How To Figure Out Nail Tech Finances
Vložit
- čas přidán 20. 10. 2021
- How do you keep track of expenses and income for your nail business? Habib and Tracey talk about common pitfalls when it comes to managing finances and how you can keep better track of where your money is going.
To listen to our Biz Talk Podcast daily go here: bit.ly/YNBizTalkPodcast
-
Young Nails manufactures the highest quality professional nail care products (acrylic, hard gel, gel polish, nail art, nail polish, nail accessories, nail files, etc) in the world. To learn the nail application in all of the forms - acrylic, gel, nail art, etc - watch our videos for extreme education. We offer nail education out of our Anaheim, CA facility. Contact us for details info@youngnails.com
_
For more instruction on all applications (Acrylic, Gel, Nail Art, etc), please go to our CZcams Nail School playlist here:
• YN NAIL SCHOOL - HOW T...
_
Subscribe Here: czcams.com/users/youngnailsinc...
Follow us online here:
Instagram: @youngnailsinc
Facebook: @youngnailsinc
TikTok: @youngnailsinc
Twitch: @youngnailsinc
Twitter: @youngnailsinc
Snapchat: @youngnailsinc
Website: www.youngnails.com
Podcast: www.youngnails.com/podcast
Text Us!: 714-274-7323
_
“How do two brothers get into the nail care business?” This is the single most common question people ask us. There’s a long and rocky version but we’ll give you the short one. We have our fearless and unconventional mother, Young Salo, to thank. With a single-minded entrepreneurial spirit, she decided to start her own business at the age of 49. She had a passion for the nail industry and we did everything in our power to support her. In the end, this is a family business.
Greg, the older brother, became a licensed nail technician after switching gears from fire fighter’s training. He is energy personified and has a true passion for developing the best professional nail care products and education. Habib is the younger brother. He jumped in a few years later; taking a detour from medical school and a life in music. He brings his own creative mind for business, marketing and strategy. Unexpectedly, we are a perfect team.
Today, more than 20 years later, Young Nails Inc., is a professional nail care manufacturing company exporting to over 40 countries worldwide and distributing domestically to over 3000 stores. We’re respected for our next-level product innovation and education. Our mission is to bring you the best quality products and we’ll show you how to use them with incredible results. It’s really that simple.
Welcome to the Young Nails family! - Jak na to + styl
I’ve been a licensed nail tech for 24 years and this advice is all so thing I really wish I’d learned at the beginning! Smart phones and these salon and finance apps have changed everything! But still I could have saved so much money if I’d had a little better idea of what I was doing.
I think everything you mentioned is great. There are only 2 things I would add. 1. Get business insurance. $900/year is a whole lot cheaper than a $1, 000,000 lawsuit because one of your customers hit another customer with a door. (a real claim from a hair salon). If you have insurance and have a major liability claim, your LAWYER is covered. At around $250/hr, it would only take 4 hours of work for that policy to save money. You can even get coverage to set up temporary salons if something major happens to your workspace and it's too damaged to work in while being repaired.
2. 1-2 months worth of full expenses (minimum- 6 months would be better) Emergency fund. Maybe you have to quickly change salons, or deal with a fire etc. Claims can still take a few days to get started, so you need that money for yourself, your staff, and maybe even to start replacing products or securing a new location ASAP in the event of fire or tornado etc. Even worse, what if something happens to you (like a broken arm), and you can't work? Get short term disability, long term disability, health, AND life insurance on yourself. It's not THAT expensive compared to not being able to work for months due to an illness.
This is perfect timing for me because I’m starting to get ready for when I graduate school. I’m lucky that my school is paid but I’m having to live pretty thin to get there. I just invested in my first electric file and I can’t deny it hurt the pocket.
Wow, super important and detailed video. I’m currently building my clientele and finances are really stressing me out. This video made me feel so much more comfortable! Appreciate y’all!
I was looking into square and they have really great tools for invoicing/appointments/etc (all free from what I could tell, though you can have upgrades). You can set up an invoice and then mark as paid with cash to keep them all in one place anyways. Might be a good option for cash businesses!
Square is free until you’ve reached $1000 in sales I believe. I have it. They charge $3.25 or so every time someone swipes their card
@@ritabnailedit that would make sense. I tried using some mock transactions and accepting "cash" to get a feel for everything and there was no fee, so if you're mainly cash, might still be a good option, depending on the cost after the $1k limit though
I use square for my business & i love it. Most of my clients pay in cash or payment apps & i mark it all as cash & deposit it into my business account. Super easy & its free. I love it. They do charge processing fees but its a small percentage.
I have used square for a long time and I absolutely love it!!! I invoice every single thing I sell or any service I do. It’s awesome to be able to see exactly what you’ve made. What does every one use to keep track of expenses such as products? That’s currently not something I’m tracking
Very good talk! Learned a lot.
