Tools for a successful beauty business
- Create A Business Plan
- Define Your Brand Identity
- Know Your Ideal Clients & How to Reach Them
- Plan Your Income & Build a Pricing Strategy
- Look at amenities that are included at no additional cost
- Reserve Your Salon Suite
Do you want to know how much you can make by being your own boss? Use our profit calculator to see what you can earn.
To run a successful salon suite, you need to know your income, expenses, and pricing of services and product. This ensures the financial goals of your business are met and not just covering costs.
Understand Your Financial Goals
Do you know how much income you want or need?
- How much do I need to earn each month?
- How much do I need to earn each year?
- Do I want steady income or business growth?
- Do I want to expand in the future?
After you determine your financial goal, you can play the pricing of your services and products.
Break Down Of Your Expenses
Fixed Expenses That Stay The Same Each Month
- Salon suite rent
- Utilities (included at Hill Country Salon Suites)
- Internet (included at Hill Country Salon Suites)
- Business software (included at Hill Country Salon Suites)
- Insurance
- Phone
Hill Country Salon Suites offers many salon suite amenities.
Variable Expenses That Change Monthly
- Products you consume or sell
- Cleaning supplies ( we offer free use of washing machines and laundry soap)
- Credit card fees
- Towels
- Marketing (we offer free press release, web page and social media post)
Calculate Your Required Monthly Income
Add your fixed expenses, variable expenses and your income goal. This tells you the total amound of income needed each month.
Example
- Fixed expenses $1000
- Variable expenses $500
- Income goal $5000
- Total needed- $6500 a month
This is the minimum amount needed each month. If you want to grow the business you will need to bring in more than this amount.
How Many Clients Can I Serve?
Determine how many clients you can serve.
- How many hours per day do you work?
- How many days do you work per week?
- How many clients can you see in one day?
Take number of daily clients per day times number of days you work in a week.
Example: 10 daily clients x 4 days a week = 40 clients a week.
40 clients a week x 4 weeks a month= 160 monthly clients
Calculate Income Goal Per Client
Next divide your income goal by the number of monthly clients.
$6500 divided by 160 monthly clients= $40.63 per client
This means you need to bring in at least $40.63 per client to meet your minimum financial monthly goals. Increase hours/days you work to change this number.
Building A Pricing Strategy
- Your pricing should reflect your skill level, cost, location and your time.
- Don’t price your services or products too low. This causes you to work longer hours and creates burnout.
- Don’t copy other beauty professonals.
- Your cost increase over time. Your pricing should reflect this.
Review Your Financials Monthly
- Review your income, expenses and profit. Look at what services and products bring in the most money.
- When are your busy times? When are your slow times?
- Product cost
Remember a strong pricing strategy includes clear financial goals, accurate expenses, a realistic work schedule, profitable pricing plan and a regular review. Follow these steps and you will have a successful business.
