- Products, tools, equipment and supplies. Nearly all of the things you buy for your Salon Suite may qualify as a tax deduction. This includes furniture, tools, supplies, products, décor, etc. Make sure you are keeping track of your receipts. HELPFUL TIP: Have one business credit card for ALL of your business expenses. Do not put anything else on the card unless it is for your business. This way, it is easy to keep track and all you have to do is hand over your credit card statements to tax consultant.
- Education. Continuing your education makes you a better stylist and salon owner. Any expenses paid for your education as long as it is helping to improve your skill in your trade or business, you can use as a tax deduction. Keep track of the money you spend on classes and training fees. You can also keep track of any other related expenses like class supplies and books. You may also be able to deduct travel costs for any conferences attended.
- Marketing and Advertising. Marketing and advertising materials such as business cards, flyers, Facebook ads, rack cards, website hosting fees, graphic design payments for your logo and any other expenses are usually deductible as long as they are used to promote your Salon Suite business.
- General Expenses. Any cleaning expenses, office expenses, office supplies, etc. As long as it is for your business, these are generally allowed as tax deductions.
- Charity/Donations. If you participated in the free back to school haircuts, had a day where a certain percentage of sales goes to charity, donated any supplies to a local shelter, you can write them off as a tax deduction. Make sure you have your paperwork in order and/or have receipts for these.
- Business Insurance & Rent. Insurance intended to protect your business (examples include fire, theft, flood, property, malpractice, errors and omission, general liability, malpractice, workers’ compensation). Rent or lease payments on items that aren’t vehicles or equipment ( office or land rent), including any government taxes on those items can be used as well.
- Licenses. Your business and cosmetology license fees are also a deduction if you renewed or received your license in 2018.
2018 was the first year for the new tax bill. If you are overwhelmed and concerned about any of the changes, head on over to IRS website and research any changes. Have no fear though- we’ve outlined a list of deductions you can still use for your Salon Suite business! The most important thing to remembers is that because you are a sole proprietor/business owner, you can still deduct many of your business expenses.
Valentine’s Day is made for Salon Suite services, retail products and gift card sales. For Valentine’s Day, many spouse’s give the gift of a spa/pampering day either in gift card form or to get ready for a fun and romantic date night. This is definitely a holiday you WANT to add into your marketing plan for the year. Here are a few steps to help your salon suite business this next month.
8. Ask your clients to share the love for you with open ended posts like “The one thing I love most about being a (your Salon Suite name) client is _______________________________________.” You can offer up a gift card for coffee to ensure people respond to the post. Use the responses as mini-testimonials on your website, social networks and email marketing.
January 1st represents a clean slate! This is when you make promises, intentions or resolutions to eat better, move more, create more time for yourself or whatever it may be. A time for new dreams, goals, plans and business ideas! The New Year is a chance to take your business to another level! Create a foundation for your goals and do one action step at a time. Below are five things you can start doing today to make 2019 the best year yet!
I know you are probably swamped this week and welcome a little break, but we all know that after this busy holiday season, work tends to slow down a bit. So how do you keep this steady flow of business going? Here are just a few tips to keep up this momentum!
One of the biggest ways to make change is to figure out what is important to you and your salon suite business. We've narrowed down some of the most important resolutions for you to focus on in 2019. Not sure how to go about these resolutions? Feeling overwhelmed? Pick one for now, create action steps on how to accomplish this goal and rock it! Check out our last blog post about how to keep your resolutions.
Focus this year on:
There are only about 4 more weeks until the New Year. Have you thought about your New Year’s Resolutions yet for 2019? According to Forbes.com only 8% of people actually achieve their goals in the New Year. By March, nearly 40% of people forget about their New Year’s resolutions or get so busy, they just can’t maintain it. So how do you accomplish your goal and stay the course? Here are just a few tips to make sure those New Year’s Resolutions stick!
As a small business owner, it can be difficult to juggle it all; your business, family friends and now throw the holidays in the mix. It is easy to get overwhelmed this month ahead. Don’t let your organization slip just because it is a busy month. Here are 6 tips on how to stay organized this holiday season.
With the holiday season upon us, it is easy to get busy with our family, friends and business. BUT, it is a perfect time to thank your clients for their loyalty all year long. After all, your clients are the main reason you are in business! So take some time over the next month to thank them.
Here are some ideas to help get you going:
MY SALON Suites and Salon Plaza suites are made up of multiple small businesses like YOU. Make sure you are promoting your small business for your clients and potential clients to shop small this holiday season. Here is some information you can share with your clients on the benefits of shopping small.
Did you know that when you shop locally for every $100 you spend, $68 of that goes back into your community? Small Business Saturday is coming up on November 24th. Remind your clients to support local businesses as they are the backbone of our communities. Your businesses are useful resources to your local communities and when people shop local, it makes a profound impact.
When people shop local, they are helping to:
1. Improve the local economy. Keep more tax dollars in the local economy
2. Create better wages and benefits for your neighbors.
3. Reduce transportation and packaging.
4. Reduces your carbon footprint. Less driving around to stores and chain malls. And if clients are looking for a spa day before the holidays or after, MY SALON Suite and Salon Plaza can be a one stop shop!
5. Enhance diverse locally made products and services.
6. Get more personalized customer service. Local business owners form relationships with their clients/customers, therefore having a better shopping experience.
7. Improve the Community Identity: Keeping your community unique and makes your community a destination. MY SALON Suite and Salon Plaza are unique businesses that help all involved to become their own boss!
8. Create local jobs. A local business owner will hire local people in their businesses.
9. Increase Community Involvement. Local business owners tend to be involved in the community they work in, thus contributing to the overall health of the community. Take the time to discuss your recent charity like the Suite Relief.
10. Encourage entrepreneurship. At MY SALON Suite and Salon Plaza, we are all about the entrepreneurship! Explain how you decided to become your own boss!
Sharing Your Why with your clients is important to your marketing plan. Clients like to know WHY you decided to open up your own business and why you do what you do. Your story and your personality are what separates you from your competitors. This combined with your skills and training make you stand out.
3. You can form a mission statement for your Salon Suite based on Your Why statement and then go onto create your brand story from Your Why statement.
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Salon Ownership For You!