July 17, 2019

How to Budget as a Lash Artist

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Hello new lash artists! Starting and maintaining a new lash business is an investment. So where do you start? Well, take it one step at a time.

Step 1: Track Your Money

What are you spending money on? Open up your bank account and make a list  of everything you spend money on. Once you have your list, separate it into two lists, one for essentials­čŹŁand one for extras. Essentials are things you need to survive. This includes your business expenses that you need to be able to work such as glue each month, lashes, suite rental, etc. I recommend building in an extra 200-500 for emergencies or unforeseen expenses.

Step 2: Set a Monthly Sales Goal

Now that you know what you need to earn to survive, you have a baseline for what you must make each month. Let’s say your essential list of what you need to make to survive is $3,000 per month. This is your minimum income goal. You must hit this number each and every month. But what does that mean? Divide it by 4 to get the amount you need to earn each week. 3,000 divided by 4 weeks is $750 per week. What does this mean for the lash artist? If you do the math, you would need to do 5 full sets at $150 each or about 12 lash fills at $60 each, or a combination of those.

 

Are you a Licensed estie or Cosmo? Offer brow waxes at $20 each or lash lifts at $65 each. While you’re building your lash extension clientele, offer whatever else you can to earn extra money while you’re growing. Just hit your monthly goal no matter what!

Eventually when you are established you can offer exclusively lash extensions if that’s what you desire but in the meantime, just hit your numbers.

Step 3: Set a Savings Goal

Once you are consistently hitting and exceeding your monthly income goals, it is time to create goals for saving and paying off debt. Can you put aside $200 a month to pay off that credit card? Are you debt free and it’s time to invest in a 401k and speak with a financial advisor? If you’re not here yet and this sounds overwhelming, take a breath. It’s in your future and its time to put on your grown up pants and start thinking about the long term. Hit your monthly goals and then do some research or meet with a financial planner to start planning for savings and retirement.

Step 4: Maintain

Now that you’re aware of what you’re spending and what you need to earn and save, it is the maintenance stage and you need to continue tracking your spending and progress. After 3 years of lashing, I finally decided 2 years ago to hire an accountant. She keeps track of my budget and does my taxes and has saved me countless headaches and also a lot of money that I didn’t know how to track for taxes! I highly recommend doing this when you’re ready.

Step 5: Set Realistic Financial Goals

Be consistent and realistic in your financial goals. This means, just because you made more money than your goal, does NOT mean you should go buy a new car or go on a shopping spree. Live within your means and save save SAVE. You never know when a rainy day will hit and you need to plan for it by having your debts paid off and some savings in place. I also highly recommend listening to Dave Ramsey if you have the chance or reading up on paying off your debts.

Being debt free is the FASTEST way to financial security and ANYONE can do. Especially YOU, LASH ARTIST!!!

I believe in you. I know you can do this. And I hope this helps get the ball rolling for your lash business. Start with step 1 and take 1 step at a time. And when you go to work, Simply Lash.

Want to hear more from me? Follow me on social! @simplylash.us

Want to grow your biz? Send me a DM on IG or FB!