The Constant
Starting at Impressions front desk in 2006 when he was 19 years old, General Manager Paul Petrowsky is a seasoned professional who owner Sarah Taylor says is responsible for much of her own success.
by Stacey Soble
Salon Finance
A crash course on the important things to consider, and common mistakes to avoid, when it comes to money flowing in and out of your business
by Staff
July 20, 2022
1/7
4 min to read
Money in, money out — Understanding your professional finances is critical to surviving and thriving in today’s turbulent economic conditions, whether you’re an independent stylist or the owner of a small to mid-sized business with multiple employees.
In this complete video series from Portfolio by MODERN SALON:
Updated advice and refreshers on budgeting, benchmarking, tax planning, and overall financial responsibility
This video series is perfect for:
Independent salon professionals
Small to mid-sized salon owners
Recent beauty school grads
Chapter 1: Financial Knowledge is Power
In this episode:
How knowledge about the various types of financial professionals and the inner workings of your professional finances can elevate you
Chapter 2: Money In - A Very Good Place to Start
In this episode:
The definition of “Money In” and the items related to it
Chapter 3: Increasing Money In
In this episode:
From raising prices to reducing your tax liability, general ways to increase your money in
Chapter 4: Getting Your Team to Go All In On Money In
In this episode:
Incentivizing and motivating others in your organization to align with your financial goals
Chapter 5: Common Money In Mistakes
In this episode:
Learn the pitfalls so you can avoid them
Chapter 6: What Comes In, Must Go Out
In this episode:
While most people tend to focus predominantly on maximizing money in, what flows out of your business, and managing it effectively, can be equally as important
Chapter 7: The People Part of Pay
In this episode:
How payroll can have the biggest impact on your money out
Chapter 8: Motivating Your Team to Control Money Out
In this episode:
Incentivizing and motivating others in your organization to align with your financial goals
Chapter 9: Benchmarking to Be Your Best
In this episode:
How to keep your finger on the pulse of your business on an ongoing basis
Chapter 10: Taxes Don't Have to Be Taxing
In this episode:
Preemptive strategies to maximize your earnings and alleviate the stress of paying what is naturally due
Chapter 11: Persona Non Grata
In this episode:
How living large in real life, but not on paper, can be detrimental
Chapter 12: Tax Tips on Tips
In this episode:
General guidance on one of the most important financial aspects of the salon industry
Chapter 13: Making Budgeting Bearable
In this episode:
How developing a financial game plan can lead to success
Chapter 14: Keeping Your Accounting Accountable
In this episode:
Advice on sticking to your game plan
Chapter 15: Money Management Mistakes
In this episode:
Learn the pitfalls before you face them
Chapter 16: Selling Your Business Soundly
In this episode:
Financial things to keep in mind if you ever plan to sell your business
Chapter 17: In the Financial Fin (End)
In this episode:
Closing comments related to sound financial management and knowledge
Meet Your Course Instructors:
Tom Kuhn
Tom Kuhn is a former CPA and multi-location salon owner, turned entrepreneur and recognized as the trusted financial expert and leader for beauty and wellness businesses. Noticing a major gap in financial confidence and skills in the beauty industry, Tom merged the power of visual creativity and finance to create Qnity; a global education and consulting company and Qnity for Schools; a robust financial literacy curriculum for trade and career schools. As Founder/CEO of both companies, Tom has and continues to dedicate his career to the financial success and sustainability of the industry at large. Tom is also an Advisor to top businesses on profitability, financial management and transition planning. In addition, Tom is an active educator, spokesperson and contributor through various industry platforms, serving as the Creator/CEO of the 2to10 Project, a Beauty Changes Lives board member and the host of the Weekly Financial Roundtable; a weekly forum designed to support the school and professional market on current financial topics and best practices.
April L. McDaniel
CPA, CRSP, Advisor, Educator, Consultant
Kopsa Otte has been referred to as “the only CPA Firm that specializes in Salons and Spas.” As a CPA with a wide variety of experience including financial analysis, taxation, HR, employee benefits, and leases, April can help clients in multiple ways. She understands the financial and management challenges our industry faces. Utilizing this specialized knowledge, she’s able to serve as a national consultant & educator to salons and spas. Her ability to take difficult topics and make them easy to understand has made her a very popular speaker.
Topics:salon taxesindependent contractorsmoney managementemployee compensationsuccession planningtippingtax planningbudgetingData Driven Salon Summitsalon financialsSalon ManagementBusiness ManagementSalon FinanceHow-ToVideoPhoto Gallery
Originally posted on Modern Salon
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