Menu
Getting your business finances in shape post-lockdown
A couple of months ago, we shared our 3 golden rules for managing your salon or freelance business finances. Now we are back and have consulted experts to give their top tips on how you can keep on top of your finances post-lockdown.
1. Good accounting is crucial. Accountants don’t need to cost the earth, and they’ll help cover everything from your day to day bookkeeping to your VAT returns and company accounts / self-assessment. If you want to save more money and you’re handy with numbers, there are tons of software options to explore to do it yourself. Have a look at one of our previous blog posts on how to manage your salon and freelance finances, where we explore some of the software options.
2. Keep on top of your costs. Costs pile up quick. £10 a month here and there for different tools and subscriptions might not seem a lot individually, but you may change your mind when you get them all down in a list. Review everything you pay for and cut the fat. There are some great apps out there that can help you with tracking costs – from basic money management apps like Moneyhub, to more advanced AI driven apps such as Cleo and Plum who will help you make decisions. Some of the newer banks, such as Tide and Starling also have integrated money management and expense tracking built in to the apps.
3. Never mix business and pleasure. Separating out your business and personal expenses is not only important for managing things, but a requirement if you have a registered company. It will help your accountant (or you) do the books and give you a clear view on what your cashflow.
4. Pay yourself. An extension of the previous point, it’s good practise to pay yourself a wage. Set an amount you can live off comfortably rather than just dipping into your profits as and when you need. Then when it comes to holiday time, give yourself a bonus! There are lots of benefits to this approach – first and foremost that you’re keeping a healthy bank balance, but also from a tax perspective - your accountant or tax adviser can then explain the most profitable way to take your profit at the end of the year.
5. Invest in marketing. Even if things are going smoothly, you need a pipeline of new clients coming into the salon or onto your books. Getting a marketing plan together will help you cover yourself for the future, not just the now. These don’t have to cost anything but time, such as marketing tactics such as ensuring you’re listed properly on Google and having a good social media plan. Take a look at our previous posts on how to attract new customers and how to grow your social media audience.
6. Review your utilities. It’s really easy to be complacent when it comes to things like your gas, electric, water, phone and internet. But depending on the size of your salon, you could make real savings by regularly reviewing your providers. There are even companies out there who will constantly search and suggest new providers for you. Uswitch are a great starting point if you want to do it yourself, and you can even sort your personal utilities whilst you’re there, whilst companies like Love Energy Savings can provide you with regular recommendations.
7. Keep an eye on your business credit score. It’s always helpful to have credit options. Whether it’s to cover unexpected bills or dips in client numbers, or even for expansion plans. Don’t wait until you need it to start getting your credit file in shape. There are a lot of places you can now get a copy of this for free, along with advice on how to improve your score – head to Experian if you’re a registered business or if you’re self-employed you’ve got even more options, such as Clearscore.
8. Be frugal where you can. It can be easy to get carried away with business spending, especially when you’re setting up a new business. In our industry, you, your premises and your staff need to look the best you can for your clients, but if you’re contemplating a purchase you should always ask yourself – will this win me clients or help retain clients. If the answer is no then it may be unnecessary, so go for the cheap option!
9. Stay liquid. Keeping cash in the bank is a basic rule for any business, big or small. You never know what is around the corner, but if you’re prepared with strong cashflow then you’ll be far more likely to weather a storm!
10. Plan expansions carefully. Obviously a carefully planned and executed expansion can bring new revenue to your business, but they should be exactly that – carefully planned and executed. Don’t get ahead of yourself, and put as much attention to detail into it as you did first time around.
In addition to all of these tips, make sure you’ve got the most out of the covid-19 support available from the government. We’ve previously covered a rundown on how they best apply to salons and freelancers, and you’ll find any government updates on this page.
We hope you’re as excited as us to get salon doors back open again! Visit our advice section for more content on reopening and relaunching your business, including our reopening checklist and tips on keeping your salon clean.
Freelance Focus
Freelance Focus, is a one stop resource for anyone working as a freelancer or thinking of going freelance in the hair & beauty industry, which includes a FREE downloadable guide filled with advice, useful insights, experiences and tips (from experienced freelancers) to help you understand the steps needed to make the right choices for you.
Featured products
VEGAN
Delivery
Collection
Please login to your account to check stock in your local store.
Delivery
Collection
Please login to your account to check stock in your local store.
VEGAN
Delivery
Collection
Please login to your account to check stock in your local store.
OFFER
Delivery
Collection
Please login to your account to check stock in your local store.
BUY 3 FOR THE PRICE OF 2
Delivery
Collection
Please login to your account to check stock in your local store.
Delivery
Collection
Please login to your account to check stock in your local store.
Delivery
Collection
Please login to your account to check stock in your local store.
Delivery
Collection
Please login to your account to check stock in your local store.
