do our best to keep you in the loop and to ensure your order gets to you as quickly and safely as possible! Please note that there may be duties and taxes levied on your shipment in your destination country. The receiver is solely responsible for paying any customs charges. What happens if you have entered the wrong address? Please email us ASAP at hello@lunabeautysupplies.com.auand make sure you enter ‘Urgent: Change wrong address’ in the subject line. If you email us with a change of shipping address please keep in mind that your order may already have been dispatched, so be as careful as possible to provide the correct information when placing your order. I would like to update my order, how do I do this? It is possible for us to manually update shipping or products on an order however please be aware that in some instances there will be a time difference so your quick and clear response will be greatly appreciated. Please email us ASAP at hello@lunabeautysupplies.com.auand make sure you enter your order number in the subject line and any changes you'd like to make.
this is just a warning
Login Close
Close
Shopping Cart
0 items
Luna Beauty Supplies

Did anything catch your eye?

Get it now and take $5 off your first order! Just enter code "LUNA5OFF" at checkout! 😍 (Min. spend $50)

Continue Shopping