I just love all videos from you guys and gals.. don't stop!!! Take from a nail lover aspiring to be a nail tech
Thank you so much for this video, as someone who is trying to get into the nail tech world, I'm learning everything I can about the business so that I can be 50% prepared.
You are so welcome!
im suffering right now. im not the most financially literate but ive been managing. my clientele is small right now but its growing enough to tighten the gap right now.
Wise words you guys 👏🏻
Love the advice was thinking how much to set aside for uncle Sam. Opening my suite soon 💜💅✍💰
Muiito massa teu material! Vi todo ele!
te desejo toda sorte com o canal!
Obrigado
You are always looking out for everyone. You give such important information. Thank you so much for sharing so much for us.
hey thanks for scaring me about taxes but thank you for the 30% tracey great idea
Love these discussions, I’m about to transition from my full time job to doing nails full time instead & these are super helpful to prepare. Just a question about taxes though, is it common or possible to charge tax on the services for customers to pay on the transaction, instead of just charging for the service then setting aside an amount for tax?
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
I get freaky over balancing a ledger, so this is great 👍🏻
I’m in nail school right now. I have been watching many financial videos for my knowledge. What would you recommend for a bookings and financial tracking for beginners?
If you are starting up your own business, it is a good idea to have some kind of financial or accounting system. There are a lot of software programs on the market that can be beneficial if you choose to go that route, but you would have to determine what specific things you would want in that program. Figure out if you are just looking for a booking /credit card system to keep track of income or if you need something more in depth to track expenses, retail sales, employees, etc. Once you know what you are looking for, you could post that question on our Facebook Community to get recommendations from lots of different people who use different programs and you can determine what would be best for you.
Hi! Thank you for the video! May I know how you pay yourself if you are just starting out? Also, how much as in percentage should you be paying yourself? TIA!
Everyone is in a different situation when they start out, so how you "pay yourself" may be different than someone else. You may decide to pay yourself a specific amount each week/bi-weekly/monthly, or you may pay yourself a commission. Either way, it would be a good idea to have separate bank accounts for your business and personal so you can keep everything separate. For example, you would pay yourself from your business account to your personal and you would pay any business expenses from the business account or business credit card.
Do you have any videos on where to get nail edition or scholarships?
We would recommend searching for schools in your area and start by contacting them to see if they offer any financial aid or scholarships. Most schools have an enrollment/admissions department that would be able to help with this information. You can also search online for topics such as "nail tech scholarship, beauty school, scholarship" etc. There are many out there and a lot of them you can apply for online.
Here's a great video if you are needing more info on how to choose a school as well. czcams.com/video/810btpol5hU/video.htmlsi=EmYipoQfmZg0q71K
I’m a Beginner with trying to manage my funds I bring it. I always stay on top of products but I need a way of tracking what and how much I’m buying each month. I am using Square App so I think that is my beginning of getting started. I also started last month holding on to funds I make with my nails and paying myself (if you will) at the end of each week. Booth rent always come out on top because without my booth I’d have to be at home 😀
So how do you pay yourself ? If you just starting out
If you buffed the surface after your application, the surface was probably too smooth for a gel top coat to adhere well. Make sure you only use a 150 grit file to finish the nail, not a buffer. Also, after filing, cleanse the nail with Swipe & apply a coat of Protein Bond.
i dont have enough to pay an accountant and my issues is keeping up with my expenses. do you all have any mental organizational tips
This is something a lot of techs struggle with! A good place to start might be simply setting aside 30 minutes at the end of your day to just focus on your finances. Total up your numbers for the day (income, tips, expenses, etc) and record these either in an accounting app on your phone/computer or simply in a notebook. At the end of each week, total all of your daily numbers for a weekly total and do the same at the end of the month, add all of your weekly totals to give you a monthly total. Then at the end of the year, you will be able to add up all the months for a yearly total.
Along with this, designate a file folder/box/online accounting app/etc to put any receipts for things you purchase for your business (including products, supplies, education, etc) so all of these will be ready to total up at the end of the year.
Once you start focusing on your finances and figure out your own personal system of organizing, they will get much easier!
@@youngnailsinc thank you!!
Why don’t you guys open Facebook Group for nail salon business owners for networking?
We do have a Facebook group😊
Young males has really good demonstration’s and really get information and education. I don’t know what it is about this Tracy but she rubs me the wrong way. She’s never done anything wrong in her nail career never made a mistake and expect other people to be at a standard that she doesn’t even hold herself. She’s very rough around the edges and every time I see a show put on CZcams that I want to watch and then I see she’s in it I really have to stop and think “I’m in a mood for her BS today today
I think young males is a typo, but ironic that the company is run by 2 men 🤭