Working on your own - Do you give yourself a weekly or monthly target?

[ADiva1]

Hi guys,

To those of you who work alone, i.e. mobile therapist, renting a room, sole salon owner, or working from home.

Do set yourself a weekly target of what income you need to earn to cover your expenses, like rent, petrol, stock, your wages etc.

Do you work out each week in advance what you have already booked in etc?

I just thought it is a a good idea, instead of muddling along and hoping for the best. It also sets you up for the week/month and helps you to remain focussed.

Look forward to hearing from you all.xx

 

[eternalscot]

I used to when I first started, when you have been in business a while you see a quiet week and look forward to a half day. It's good to keep you focused when your starting though.

 

[ADiva1]

I used to when I first started, when you have been in business a while you see a quiet week and look forward to a half day. It's good to keep you focused when your starting though/QUOTE]

Hi!
Oh gosh, yes, you are right about the half a day off.
I just thought of the question, as I was wondering how those who charge next to nothing for treatments survive!
Of course, some weeks will be quieter than some, but it is good to know that you are covering your expenses = a good night sleep.:biggrin:

 

[ReVivebeauty]

Yes I give myself a target, although I tend to aim for a monthly rather than weekly target. Once I've reached that target then everything else that comes in that month makes me a very happy girl!! I have targets for treatments and retail, and I'm obsessive on a Sunday evening about checking what the following week is going to bring in, in terms of treatment value. However, as turnover is vanity..... and profit is sanity, I'm pretty clued up on the cost of each treatment and my other outgoings. Although I agree. an afternoon off is a bonus! I'm a home salon by the way.

 

[sallyyummymummy]

Yes I have a target thats weekly and that goes in the bank. I pay my rent on a % basis so once thats paid I like a certain amount to cover my bills, tax, ni & products plus a little extra. Anything over that target goes to one side and some of it is my money to spend but also there to cover slightly quieter weeks if I need it. Works for me.

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[curlygirl]

Yes! Targets are a good way for you to keep motivated and push yourself! X

 

[wonderwoman]

I have not had a half day in ages, oh how i wish i did!- im too bloody ocd to take a day off! Only for training etc

I have 3 paying targets.

My daily target is cover the cost of expense- this is normally done within two working days for the entire month.
My weekly target of covering the mortgage which is covered by my card transactions.
Then the monthly one covers any excessive expeniture/ wages.

To be fair this system works for me....its like daily goals. I remember when i first opened up i had made only £4 in one day... It really got fire in my belly to really make it work.

I do little chandler dances from friends everytime i make more! ha ha ha! Ive gota excel spreadsheet that outlines what ive made weekly every year... n that really helps how much better...dont be afraid to strive to be better. xoxo

 

[persianista]

I too have daily, weekly and monthly targets, although my computer system keeps track of it all for me. It also projects my income weekly/monthly with what I've got booked, so if on a Monday, the projection is low, I know I need to upsell like mad to make my target.

 

[Redduck]

I also have an excel spreadsheet telling me what I've taken each week both before and after expenses. I have targets every month which pushes me to keep on advertising and keep my costs down.

 

[jb78]

I too have daily, weekly and monthly targets, although my computer system keeps track of it all for me. It also projects my income weekly/monthly with what I've got booked, so if on a Monday, the projection is low, I know I need to upsell like mad to make my target.

This is interesting - do you use a particular computer system for this or is it something you've developed yourself? I'm a home based salon and so didn't want to (and couldn't afford to!) spend £100s on a computer system and so I have my own which is basically excel spreadsheets. It's worked for me for a few years now but definitely needs a re-vamp and yours sounds great in terms of giving you predictions etc, so would be good to know what you use as I'd find that really helpful. Thanks xx

 

[ADiva1]

I have not had a half day in ages, oh how i wish i did!- im too bloody ocd to take a day off! Only for training etc

I have 3 paying targets.

My daily target is cover the cost of expense- this is normally done within two working days for the entire month.
My weekly target of covering the mortgage which is covered by my card transactions.
Then the monthly one covers any excessive expeniture/ wages.

To be fair this system works for me....its like daily goals. I remember when i first opened up i had made only £4 in one day... It really got fire in my belly to really make it work.

I do little chandler dances from friends everytime i make more! ha ha ha! Ive gota excel spreadsheet that outlines what ive made weekly every year... n that really helps how much better...dont be afraid to strive to be better. xoxo

Thank you so much for sharing. It really does help.

I too, have a spreadsheet, which I complete on a weekly basis to let me know where I am! I do know all the quiet weeks and months and plan ahead for them.

Guilty of taking the afternoon off today. BUT, I have been pro-active, lol.

 

[persianista]

This is interesting - do you use a particular computer system for this or is it something you've developed yourself? I'm a home based salon and so didn't want to (and couldn't afford to!) spend £100s on a computer system and so I have my own which is basically excel spreadsheets. It's worked for me for a few years now but definitely needs a re-vamp and yours sounds great in terms of giving you predictions etc, so would be good to know what you use as I'd find that really helpful. Thanks xx

Yes, I use isalon. Sadly not a cheap system, but the reporting is superb.

 

[ADiva1]

I too have daily, weekly and monthly targets, although my computer system keeps track of it all for me. It also projects my income weekly/monthly with what I've got booked, so if on a Monday, the projection is low, I know I need to upsell like mad to make my target.

My cousin uses a similar system for her hair salon. By doing weekly reports on individual areas, for example retail, she can see what's selling, what is not etc. Her staff all have targets also.

 

[BPampered]

This sounds like a brillaint idea. Ive been so focused on what I want to achieve in the future im almost forgetting about now.

What anyone have any advice on the best way to set something like this up, I have a feeling it could get quite confusing xx

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[persianista]

You could always just sit down with your diary at the start of the week, and add up what you've got booked in.
I also go on client count. I always aim for 50 clients a week, so I include that in my projections too.
All of it helps me find patterns of behaviour. For instance, I will generally take double what I have booked in at the start of the week, as fewer people pre book nowadays, plus I aim to retail to every client.
I know that when my retail falls, I need to up my game, and spend more time on consultations. It keeps me disciplined.

 

[ADiva1]

This sounds like a brillaint idea. Ive been so focused on what I want to achieve in the future im almost forgetting about now.

What anyone have any advice on the best way to set something like this up, I have a feeling it could get quite confusing xx

Sent from my GT-N7100 using Tapatalk 2

Keep it simple and it would not be too confusing.

Write down all of your expenses, weekly, monthly, annually. Which ever is best for you. Things like your petrol, rent (etc)
Then see how many money you need to earn to cover this. Make a note of all of your treatments. That way you can track how often your regulars are coming to you too. How many new clients etc.

If you have gaps in your diary, how are you going to fill them? Promotions, etc?