Do the Math on What You’ll Earn in the Beauty Industry
For example, “Roxanne” is an unbelievably talented hair stylist. While at beauty school, her designs blew away the competition and impressed instructors beyond measure. The school’s job placement counselors were confident Roxanne Make-up AR
would land a rewarding job in one of the area’s hottest salons or day spas.
Yet six months after graduating from the cosmetology school, Roxanne was back with the placement counselor looking for another job. Why? She failed to manage her time, which in the world of fashion, equals money.
Admittedly, Roxanne struggled with self-discipline, which is critical for the entrepreneurial-style beauty industry. Without setting clear expectations for managing her time and budget, Roxanne slipped into an attitude of showing up and filling her quota card for hair cuts, perms, colors, shampoos, and more, with little thought to how much money she was making, what her supplies cost, or how she could reinvest her earnings.
Hair stylists, nail technicians, estheticians, and barbers with a desire to succeed financially need to look beyond the hourly wage offered by most salons, day spas, resorts, and even medical offices. Setting goals for tips (“I’ll have to do XYZ to earn at least a 20 percent tip on every hairstyle”), selling product (“My goal is to be the top seller every month”), and reinvesting revenues into marketing and promotional materials (business cards, brochures, websites), are tools that will take any emerging stylist or skin care consultant to the next level.
Other financial considerations include, in some cases, booth rental fees at the salon, whether the stylist provides his/her own products or tools, and how to account to the IRS for income earned as an independent contractor.
Most importantly, however, is that students at hair styling institutes or beauty academies in general, develop not only their artistic talents, but also their aptitude for business.
With convenient class locations as well as online learning, starting a career in the