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5 Business Building Things Beauty and Barber Pros Can Do During the COVID-19 Virus

March 19, 2020

With the presence of the COVID-19 Virus, many businesses are closing their doors and service providers are seeing the biggest hit. Without the ability to be in person and work on our clients, our livelihood is at stake. The good news is there is no AI that can come in and take our jobs. The bad news is some of us may not be prepared for this situation.

The country will get back on track. Businesses will reopen. The Trump Administration backed a plan for a $1 trillion dollar stimulus package to send checks to Americans quickly. So during our downtime, let’s plan for the future so we are not equally stressed out and scrabbling to keep up. Below we have outlined productive ways to utilize our downtime.

Review Your Finances and Set Budgets

It may be scary, but right now is the time to take a serious look at where your finances are. The first step in setting budgets is to always see where you actually are. So let’s all take a deep breath and be OK with what we’re going to find.

To start, here is a downloadable Monthly Household Budget.

  1. Or, if you prefer, get a notebook and get into your bank account.
  2. Outline your income. How much is coming in vs. how much is going out.
INCOME Projected Actual Difference
Wages & Tips $$$ $$ = projected – actual
TOTAL Income $$$ $$

 

EXPENSES Projected Actual Difference
Rent $$$ $$$ = projected – actual
Electric/Gas/Oil $ $
Phone/Internet $$ $$
Food $$ $$$$
TOTAL EXPENSES $$$$$ $$$$$$

 

  1. Outline different categories of where you are spending your money. These categories could look like bills, food, restaurants and entertainment, travel, savings etc. You can go as far back as you want but we recommend starting with the last three months.
  2. Evaluate if you’re living within your means. Are you happy with where your finances are going? Do you see places where you could be saving? Do you see places where you could be cutting back?
  3. Set your goals. How much do you want to be putting away with each pay period? How much do you want to have saved by the end of the year?

Find Out the Health of Your Beauty Business

Now let’s talk about the health of your business. Fortunately for us we have a very entrepreneurial career. We can take as many clients as we want, work as many days as we want and price ourselves where we want. If you don’t feel you have this freedom in your career this could also be a good time to explore other opportunities.

  1. Are you happy where you’re at? Do you feel like you can grow? Do you feel supported?
  2. How much are you making versus how much would you like to be making. Ex: I am making $40K a year. I would like to be making $70K a year.
  3. Are you investing in yourself? Are you saving money and attending education? Are you equally strong and knowledgeable in your business as you are in your hair cutting techniques?
  4. Do you have a mentor? Are you surrounding with people that inspire you challenge you and are living the type of lifestyle you would like to be living?
  5. Can you expand your professional beauty network somehow? Have you found beauty salon apps to help you during this time?

Beauty & Barber Pros  – Review Your Books  

Now let’s take a tangible look at where you’re at and where you want to be.

  1. Open up your booking platform. Do you have access to your books? Are you able to schedule your clients? Are you building out a schedule that is productive?
  2. How are you filling days and weeks? Are you utilizing your time properly? Do you have large gaps in your day that you could be filling with a haircut or an add-on?
  3. Work with someone who is where you want to be. Ask them how they started managing their books. Ask them tips on how to build up their clientele. Use professional beauty networks like Handsome App to ask questions and find answers. Reach out and gain some knowledge.
  4. We’ve created this workbook for you to better understand how you can make more money, build a productive schedule and organize your day.
  5. Create a referral program. Sometimes this can be scary because people are afraid to give away a percentage off. But this is a really great and strategic way for you to also incentivize your clients to talk about you and get your name out there. Your clients are your best marketing tool.

Brainstorm on Ways to Create Passive Income for Your Future

This is a really great time for you to think about your future at some point you may not want to be on your feet all day working behind the chair. You may have other dreams and goals. You may want to open a salon, become a beauty educator, head into product development, leadership or even into corporate beauty.

  1. Write down some ideas that you have been thinking of but have never taken the time to explore. Get creative! We’re super creative, innovative people. Now let’s think how we can turn those ideas into money!
  2. How can these ideas become reality? Do you need to start saving for this goal? How soon can you get started? Can you find a mentor that can help you?
  3. Are you utilizing the best beauty and barber apps and beauty industry networks out there to find career advice and support during this time?

Research Your Options to Keep Yourself Financially Prepared During This Time

  1. Small Business Administration sba.gov
  2. Unemployment https://unemploymentcom.com/
  3. Ask questions on the career network for beauty Handsome App

Connect with Valarie Ann directly for an Ask an Expert Interview in the Handsome App. Read more articles here.  

 

 

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