Is it what you expected ?

[bombini]

I have been self employed over a year now and have noticed although im earning more im also spending more !

I still have business debts to pay, eg start up costs for product ranges, rent, advertising, stock professional & retail. There doesn't seem to be much left for me :cry:

When I first started mobile I didn't have a client base as I had taken a break from the spa I was at before and just assumed as there were no other mobile therapists in the area there was a HUGE gap in the market ! Wrong !! Mobile didn't work at all for me mostly due to the fact I didn't advertise enough and I went mad and bought loads of stuff I didn't need.

Now Im salon based its much more convienient and better paid but im still not earning what I need to be and im only spending money on stock that needs replacing, im beginning to think even if im fully booked im still going to be skint as it will just go on extra stock !

Are you earning as much as you thought you would ? Or has it not gone as planned ?

 

[joe90]

Whilst I have quite a healthy client base now I still find that I am always spending money on replacing stuff, new stuff etc etc and I have a fair way to go before I am earning what I earned before.

I don't think having a month off has helped my business either but only time will tell how badly it has affected my business.

I am hoping this year I will break even and not make a loss as I did last year, but a lot depends on how strict I am with myself at GMex (now called manchester central).

Sorry this isn't really answering your question but I am nowhere near where I want to be.

 

[Bagpuss]

I have a home salon and so mu overheads are minimal compared to yours...i decided from day one to keep it small and manageable and i have. Its better than i thought it would be, to be honest i had little faith in myself and remember saying to Rob that even if i made £100 per month i would be happy...:lol:

My mother in law has run her own salon (hair and beauty) for years and said she never really earned much after paying wages and overheads....she was the one who told me to keep my business small.

I have no desire to have a salon...staff or clients coming out of my ears, i guess i have never really been that ambitious.

 

[Zo Zo]

This is a tricky thread to answer
I too have a home salon so no rent as such and I too started off just wanting to get by, not particularly ambitious
However, I worked like a dog last week, and when I finished on Saturday afternoon I got in my car and drove into town and I felt like a zombie, I was barely holding the steering wheel I was soooo tired
So it made me think about how my earnings are limited by being a one man band, i.e. there's only one of me so in order to make good money I need to accomodate pretty much anyone that wants an appointment, which leaves most other aspects of my life fairly neglected:cry:
The other alternative would be to introduce treatments which might earn me more £££ per hour, or to open a salon and make £££ by charging a fortune for treatments carried out by junior therapists I am paying the minimum wage
Neither of these ideas appeal, funnily enough:lol: so I just have to keep reminding myself all I wanted when I set out on this journey was to make a living
Incidentally, over the last few weeks I have been recording my business expenditure in relation to my income. I was hoping to spend about 10% haha
Anyway, last week I spent £200 on skincare, £50 on introducing a new treatment (bargain!) about £75 on an extra towel rack and nail polish rack, £40 on new nail polishes, £24 on a new linen basket, so that's about £390, and before you ask, no I did not take £3900 last week!!!

 

[liz4real]

i dunno i have a salon and the profit far out ways the expenditure!!! im earning more than i ever thought i would.....

whats costing you so much???

:|

 

[bombini]

Thanks for your response guys, its nice in a way to know im not the only one but i still wish i could earn a hell of a lot more !

i dunno i have a salon and the profit far out ways the expenditure!!! im earning more than i ever thought i would.....

whats costing you so much???

:|

The stock, Im beginning to question if im using to much or ordering stuff I don't need !

Just out of interest how much retail do you hold ? Do you all keep 2 of everything or more/less ?

 

[dee]

my business hasnt worked out like i wanted at all , i threw lots of money at it to pay for advertising etc.. and it never got me anywhere ,
i am home / mobile and visioned myself having just a few clients weekly , not loads coz it has to fit in with kids etc.. but just enough to earn enough to pay a bill or 2
sometimes i have good weeks but like this week i am dead apart from a waxing client, i do have long standing clients but a few of them are slowing down on treatments due to money etc..
i am hoping my business will do better in canada :lol:

 

[Zo Zo]

Thanks for your response guys, its nice in a way to know im not the only one but i still wish i could earn a hell of a lot more !



The stock, Im beginning to question if im using to much or ordering stuff I don't need !

Just out of interest how much retail do you hold ? Do you all keep 2 of everything or more/less ?

You may be using too much product but I think you would know if you were being wasteful. Do you get tempted to buy a lot of stuff? I am always buying new stuff, I love to try things out, I have way more nail polishes than I need, and I have just bought a 3rd skincare range (how mad is that) and replaced all my towelling compresses, which I probably didn't need to etc etc

However when I am on 'economy drive', I buy very little, literally I will go to Sally and just buy half a dozen files, if that's all I actually need. When faced with temptation I try to think of Martin Lewis's mantra, 'do I need it? will I use it? can I buy it cheaper elsewhere?'

