Is your beauty business profitable?
Being booked out and busy is great until it feels like you are working for nothing, this is often referred to as being a busy fool - we’ve all been there!!
Being in business whilst it brings perks such as time freedom, helping others, creating work life balance (questionable but we are going with it) and uncapped earning potential - the one thing that trumps all of the above is the ability to profit.
In the past there have been campaigns reaching the national press around pricing in the industry as it is a huge issue and challenge that many business owners face.
In this weeks email we focused on pricing:
The Question of the week - Are your prices covering Tax, Tools and Time off?
An idea to consider - If your prices are not covering upcoming tax, products and overheads or a reasonable hourly rate - that is above national minimum wage - then you are under charging even if you are Fully Booked!
This Exercise - Review one of your best performing treatments or services. Then break down the cost of products, time, tax and actual profit.
Don’t panic if you are unsure how to work out the actual profit this exercise is to get you to start thinking about the ‘cost card’ of each treatment. Or scroll down to access our pricing calculator for beauty professionals.
Liking these mini exercises to build or boost your beauty business financial foundations?
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