Kenesha Coleman, The Beauty CPA is back with another jam-packed episode where she drops the knowledge bombs!

In this episode, we go over:

Episode #3 Knowing your Beauty Business’ Numbers

1. The importance of knowing your business’ numbers

1. Be aware of the financial health of your business

2. Make sound business decisions

3. Use the numbers as a tool to strategically grow    

2. It all starts with Bookkeeping

1. You can’t manage what you don’t track

2. What is bookkeeping?

3. Knowing the “story” behind your business’ numbers

1. Don’t do bookkeeping for the sake of bookkeeping, know the “story” behind what the numbers are telling you

2. Are you profitable?

1. Gross margin - service or product profitability?

2. Profit margin - overall business profitability?

3. Business Performance

1. How did you perform this month compared to last month?

4. Progress toward the financial goal?

1. How did we perform compared to the budget?

...

Now that you have (or your business has) decided how to categorize yourself as an employee or an independent contractor, its time to get PAID!

In Part Two of this Series, Kenesha and Shannon explore how to make sure you get paid properly depending on your business.  Working smarter to be strong and sweet in 2021!!

1. What is an Independent Contractor or Self-Employed Beauty Professional?
   1. You are the business owner
   2. May receive Form 1099 from salon/spa owner or you are receiving monies from your clients and accounting for it yourself
   3. Responsible for paying and remitting all taxes - federal and state income and payroll taxes
2. How you should pay yourself depends on how the business is structured:
   1.  Sole Proprietorship/SMLLC/General Partnership/MMLLC: 
      1. take an owner’s draw from your business banking account. 
         1. Best if done at regular intervals and amounts
         2. Best if transfer in electronic
      2. Still responsible for all taxes
      3. Misconception: If you don’t take an owner’
      ...

This is the 1st of a 3 part series to help you on your journey to Sugar Business Sweet Success!  Whether you are new to the beauty industry or a seasoned pro, our goal is to guide you to make good decisions with your finances.

In this episode you will learn:

Episode 1: Employee or Independent Contractor

1. Category of Workers in a Salon/Spa
   1. Employee
      1. Straight Hourly Wage or Salary
      2. Commission
      3. Hybrid
      4. Receives Form W-2 from employer 
      5. Income and payroll taxes are withheld
      6. Employer pays half of federal and state federal tax
   2. Independent Contractor
      1. Straight Rate
      2. Commission
      3. Hybrid
      4. Receives Form 1099 from salon/spa owner
      5. No income or payroll taxes are withheld
      6. IC is responsible for all taxes
   3. Booth Renter
      1. Leases space from salon/spa owner
      2. Doesn’t usually receive compensation from salon/spa owner
      3. Issues Form 1099 to salon/spa owner for rents paid (if $600 or more)
      4. Responsible for all taxes
2. Why this matters
   1. Employee Rights
   2. Tax Evasion: non-pay
   ...

It is always inspiring to listen to the stories of those who are rockin' in this Sugaring business!  Especially, when they find Sweet Success so quickly into starting their careers!

Meet Porche Copeland.  Dynamic business owner, mother, and Sugaring professional who is THRIVING despite all of the challenges 2020 has dealt us!

She is a force to be reckoned with and we are honored to include her on our list of Sweet Success stories!  She is the owner of Luxe Beauty Bar and Spa after only 1.5 years in the business

NEED MORE SUGARY INSPIRATION?

Get Your Sugaring Business Found and Network with the Sugaring Industry
by Joining The SugarNetwork  and tagging your sugaring biz on @TheSugarNetwork on IG!

To meet more inspiring Sugarists and business masters, join us in the Love2Sugar FB Community for more knowledge!

Join us on the 'gram: @love2sugar
Did you enjoy this Sweet Episode?  Be sure to hit SUBSCRIBE + leave a REVIEW and tell us why!  
Thank you for joining us on this sugar journey!...

