As salons across the country continue to pick up their metaphorical pieces and re-prioritize with new perspective, we spent time with Sam Paik, chief financial officer for LBP’s Prestige Hair Group which includes salon brands like R+Co, IGK, InCommon Beauty and V76, for his unique insights into how salons can save, scale and strategize.
In this turbulent year when the flow of business is so abnormal, it can be challenging to tell if your salon is making money. Beauty 360's Allyson King walks you through the process of determining if you are staying above water and offers some suggestions for controlling your costs.
How do COVID programs impact your tax liability? Should you convert your employment-based salon to rental? Have salons started submitting Paycheck Protection Plan loan applications for forgiveness? Kopsa Otte's April McDaniel tackles these burning questions.
Getting employees to appreciate the importance of THE FUTURE with a 401K plan is the goal of Arik Efros, co-owner of the Eva Scrivo Salon. Efros outlines the importance of this perk and explains why many of the people in their NYC salon have already a nice bundle waiting for them upon retirement.
While the PPP loans helped many owners through an unimaginable crisis, there still is a lot of confusion and frustration around the loans. Kopsa Otte's April McDaniel shares those frustrations and provides the latest document to address some of the concerns.
The key to a salon's survival during the COVID-19 crisis is dependent on its ability to conserve cash during the shutdown phase, then reopen as financially strong as possible. The Funding Circle's Samantha Novick helps you hang onto your cash with these seven helpful tips.