• Money Talk for Stylists: Cash In by Understanding Your Profits

  • Oct 3 2024
  • Length: 16 mins
  • Podcast

Money Talk for Stylists: Cash In by Understanding Your Profits

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  • Summary

  • In this episode of the Independent Stylist podcast, host ⁠Jennifer Kenny ⁠discusses the importance of understanding profitability for business owners in the beauty industry.


    She emphasizes the need for financial literacy and outlines the three key profit margins:


    • Cost of Goods Sold (COGS)
    • Operating Profit Margin
    • Net Profit Margin


    Jennifer also highlights the benefits of using QuickBooks to track these metrics and make informed decisions about pricing and services.


    To Book A PROFIT POWER VIP Service - ⁠CLICK HERE⁠


    Takeaways

    • Profitability is crucial for running a successful business.
    • Understanding your numbers is essential before making pricing changes.
    • COGS represents the total cost of products used in services.
    • Aim for a COGS profit margin of at least 80%.
    • Operating profit margin is what's left after business expenses.
    • QuickBooks can provide real-time insights into your profit margins.
    • Net profit margin is your take-home pay after all expenses and taxes.
    • Set aside 20-30% of income for taxes to avoid surprises.
    • Categorizing services in QuickBooks helps identify profitable offerings.
    • Focus on services that maximize your time and profit.
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