Maximizing Your Earnings as a Hair Stylist

As a hair stylist, it’s important to keep up with industry trends and stay current with the latest techniques and products. However, continuing education and training can be expensive, especially if you’re working to save money. One way to reduce the cost of professional development is to look for free or low-cost educational resources. For example, you might consider attending trade shows or workshops, or taking online courses or webinars. At Bishops Cuts/Color we offer free in house educations through our LMS platform.

In addition to professional development, there are other expenses you may encounter as a hair stylist. For example, you may need to purchase supplies or equipment, or pay for advertising or marketing to attract new clients. To save money on these expenses, it’s important to shop around and compare prices, and to negotiate discounts whenever possible. You might also consider sharing expenses with other stylists, such as renting equipment or sharing booth space at trade shows.

By following these tips and staying organized and focused, you can effectively manage your finances and achieve your financial goals as a hair stylist.

As a hair stylist, it’s important to budget your money carefully and find ways to save.

Whether you work in a salon or are self-employed, there are a number of strategies you can use to stretch your income further. Here are the top 10 tips for saving money as a hair stylist:

Create a budget: It’s important to have a clear understanding of how much money you’re earning and where it’s going. This will help you make informed decisions about how to allocate your funds and identify areas where you can save.
Take advantage of tax deductions: As a hair stylist, you may be eligible for a number of tax deductions that can help reduce your tax bill. For example, you can deduct expenses related to your work, such as the cost of supplies or travel.
Save on taxes by setting aside money in a retirement account: Contributing to a retirement account, such as a 401(k) or IRA, can help reduce your tax burden and provide a source of income in the future.
Negotiate your rates: Don’t be afraid to negotiate your rates with clients. If you have a strong track record and can demonstrate the value you bring to the table, you may be able to increase your earnings.
Use apps to track your spending: There are many apps available that can help you track your spending and identify areas where you can save. This can be a useful tool for staying on top of your finances and making sure you’re not overspending.
Look for discounts and deals: Keep an eye out for discounts and deals on the products and services you use. This can help you save on everything from groceries to travel.
Cut unnecessary expenses: Take a hard look at your budget and identify any expenses that are unnecessary or that you can live without. By cutting these expenses, you can free up more money to save or invest.
Set financial goals: Having specific financial goals in mind can help you stay focused and motivated to save. Whether you’re saving for a down payment on a home or trying to build up an emergency fund, setting goals can help you stay on track.
Use cashback credit cards: If you use credit cards to pay for purchases, consider using a cashback credit card. These cards offer a percentage of your spending back as cash, which can add up over time.
Stay organized: Keeping your finances organized can help you stay on top of your expenses and make it easier to identify areas where you can save. This can involve creating a budget, tracking your spending, and regularly reviewing your financial situation.

Resources:

In addition to these tips, there are a number of resources available to help hair stylists save money. For example, many hair care brands offer discounts to professionals, and there are a number of trade organizations that offer benefits such as discounted insurance and educational opportunities. Some popular resources for hair stylists include:

The Professional Beauty Association (PBA): https://www.probeauty.org/
The American Board of Certified Haircolorists (ABCH): https://www.haircolorist.com/
The American Association of Cosmetology Schools (AACS): https://www.beautyschools.org/