Back to Posts
Tags
- 10years
- 2021
- 2022
- 2023 nails
- accessories
- acids
- acne
- advice
- all soft
- anniversary
- anxiety
- appointments
- apps
- art
- autumn
- autumn hair
- autumn nail trends
- balayage
- banking
- barber
- barbering
- barbers
- beauticians
- beauty
- beauty guidance
- beauty industry
- beauty professional
- beautypro
- bleach
- blonde
- botox
- braids
- brassy
- bridal
- bright hair
- brow lamination
- brows
- business
- cancellation
- capital & i
- cash flow
- celebrate
- chairs
- checklist
- christmas
- christmas nails
- clean
- client loyalty
- clients
- collection
- colour
- colourists
- corona virus
- covid
- covid 19
- covid19
- covid-19
- creative colour
- cruelty free
- curls
- customer
- design
- education
- event
- facial
- fall
- festive
- finance
- finances
- freelance
- freelance beauty
- freelance hair
- freelancer
- freelancers
- frog skin design
- funny
- furniture
- gel
- gellux
- glam
- glossy waves
- glow
- gold
- guide
- guidelines
- guidlines
- hair
- hair art
- hair care
- hair colour
- hair dye
- hair industry
- hair inspiration
- hair products
- hair salon
- hair style
- hair styles
- hair styling
- hair trends
- haircare
- haircolour
- hairdresser
- hairdressers
- hairdressers advice
- hairdressers guide
- hairdressing
- hairstyle
- hairstyles
- halloween
- health
- healthy
- help
- how i got here
- how to
- hygiene
- ideas
- indola
- ingredients
- inoa
- inspiration
- interiors
- january
- keratin
- keune
- l’oréal
- l’oréal professionnel
- lamination
- lashes
- lockdown
- loreal
- l'oreal
- l'oreal pro
- l'oreal professional
- macadamia
- make up
- manicure
- marketing
- mask
- maskne
- mens
- mens hair
- men's hairstyles
- mental health
- mobile
- nail
- nail art
- nail creations
- nail design
- nail industry
- nail inspiration
- nail trends
- nailart
- nails
- natural
- navy
- neutralise
- new
- new look
- new normal
- new years
- nxt
- olaplex
- opi
- organised
- oval
- party
- party hair
- party trends
- pastel colours
- pigment
- planning
- plant based
- ponytail
- preparation
- pricing
- pro longer
- products
- professional
- professional hair
- professional hair care
- professional tan
- protect
- pulp riot
- re opening
- redken
- re-open
- reopening
- reopening hair salon
- retail
- reverse balayage
- safety
- salon
- salon finance
- salon furniture
- salon management
- salon owner
- salon refit
- salon services
- salon system
- salons
- samantha cussik
- savings
- schwarzkopf
- self care
- selfcare
- self-employed
- semi permanent
- sensitive skin
- skills
- skincare
- skincare steps
- skincare tips
- small business
- smoky hair
- social
- social media
- spa
- spraytan
- spring
- square
- star
- stars
- starting your own business
- step by step
- step by step guide
- step-by-step
- stylist
- success
- summer
- summer hair trends
- sun damage
- tanning
- technique
- textured nails
- tigi
- time to improve
- tips
- tips & advice
- tips for reopening business
- toner
- toning
- top knot
- top tips
- training
- treatment
- trend
- trends
- tutorial
- unwind
- updo
- upgrade
- upskills
- valentines
- vegan
- veganuary
- wahl
- wax
- waxing
- week
- wella
- wella professionals
- winter
- xbox
- yovanka loria extensions
Latest Posts
- Beautiful Hair Moments From The MET Gala
- A Week In My Shoes - Yovanka Loria
- Chantelle: Capital & Me, my self-employed journey & the importance of networking
- Meet Sophie, owner of ‘Sophie’s Lashes & Beauty’ which she has been running now for over 7 years!
- Something Old - Something New
- Skin Cycling 101
- The Winter Nail Trends 2023
- Let's Party
- Winter Glow-Up
- Fall Colour Faves
Related Posts
No Limit Nails!
When it comes to nail predictions for 2022, it’s hard to, well, nail them down! That’s because in a post-pandemic culture, trends are very much led by social media and celebrity looks, as well as influential nail techs.
Curls, curls, curls!
Curly hair comes in many forms; from the wavy Type 2s that we see in the European community to the glorious coils of Type 4s. While some might say curls are back, we say: curls never went anywhere! Read on for some top curl-loving tips.
I Noa Good Colour For You
As hair colour tastes change, why would you choose an ammonia free permanent hair colour? Looking for a softer multi tonal result? Worried about the effect of ammonia on the hair? Worry no more…
Free Spirit - NEW from Salon System Gellux
Welcome in the happy, carefree season of summer with a collection of vibrant nail shades, with something for everyone, be it: sassy neon pink, fresh mint green, happiness inducing orange, vivid cerise, a blue hue the colour of the Mediterranean Sea or a pared back dusky pink, which one speaks to you?
Introducing the OPI x XBOX Spring Collection!
This Spring, OPI will be traveling into the virtual world with XBOX in a collaboration that brings to life the colour palette of gaming.
3 Reasons to Switch to NXT
2022 is the year for new. So that being said, nothing says new like switching up the products you use. We will be talking about why NXT is a great brand for switching and saving, I mean who wouldn’t want to save money whilst still achieving great colour results.
How training helps you stay ahead
Upskilling and training shows your clients you’re serious about being able to give them the very latest in trends and techniques. Continuing your training shows you care about your craft and that you’re truly passionate about what you’re doing.
Prioritising your mental health
Going freelance means you’re in charge of your day and get to plan things exactly as you choose. While you might be working alone, you should never feel alone; read on for our tips on keeping your mental state healthy and balanced.