Meet Hayden Snyder, owner of Down South Sugar Co.! She is the true definition of what a boss babe is! At just 23 years old, she has built her successful sugar business in a small town where most didn't know what sugaring is. By spreading her love for sugaring and educating clients on making the sweet switch, Hayden continues to grow her business and share her story. 

You can connect with Hayden Snyder : 

IG: @downsouthsugar

downsouthsugar.com

NEED MORE SUGARY INSPIRATION?

To meet more inspiring Sugarists and business masters, join us in the Love2Sugar FB Community for more knowledge!

Join us on the 'gram: @love2sugar
Did you enjoy this Sweet Episode?  Be sure to hit SUBSCRIBE + leave a REVIEW and tell us why!  
Thank you for joining us on this sugar journey!

Have you been looking for different services to compliment your Sugaring Business? Maybe you've been thinking about adding anther lucrative, less time consuming, additional treatment to pamper your clients. Consider Spray Tanning!   

Meet Kelly Callaghan! In this episode, she is sitting down with us to talk about how to add spray tanning to your sugaring biz, and how we can collaborate together to take our businesses  to the next level. 

Kelly is an industry trailblazer who notoriously started an international spray tan business and grew it from $0 to multiple 6-figures in a few years and has professionally trained over 1,000 women to grow their sunless businesses. Her next step in beauty biz domination is taking the show on the road with her Slay the Spray training tour, holding marketing + inspirational events with her Wake Up to Level Up event and her podcast, Beauty Business Babes. She’s lit up by mentoring other women/boss ladies and roots everything we do around here in the imp...

Today we welcome Tajina Rocke, successful sugarist and owner of Bare Bodies Sugaring, located in New York!
⁠
⁠Tajina dropped amazing knowledge and advice for up and coming Sugar Pros and spoke about how she began her journey as a Sugarist. From switching career paths, to now growing and thriving in her own sweet salon, Tajina wants to expand even more and is ready to help inspire other sugar pros to do the same. ⁠
⁠
"After leaving the banking industry, I decided to pursue my passion in skincare and became a licensed esthetician. Hair removal became an obsession for me , as I found sugaring especially helped those with troubled skin. My obsession soon became my career and I has never looked back. I am the proud owner of Bare Bodies and is excited to share my love and knowledge of sugaring with others". ⁠


You can connect with Tajina Rocke: 

IG: @barebodies_sugaring

https://www.barebodiessugaring.com
https://www.sweetsourcesugaringcertification.com

NEED MORE SUGARY INSPIRATION?

To meet more...

On this episode, we welcome Kenesha Coleman, The Beauty CPA! She owns Coleman Tax and exclusively supports beauty professionals. Listen to find out more about Kenesha’s background and experience!

Today, we dive into tax planning! Here is the key, tax planning should be throughout the entire year to avoid people scrambling for their documents. Plus, any deductions that you are trying to receive must take place during the year. You can’t earn more deductions once the year is complete.

There are several things you should be doing, but we are diving into the top 3!

• Bookkeeping
• Setting aside tax money
• Deductions

These three things all work together throughout the year!

Let’s dive into bookkeeping. What exactly is it? This means using an accounting software to track inflow and outflow of transactions that are categorized. Also, make sure you have a separate business account. Everything should be separate for tracking and potential auditing.

Second tip is setting aside money...

This episode is a MUST LISTEN! Don’t make the mistake of picking a sugary sweet name for your biz without learning more from our guest, Joey Vitale from Indie Law. 

When Joey Vitale was in college, he was bribed by his father to go to law school with a new car. He quickly realized he was not the ‘shark.’ Due to it not fitting, he started his own graphic design business. Through networking, he realized how many people in business had questions. So, he started a law firm to fill the need in order to help cut out the noise.

Many people go with less expensive solutions than hiring a lawyer. They resort to quick fix, low cost solutions. The problem with that is there is one solution for everyone--which is not the right solution for everyone. Instead, Joey works with people to educate and empower them in their business decisions.

His law firm focuses on the must haves for a business and has solidified the process into programs for those starting their business. This helps people to c...