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Easily Tracking Your Business Numbers

Tracking your business is vital to your success, and tracking your business numbers is that key. It gives you a road map to accomplishing your goals.

Beauty School doesn’t teach you how to track your business numbers. They teach you how to pass the test for your license. Disciplining yourself in doing your business numbers every single day is something vital to your success.

Sure, you can be lazy and put them off. But at the end of the year, you will suffer the time-consuming drudgery that could have been avoided with just a couple of minutes each day.

There are a million ways to get from point A to point B, but if you don’t know where you are, you can’t map the most efficient way to get to where you want to go (goals). It also helps to be able to see where you have been or where you came from in comparison to where you are now. This lets you know how far you have already come.

Want to make more money? Work fewer hours and still be able to pay your bills with ease? The answer to making that happen and more lies in your business numbers.

Tracking your business numbers gives you a better perspective on how much you have accomplished, and where your strengths and weaknesses are. This tells you know where you are standing in the process of accomplishing your goals.

Information To Answer Questions

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Tracking numbers allows you to answer important questions, like How much money did you make on a particular day, week, or month? What is your income in cash, check, or credit card? What’s the amount of your income from credit card swipes, and is it worth the fees? How much money do you average on an hourly basis? What is your biggest money-making service? Which service is lowest with your money earned -vs- time spent? How much retail are you selling? And where could you improve?

There are programs like QuickBooks that help you with bookkeeping and the like. It does cost, but it auto-fills for you and balances your checking account. You can pay bills through it and write checks. I’m sure most of the online booking systems have similar programs, especially if you subscribe to their Point-of-Sale (POS) services. I personally just created a tracking sheet on the Excel program of Microsoft Office. Here is a great source of information to get you started with QuickBooks.

Tracking Income Numbers

The first thing you want to track is your income. It helps to break down your income into the type of income you bring in. This gives you an idea of how much of your income comes from a certain type: Cash, Checks, or Debit/Credit Card Swipes. You also want to separate how much of your income is from different categories like Services, Tips, and Retail.

Knowing your income numbers is a big piece of doing all your taxes, city, state, and federal. Make things easy on yourself by doing a couple of calculations each day so you don’t have to do a lot of calculations quarterly or yearly.

Tracking Your Services

Then make a list of the generalized services you do, like Cuts, Color, Perms, Wax, Mani, and Pedi. You can be more specific here depending on what you do most. You can include higher ticket services too, like Brazillian Blowouts, Extensions, or Fashion Color. Tracking these services will let you know which ones are your money-makers and which ones are your weaker services.

Having all this information on a single sheet of paper will let you know how many of each service you do, and how often. Knowing which service is the most time efficient for the amount of money you make is valuable knowledge. You may even decide to use this information to par down the list of services you provide, and focus on specialized services. That’s where you can start increasing your service prices and increasing your overall income. Working smarter, not harder.

Easy Money

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You can also compare the cost of products -vs- prices charged for a particular service to see where your money makers are. For example, facial waxing is typically a good money maker. The price charged per brow or lip wax compared to the cost of a pot of wax and some sticks can be a gold mine. Especially since it only takes a few minutes of your time, you can easily fit 4-6 facial waxes into an hour.

Personally, I am a fan of Flex Wax. You don’t need to use strip papers or fabric. It has a lower melting point, making it more temperature-comfortable for your client. You can wax over the same spot twice if needed without the risk of over-exfoliating (taking off the top layer of skin). But if you prefer to use a standard wax, GiGi is a great professional brand with several varieties to choose from, like Honey, Charcoal Detox, or yummy Pomegranate.

*Note to Newbies: If you use a honey type or creme type of wax you MUST use a muslin fabric strip or paper strip to pull the wax off the skin. If you are using a flex type or a hard type wax no strip is needed.

Tracking Clients

After the list of services, track how many new clients you get, and how many no-shows. Then you can make a space for a time clock if you like. When you are self-employed or an independent contractor aka booth renter, you may want to know how much time you have been clocking in at work. If you choose to track these numbers it gives you the information you need to calculate the average dollars per hour you are making.

I used these numbers to attract and prove to new booth renters what their potential is for getting walk-ins and building their clientele at my location. You will be amazed at how many people you have to turn away once your books are full. It’s the perfect time to add a new person to the team and share the wealth.

There are many ingredients to the recipe for success. Just as important as the business numbers are soft skills and social skills. Without customers, there is no business. Creating great connections with people is half the game. Here is an article on Communication Skills that will help you along that avenue of your journey.

Now that you have all of your business numbers, the more you rack up, the bigger the picture you get of how well you are doing in your business. So make it a game. Challenge yourself to increase income, increase your new clients, and increase your money-making services.

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