Getting Comfy with the F-word: Mastering Money Management for Salon Owners
Dec 29, 2023 ·
32m 20s
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Description
Episode Title: Getting Comfy with the F-word: Mastering Money Management for Salon OwnersIntroduction: - Guest: Krista McLellan, bookkeeper from New Hampshire, sharing her journey from financial struggle to helping over...
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Episode Title: Getting Comfy with the F-word: Mastering Money Management for Salon OwnersIntroduction:
show less
- Guest: Krista McLellan, bookkeeper from New Hampshire, sharing her journey from financial struggle to helping over 200 businesses and individuals with money management.
- Krista introduces herself as a bookkeeper by trade, having stumbled into the profession, with her daughter now a CPA and a family history in bookkeeping.
- Reflects on her financial awakening after her husband's passing, realizing she needed to handle money better.
- Acknowledges her own financial struggles, hiding her car from the repo man, and the irony of helping others with money despite her initial challenges.
- Krista talks about her personal journey, going from hiding her car from the repo man to helping others manage their finances.
- Highlights gamifying financial decisions with her children, making tough choices, and turning her experience into helping businesses and families with debt management.
- Discusses the importance of recognizing financial issues, especially for salon owners.
- Highlights the red flag of dreading taxes and emphasizes the need for consistent financial tracking throughout the year.
- Encourages proactive financial conversations within the family, with clients, and even with vendors.
- Krista explains her motto, "get comfy with the F-word," which refers to getting comfortable talking about finances.
- Stresses the significance of open communication about money in relationships, both personal and professional.
- Encourages understanding accounting jargon to have meaningful conversations with accountants and save on taxes.
- Advises salon booth renters and small business owners on tracking expenses and using tools like QuickBooks Online or Google Sheets.
- Explains the concept of write-offs, emphasizing that they reduce taxable income.
- Lists common write-offs for booth renters, such as mileage, back bar supplies, education, advertising, and office expenses.
- Guides small business owners on confidently setting prices by understanding the going rates in their area.
- Recommends analyzing profit and loss to determine hourly earnings and adjusting prices accordingly.
- Highlights the importance of knowing personal financial needs to set income goals.
- Krista shares her focus on helping people streamline back-office processes and her e-book, "Getting Comfy with the F-word," aimed at empowering individuals to understand and take charge of their finances.
- Advocates for debt management and financial control.
- Recommends QuickBooks Online and introduces Ledger for invoicing clients.
- Krista emphasizes the importance of taking control of money and recommends getting QuickBooks Online or Ledger to streamline financial management.
- Encourages salon owners to face financial fears and take charge of their financial well-being.
- Host: Freddie D
- Guest: Krista McLellan
- Closing remarks and gratitude.
Information
Author | IM4SALONS COMMUNITY |
Website | - |
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