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
Identifying your financial goals
Creating a budget
Open a business checking and savings account
Building an emergency fund
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
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