Staying in control of your finances hard, running an organized shop like the one pictured can help cosmetologists manage finances during inflation.

Staying in Control of Your Finances During Inflation
What Every Cosmetologist Should Know

We’re not going to lie to you or even sugarcoat it–managing finances during uncertain economic times is super freakin’ scary.

There’s no point in throwing a “things are gonna even out” line at you.

That doesn’t mean it’s definitely true–because things will even out, and economic circumstances won’t be scary forever.

We’re just not going to spend a ton of time doing that because it just doesn’t help you manage and organize in the here and now.

So, no, we’re not here to freak you out, but we’re also not here to pretend there isn’t a little turmoil happening at the moment.

What we ARE here for is to offer you some real, actionable insight on how to best manage your finances and stay in control despite what’s going on with inflation.

It can be done. And best of all, it can be done by YOU.

How? That’s exactly what we’re here to tackle together.

Staying in Financial Control: What You Should Know 

Know What’s Happening

In other words, do yourself a favor and don’t stick your head in the sand.

Here’s the harsh reality–you have to know what’s going on to keep your business going.

It’s easy to close your eyes and ignore what’s going on around you, but it doesn’t do you (or your business) any favors.

Our suggestion?

Make sure you’re doing your research, knowing where supply chain shortages are happening, understanding rising costs, and staying informed. It might be scary, but it helps you pivot and create reasonable plans that can keep you out of the red.

Review (& Update) Your Pricing

Listen. If you’ve been putting off your yearly price review because things are hectic, we’ve got news for you–things are probably always going to be hectic.

Truthfully, we don’t know when things will wind down, and you can’t delay boosting profits forever. Holding out just means you’re putting off potential earnings.

Our best advice is to go through with your normal price review, see where you need to raise, and implement those changes like you normally would–despite what’s happening in the world around you.

Pro tip? Make the sting of raising your prices hurt a little less by committing to reviewing prices at least 2x a year.

Push Online Bookings

Sure, you should always try to book with clients for their next appointment while they’re in the chair, but we’re talkin’ about investing in the move to 24/7 online pricing.

Not every cosmetology shop or salon out there offers this service on their site.

But you know what? They should.

Online booking means you’re opening the door for scheduling–even when you’re not physically available to book an appointment.

This automation does the hard work for you–you’re bringing in scheduled appointments without putting in the man-hours to do it.

Take it from us; it’s a great hack for pushing your profit without adding more exertion to make it happen.

Do a Quick Cost Audit

Where can you do without? What can you absolutely not cut?

If you’re able to look around and review your expenses and costs, you can likely make an enormous difference. Did you know that even a reduction in 1-5% of your costs can make a huge difference to your profits over the course of a year? It’s true.

Take a peek at your overhead, your employees’ wages (fairly, of course), your supplies, inventory, tools, etc. Where can you save?

Where can you not afford to make changes? Small cuts can make an enormous difference.

Get a Handle on Your Inventory

Let’s face it; it’s pretty easy for inventory to get out of hand.

And when times are good, this doesn’t matter all that much (OK, it matters, but it doesn’t impact you as substantially).

Products sitting on your shelf don’t translate to income or profit.

Make sure you’re not over or under-ordering, don’t make mistakes with duplicate purchases, think about shipping costs, and consider bulk ordering when the price is right.

A good hard audit of your inventory (a realistic one, at that) can make a big difference in how you manage your finances during the tough times.

A salon that's properly organized (like this one) can help cosmetologists keep their finances under control during inflation.

Do you have your own tips for staying in control during uncertain times? We’d love to hear them–and more than that, your fellow cosmetologists would, too.

Drop them below in the comment section to bring a little insight to the beauty fam.

And don’t forget, we’re consistently dropping hot, helpful knowledge like this on the blog. Want to make sure you never miss a beat?

We’ve got the solution–subscribe to the EBS blog here and now to get a notification every time we post something helpful, career-boosting, and scroll-worthy.

P.S. we’ll totally hit you up when we drop discounts and deals, too (AKA, you’re going to want to be in the know on this one).

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