Close

Business

As a new booth renter, I’d like to know how I should pay myself.

March 30, 2014

As a new booth renter, I’d like to know how I should pay myself. I have a separate business account. Do I give myself a salary?

Answer

I got this advice from a stylist who has 10+ years’ experience and I am so glad I listened.

I put every single penny into my business account, tips included. I write myself a check every two weeks as my “payroll” check. I deposit that check into my personal account and pay all of my personal bills with that. I pay myself just enough to cover personal bills with just a little left over for personal spending money. If I have money left over in the business account at the end of the year, I either leave the money in the account to help with slower times of the year or I buy business-related supplies to ensure I have what I need to service my client base.

I pay my booth rent, supplies, and anything else associated with my business out of my business account. I do not deviate from that plan. I pretend that business account is not there, except on pay day. It’s important to me not to use my business account for personal purchases. I don’t even carry my business credit card or checkbook with me to avoid overspending. Everything is black and white; your accountant will appreciate you so much for making things simple.  

— Paula Applewhite, Paper Rock Scissors; Salon, Spa and Gallery, Southern Pines, N.C.

Read more about

How can I cut costs and finally make a profit?

I’ve been doing nails for almost two years and have built a decent clientele. The only problem is, I did the math and over 50% of my income is going back into nail products. I’m using top-of-the-line brands and disposable files. How can I cut costs and finally make a profit? I know our prices are too low as well, but we are trying to stay competitive. Any advice?

As a mobile tech, how do I ensure I get paid?

I have a question about working as a mobile tech. When clients book group events or nail parties, how do you go about getting deposits and payments? Have you ever traveled to a client’s house and they were unable to pay? What did you do?

What should I do differently with male clients?

I’m starting to get more and more male clients. I am wondering how long a manicure for a man should last and how to price it? Also do you have any recommendations on what else I can do to give them an extra masculine sense of comfort?

Should I Use Punch Cards?

I recently started working at a high-end salon and I’m looking for marketing ideas. Should I do punch cards? I can’t do “refer-a-friend” because I don’t have consistent clients yet. We are already doing social media.

Should I start requiring a nonrefundable deposit for special-time appointments?

I want to start requiring a nonrefundable deposit for special-time appointments. My posted hours are 9 a.m. to 8:30 p.m. by appointment only. I am ridiculously flexible with my schedule, and let people book earlier and later if they can’t get in during normal hours. Recently, I had a 7:30 a.m. no-show! She was supposed to get services totaling over $100, and I forfeited holiday plans to accommodate her. She comes every two weeks, so I can’t lose her, but this is the second time she’s no-showed. What should I do? And how would I go about informing current clients of the new policy on off-hour deposits? 

Load More