Here, are 5 Reasons Why Most Stylists Will Be Broke
The beauty industry is one of the most lucrative industries and enjoys a high demand. Yet, many of the cosmetologists make far too little and often remain "just over broke". Bureau of Labor and Statistics reports 90% of all stylists make less than $42,000 and remain penniless often leaving the industry or having to get another job just to make ends meets.
1. Don't earn enough. Most stylists simply don't develop the skills to market and sell their services well enough to generate revenues that surpass their expenses.
2. Spend too much. Too many stylists haven't developed the ability to curb their desire to spend. The beauty industry is very lucrative with many stylists earning cash daily. It's very easy to have a false sense that it's okay to spend what they make because they'll simply make more the next day. Suddenly, after 10, 15, 20 years this behavior, most stylists wind up financially broke. Developing a spending plan is key to spending wisely.
3. Don't save or invest. It's easy to see that if most stylists aren't learning to earn more and curb their spending, they just won't have funds to save or invest. One simple strategy is set aside $2 to $4, or however much you can afford, from client you service. You'll be surprised how quickly you'll build up a savings that can be invested.
4. Focus on the art and not the business. In my years of coaching stylists and salon owners, it's usually all about the art. And I get it. I understand. The art comes easy. It's their passion and it comes natural. However, to be properly equipped for success in business, it's critical to gain business skills in addition to hair cutting and styling. The exposure to the business training in cosmetology schools just isn't enough. Taking sells training and marketing classes will go a long way to helping achieve success.
5. Following the wrong people. It's a good idea to follow certain stylists because they are great hairdressers; however, these aren't necessarily the people to follow for business advice. Find an industry leader, mentor or a business coach who has a proven track record and has had smart financial success.
Take advantage of these suggestions and you'll be on your way to being financially security. Take care.
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