How to Invest Your Tax Refund Back Into Your Beauty Business
Talkin’ taxes may seem like it’s never fun.
But in our opinion, there’s one exception–tax refunds. If your business welcomed a tax refund home with open arms this year, you’re probably thrilled.
If you’re anything like any other beauty pro out there, though, you might be torn, too.
What exactly should you do with that tax refund? Should you pocket it? Put it in your savings? Disperse it among your employees? Save it for a rainy day fun fund?
All of those are fine ideas. But at EBS, we’re all about focusing on how to further your career–and to us, the obvious answer is to take that tax refund and roll it right back into your business.
Tips for Reinvesting Your Tax Refund Into Your Cosmetology Business
Make Improvements & Enhancements to Your Shop
Take a look around your shop, spa, or salon. Are there improvements that could be made? That chair in the waiting room could use a little love, right?
Or, how about that wall that you’ve been swearing you’d repaint all year? There’s always room for improvement–whether it’s a small fix or a huge renovation. And your tax refund cash could be the ultimate investment to further your business.
Spend it on Client Acquisition
Getting new clients in the door isn’t always challenging, but it does always cost money. Don’t believe us? Think about this equation:
Customer Acquisition Cost = Cost of Sales & Marketing / the Number of New Customers Acquired
Do that math for us real quick, then circle back–you’ll see that it’s a pricy game. The problem? It’s necessary. And that tax refund is the perfect investment in that effort.
Think about amping up your marketing budget for a few months, strengthening your digital presence, expanding your physical branding, stepping up your work with ambassadors and online reps, and offering exclusive deals for new customers. You can even level up your loyalty program for existing clients who bring in referrals!
Make the Leap–Invest in Cosmetology Liability Insurance
You had to guess we were going to talk about this one, right? The truth is, even though we’re clearly biased, cosmetology liability insurance is the best investment you can make in your business. We’re so serious; we’re not even going to try to pressure you into working with us (although, let’s be real, we’re the best in the biz).
Honestly, as long as you have cosmetology liability insurance that has your back, we’ll be happy–that’s how serious we think having it is. A lot of people view liability insurance as another expense, but it’s truly an investment in your business’ future. That tax return–no matter how much it might be–can either jumpstart that investment or pay for it entirely.
Add New Skills to Your Service Menu
Adding new services to your menu is a great way to make money. The problem is it costs money to take courses and get certified so you can get there. But tax return money is the perfect way to pour all that back into your business–and make a heck-ton of money in the future as a result.
This is the ultimate investment in your business, so it makes sense you’d use your tax return to fund it. Right? Whether you want to learn how to lay amazing extensions, try your hand at braiding, or give lash extensions a go, this is the best way to infuse that money into something that can make you more money.
Refresh Your Tried & True Tools
Those amazing tools that have been with you since the beginning? It might be time to give them a proper send-off and replace them with new versions of themselves. We’re not saying retire the brand or try something totally new.
If something works–and it has for a long time–it might be best to upgrade those tools and snag some new versions of your old faves.
Or, Try New Ones
Then again, there’s no time like post-tax time to splurge a bit on salon, shop, or spa tools of the trade you’ve always wanted to try.
That new Dyson dryer? Go for it. That extra amazing heat protecting spray? Yep, it’s time.
No matter what it might be–actual equipment you need to get the job done, backbar product, or styling tools–that tax return money is a must for giving new things a go.
Have more tax questions? We’ve got you, beauty pro! Check out our blog on handling tax season like a total boss. Lookin’ for more insurance insight? We’ve got you covered there, too. Check out our site, take a peek at our coverage, and reach out to a rep with questions! The best part of it all? Elite Beauty Society is constantly droppin’ hot gos on the blog (like the latest trends, beauty pro biz tips, discounts, deals, and so much more. Subscribe to the blog ASAP to get the inside scoop!