top of page

March Blog: Financial Planning 101 for Estheticians: Setting Goals and Budgeting

Updated: Mar 18

Let's explore the basics of financial planning, including setting SMART goals and creating a budget tailored to the unique financial circumstances of estheticians.


The Basics of Financial Planning for Estheticians

  1. Identifying your financial goals

  2. Creating a budget

  3. Open a business checking and savings account

  4. Building an emergency fund

  5. Paying off high-interest debt


SMART GOALS


What are SMART Goals?


  • Specific

  • Measurable

  • Attainable

  • Relevant

  • Timely


Use the SMART Goals Method to ask yourself the necessary questions to grow your business at a steady pace. Building your business on a solid foundation is the key to longevity and being sustainable.


How to create a Budget?


There are many ways to create a budget and there is no way around it! Getting into the habit of scheduling a weekly, monthly, quarterly and annual budget review.


Weekly:

  • Income/Expenses Month to date

  • Pay bills that are due

  • Make retail and back bar and supply purchases


Monthly:

  • Review your starting and ending balances for the month

  • Create a list of income and expenses

  • Establish income goal for the next month


Get the FREE Monthly Budget Planner HERE


Quarterly:

  • Review bank statements with your Small Business Banker to look for inconsistencies, auto-payments/subscriptions and request ways to improve your monthly spending

  • Pay Quarterly Taxes (if applicable for retail)

  • Adjust marketing based on previous quarter and and annual goal


Annual:

  • Prepare for annual tax returns

  • Review the following documents to ensure accuracy

    • Profit & Loss Statement

    • Balance Sheet

    • Statement of Cash Flow

  • Set financial goals for the next year

  • Review insurance coverage for acquired equipment, added services and retail products


I hope these tips are helpful to support your financial goals! Take the poll to let me know where you stand:

Are you looking for one-to-one coaching for your Skin Care Business?

  • No thanks! I am meeting my financial goals

  • Yes! I am seeking support and accountability

  • I need more time to think about it!



Schedule a one-to-one coaching session to discuss your financial goals



13 views0 comments

Commentaires


bottom of page