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SEARCHIllume Financial Strategies Kristin Stutz offers advice for balancing your business' success with your personal financial growth.
The following is an except from SALON TODAY's Coaches, Consultants and Business Resources Directory. Visit it for more helpful business guidance and to learn more about Kristin Stutz, CFP, of Illume Financial Strategies.
In this excerpt, Stutz answers the following salon owner question:"How Can I Balance My Salon’s Success with My Personal Financial Growth?"
While your business and personal finances might be legally separate, they're undeniably intertwined. As an owner, your business can't be just where you work—it’s one of your biggest investments and it must be treated as an investment. Understanding how these two worlds affect each other is the secret sauce to leveling up your financial life.
Pay Yourself Appropriately
Pay yourself for the actual work you do (behind the chair, handling marketing, leading your team) AND separately as a return on your investment. Why? Someday you'll likely want someone else handling these roles. When you pay yourself fairly, you'll know exactly what it'll cost to take some of that workload off your plate and replace you.
While it might not be possible right away, a thriving salon should be able to compensate you for your daily hustle while also rewarding the risk you've taken as an owner. Sometimes part of getting started is working hard and waiting on returns, but it shouldn't be your forever story. When you think of your business as an investment, it should provide both a solid income now AND build your path to the day when you want work to be optional. Our advice? Start thinking about your exit plan today, build a healthy business that someone would love to buy now … even if retirement feels like a lifetime away.
Don't Put All Your Eggs in One Basket
Your business is amazing, but it shouldn't be your only investment. Smart money management means spreading things around - yes, you must reinvest in your business but also need personal investments outside your company. Creating financial breathing room beyond the business gives you options. No one saves because they've run out of ideas on how to spend money. We save so that we can make choices and the ability to choose feels a lot like freedom.
Get Tax-Savvy
The decisions you make in your business directly impact how much money actually makes it to your personal bank account. Getting strategic with tax advantages helps you keep more of those dollars and maximizes what you've worked so hard to build.
Run Your Home Like Your Company
You are doing yourself an injustice if you are tracking every business dollar but then winging it with your personal finances. We see it all the time, even with the most successful business owners. After a long day of business decisions, the last thing you want is more number crunching … but imagine bringing that same financial clarity home. The peace of mind that comes from knowing your personal dollars are intentionally building your dream future is what financial freedom is all about.
This balanced approach is the work we love to do—helping you maximize both your business and personal finances—because that's your ticket to living the rich, full life you've been working toward all along.
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