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4 Not-So-Spooky Math Equations Stylists Need To Know

Being a 6-figure stylist in the future is the ultimate dream for many hairstylists. In other words, sitting behind the chair, you would generate $100k or more in service sales throughout one year. We will share with you the math required to reach six digits. Little by little, in a year or two, you'll get to the status of a six-figure stylist. Small achievements are key. You're under no pressure to immediately reach these goals. Stay on your broom and be fa-boo-lous with these 4 not so spooky equations.

Spooky Equation #1: If You’ve Got It, Haunt It

Whether you're booth rent or commission, in order to know your income, you need to understand your expenses.

For example, if you're commission working 60/40, you know your expenses are essentially 40% of your service revenue. If you're renting, you need to break down a little more booth rental costs, credit card fees, estimated taxes, estimated product expenses, and estimated spend on marketing and education if you're regularly investing in these things. To total out all of these expenses, we recommend overestimating any numbers you're not 100% on. Once you land on your monthly expenses, multiply it by 12 to get your annual expenses. Once you have your total number, you can calculate your desired income.

Spooky Equation #2: Goblin Up All The Bread

Calculating your desired income can be as simple as deciding that you want to gross $100,000 this year. Or it can get a bit more methodical… such as you may want to calculate out your current personal expenses, like rent/mortgage, car payment, food, utilities, insurance, etc. to make sure you're going to clear enough funds to pay all your bills and have enough money left over to enjoy life. If you go the route of calculating monthly expenses, make sure you multiply this number by 12 to get your desired annual income. Once you have completed the first and second equations, you can move on to the third.

Spooky Equation #3: Fasten Your Sheet Belts

Calculate service sales needed to hit your gross income goal... simple math, take the number from step 2 and add in the number from step 1. This is going to be your total expenses for the year including you paying yourself your desired income.

Spooky Equation #4: Creep It Real Backwards

Once you have the total annual expense, you need to do some backwards math to figure out how much you need to actually bring in services per month, week, or day... whatever is an easier goal for you to track.

For example, if you want to clear $100,000 a year, and your expenses are $4,000 a month then you need to do $148,000 in services per year to cover your estimated expenses and desired income. Divide this number by 52 to get your weekly service goal of $2846.00 and then divide this number by the number of days you work each week, to get your daily goal. For example, if you work 3 days per week, you'll need to collect $950 per day in services to clear your estimated annual expenses and income.

Final Haunts:

On average in the United States and our industry, a booth rental stylist will spend anywhere from 40%-50% of their gross service sales on expenses throughout the year and commission stylists earn anywhere from 40%-60% of their gross service sales depending on the salons pay scale and structure.

At the end of the day whether you're an employee or an independent stylist, knowing your numbers is the only way to achieve your greatest potential. Without knowing your current numbers, you don't really know your profit or how far away you are from your ultimate goal. Use these simple math equations as a building block to treating your position as a stylist like a real business and watch your numbers grow into something spooktacular.



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