4 Budgeting Tips For Salon Suite Renters
Salon Suite Renters: How To Budget, What To Deduct, DIY Decor & More
If you want to leave your salon for a suite but think you can’t afford it, keep reading! BTC is here to help you have a seamless transition from salon to suite by teaching you how to create a budget, increase your profits, what you can deduct from your taxes and so much more.
1. How To Create A Budget
Organizing your finances is overwhelming, but we’re breaking it down to make it easier. Here’s a list of the things you need to take into account when new suite renters create a budget:
- What is your weekly rent?
- How many clients do you see per week?
- What is your average ticket price?
- How much money do you hope to take home? What is your goal?
- How much product will you need to purchase to stock your back bar, retail, etc?
If you do plan on selling retail, one benefit of being a MY SALON Suite® renter is their Smart Start Package which provides members with move-in incentives like discounts towards the My Suite Store. It’s an exclusive online store for members to shop their favorite brands like PRAVANA, L’Oréal Professionnel, Redken, amika and more! P.S.—Did you know you can make stocking your suite easier with MY SALON Suite®’s Intro Kits?
Photo Credit: Instagram via @mysalonsuite
Pro Tip: Try MY SALON Suite®’s Profit Calculator to see exactly how your current profits would transfer from a commission salon to a salon suite.
2. How To Seamlessly Transition From Salon To Suite:
We know it can be intimidating to become an independent stylist after working in the same salon since cos school. But, with MY SALON Suite® comes a HUGE list of benefits for the Suite Elite to make your transition as easy as possible:
- Member support specialists to help you set your business up for success
- On-demand MY SALON Suite® Education Episodes for budgeting, building your business, social media, color tips and more
- Scholarships through an exclusive partnership with the Professional Beauty Association
- Gift card to My Suite Store to stock up on products
- Furniture PROVIDED!
- Fresh coat of paint in your color choice
- VistaPrint discounts to order marketing materials
- Access to a supportive community of like-minded entrepreneurs
3. Design Your Dream Suite Without Breaking the Bank
Next up: The fun part! We have a list of budget-friendly and DIY ways to decorate your suite without overspending. Keep scrolling and get ready to screenshot…
- Create an accent wall with before and after photos of clients to show off your work.
- Vertical space is key! Utilize clear stackable drawers or fun wall shelves to keep everything organized and accessible. Check out some examples below:
- Maximize space on top of display cases and cabinets.
- Utilize the freedom to make your suite your own by adding a fresh coat of paint, courtesy of MY SALON Suite®.
“I love that I was able to make it my own at MY SALON Suite,” says Baryona (@bbmhairstudio). “I was able to decorate it however I wanted to, I picked whatever paint I wanted, I could do whatever I wanted to make it my own!”
4. Invest in Your Future: Here’s How
Between inflation, continued education, suite upgrades and more, your clients are paying not just for your services, but your knowledge and overall excellence. Major positive changes need to be reflected in your pricing!
If you want to increase your prices but don’t know where to start, here’s what would happen if you increased your services by only $7 a day:
Five services a day x five days a week:
- $750 more a month
- $9,000 more a year
- 100 percent client retention!
Plus, MY SALON Suite® members are in total control of their profits: “I’m able to take home more profit, not sharing commission with anybody and the rest of it goes back into the business. You are investing in yourself everyday!” says Taylor Burgos (@salon_evermore).
Tax Deductions: Screenshot This!
We always recommend consulting with a tax advisor, but here’s a list of purchases you can deduct from your taxes that you may not be:
- Products and tools like hair color, hot tools, styling products
- Equipment like chairs, mirrors, product shelving
- Content creation supplies like ring lights and tripods
- Travel and lodging to trade shows (like The BTC Show!)
- Continued education
- Lease payments for your suite
- Work phone bills
- Square fees
- License fees
- Subscriptions to beauty magazines
- Capital expenses: If you opened a business this year, you can expense the cost to start your business BEFORE you open! This can include advertisements, equipment, launch parties and more.