Becoming A Master of Your Money

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“Money, Money, Money makes the world go round.” This quote from the play “Cabaret” says it all for the world we live in today. As artists, we don’t want to believe that we are in it for the money. Each of us start with the fantasy that if I just do great hair, then clients will bang down my door and I will be rich!

Well, you probably understand now that it doesn’t quite work that way. So how do we get you to a place that will be like that? My answer is that first you need to gain a basic understanding of money as it relates to your business. Know where your stand. Then take the action to arm yourself with the tools to build system around your money so you can focus on what you are good at and you don’t need to worry about the money.

Please, don’t beat yourself up if you are not savvy on anything in finance. We are artists and for most of us this it does not come easy. For me, it’s like a “sin,” meaning I hate it. Hence the motto!!!!

Most hairstylists I work with have a passion for hair and… finances, not so much. Just know it is something that is learned. And there are some simple systems you can put into place so you too can become “a master of your money.” You just have to be willing to take that first step and see your money for what it is.

Test Your Confidence

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There is never just one answer for the question, “How confident are you?” Why? Because there are so many different “yous!” There is the person, the hairdresser, the skilled operator, you might be a mother, a wife or a husband, the single you, the platform artist, you might be a dancer or a kick boxer. The point is all these different parts of you have different levels of confidence. You may be great with people and be able to talk with anyone, but if you don’t feel confident with your skills, the moment you start working with a client’s hair all the bravado goes right down the drain.

The good thing is that if you are great with people, you have half the battle won when it comes to hairdressing. So the measuring stick with confidence is sometimes a hard thing for people to understand. People tell me all the time, “You are so confident and you are such a great speaker.” But what they don’t know is that at one time in my life I was so shy. I had a really hard time talking to anyone—let alone getting on stage! How did I change? Well, in this case, I took acting lessons; Stage—no less! It was really hard at first, getting up in front of people and speaking, but what I learned was to reach deep inside for my “other self.” Then, it was not me up there, it was the “educator me;” the part of me that is not shy, who has such a passion to share my knowledge. As long as I’m clear with what I am speaking about, the fear goes away. So now, when I speak in front of an audience, I just focus on the message, not the fear.

So when it comes to being a hairdresser, it is so important that we are confident in what we do so we will not pass fear to our clients. Once they feel any kind of fear or lack of confidence from us, often clients don’t return—“She did a good job, she just didn’t seem to know what she was doing.” Clients don’t want to worry when they are in your chair. They want to relax and trust you.

So click here to download our fun self-confidence test and see where you are at! This test is for your eyes only so it is important to be honest with yourself. Find out where you are most confident and where you may need help. There are so many ways to build confidence, and here at the academy, it is a big piece of what we work on. You just need to take that first step and find out where you stand. Once you have mastered your fear, nothing will stop you!

4 Things You Need For Success

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At the academy and over the years, I have spoken to so many stylists and what I have found is that all problems come from four areas: Money, Confidence, Systems, and Marketing. What we try to teach is that you need to understand and be strong in all four of these areas in order to have long-term success as a hairdresser.

As soon as you become a licensed hairdresser, you are in business for yourself. I don’t care if you are a renter, a commission stylist, or hourly employee. You are the C.E.O. of your business and you are the business. So don’t wait for someone else to market you or someone else to explain profit & loss to you. Arm yourself with the knowledge you need to have a successful business.

Do you think a chef can open a restaurant just because he is a good cook? She can, but will she be successful? No, she still needs to understand the basics, at least, of small business ownership. I personally was able to earn a lot of money behind the chair, but after 15 years of having no business sense, I had nothing to show for it. I had to make a change if I was going to be successful and not just make a living.

It is the same with you. You can be great at your craft, but if you don’t get the basic skills and understanding down, you will join the national average of earning less than $20,000 a year. I mean “Come on”; if you are going to do this, don’t you want to earn the big bucks?

If the answer is “YES,” then arm yourself with as much knowledge as you can get and start applying it. Understanding where you are at now is the first step!