I do carry quite a lot of retail stock because I hate running out of things, and it's annoying if someone wants to buy something and you haven't got it, and also because if you order little and often the P&P costs eat into your profit

What you could do is write everything down each month, look at what you have spent money on and think about whether or not you really needed to.

Also try to upsell, aim to re-book every client, suggest they try new treatments they haven't had before and don't be shy about recommending products you think they should buy

HTH's xx

 

[estherlou]

I'm into month 5, I have looked back at my profit and loss and cash flow projections......if only i was earning that much, i'm not making as much as i'd like to. But after balancing my books today I am definately earning. The business is justifying itself.
I was really careful when I set up, I did take a small loan and used some savings. I kept costs ver low where I could and spent on the things you don't want to comprimise on. With retail i was really anxious about investing for things to sit on the shelf so I've added gradually to meet demand. I get panicky about twice a month, usually after a quiet day. Its hard work, but I still love it. you have to work at it constantly and you can't stop advertising, you just ahve to spend as much time as you can searching for bargains. e.g- 5000 flyers glossy full colour both sides, quote 1- £500 quote 6- £90, then delivered various quotes from 249 upwards after 2 weeks of looking got it done for £149. xx don't give up if your finding it a struggle just get advertising and all you guys who are earning megabucks, whats your secret! xxxxx

 

[*Garfield*]

For me things are far far better than I could ever of dreamed....I used to say to my husband that I would be happy if I only earnt £30 a week as I was at home with my kids, and now I am working full time and am usually booked up two weeks in advance.

I am quite tight though I have to say,:lol: so I am very strict with what I order. I hold quite a bit of enhanceemnt products as I know It will get used, also waxing gear...but other than that I order what I know I will need. I try and stock retail iyems that I would want to buy myself so am quite choosey about that too.

 

[liz4real]

Thanks for your response guys, its nice in a way to know im not the only one but i still wish i could earn a hell of a lot more !



The stock, Im beginning to question if im using to much or ordering stuff I don't need !

Just out of interest how much retail do you hold ? Do you all keep 2 of everything or more/less ?

hi,
i hold enough stock to fill my cabinet of the popular things, not one or two of everything...i dont reorder when something sells, i have catalogues of products to order next day delivery so if i dont have something they pay up front and collect the next day!!!!
dont waste your money filling the shelves concentrate on paying the bills and your wage without that you'll have no bussiness, and no need for stock!!!!

good luck xxx:hug:

 

[hippy-chick]

I'm a freelance holistic therapist, so my costs are minimal. I've built up my products as and when needed, and things like massage oil and essential oils I only buy as and when needed, and the company I use its free p&p.

I don't sell anything retail.

At the moment I rent a room and only pay a percentage of what comes in, so if the client doesn't turn up, I don't pay.

but I am just about to rent another room, where I have to pay upfront regardless of what comes in.

I have recently tried to pay myself a wage (£100 a week), and am finding it really difficult. My business account is going really well, but finding it hard to live on £100.

 

[joe90]

Ok so stock wise I have had facial products to sell, they were part of my start up package and I have sold all my cleansers, toners and moisturisers, however the things the company told me were their best sellers in their start up pack are still sat on my shelves.

I try to have solar oil in stock and this sells really well and every now and again I have a special offer on nail enamels and they seem to go ok'ish.

My problem is, I see a bargain and I buy it, whether I need it or not and this has got to stop. At the moment I am not taking any money for me out of the business.

I will have to be very very careful at G.Mex this year and learn to be mean, mean mean with my money!

 

[liz4real]

i worked out what i needed to save for the business each week for it to survive, which meant writing out every cost i could possibly think of at its max for the year then deviding by 52!
it worked out £200 p/w, most of my bills are quarterly, dunno whether this seems high or low to some people but prob differs in areas....
any way i make sure i have the £200 in the bussiness account(which i do in a day now) and the rest is mine, usually clearing £1000 p/w.
i dont have have majorely stocked shelves, but my clients know i can get what they want, and people are reasonable, also these creams and stuff are worthless after about 6 months...
you will make a massive mistake if you over spend, and start taking the money for yourself, scrimp and save at first and realise that when your starting a bussiness you do have to put in every hour you have, and sacrifice wages, some people say your lucking if you make a profit in the first two years!!!!
it will be so worth it in the end!!!
lizxxxx:hug:

 

[liz4real]

For me things are far far better than I could ever of dreamed....I used to say to my husband that I would be happy if I only earnt £30 a week as I was at home with my kids, and now I am working full time and am usually booked up two weeks in advance.

I am quite tight though I have to say,:lol: so I am very strict with what I order. I hold quite a bit of enhanceemnt products as I know It will get used, also waxing gear...but other than that I order what I know I will need. I try and stock retail iyems that I would want to buy myself so am quite choosey about that too.

this is deffo the way to be im sooooo with you lolxxx:green: