The dreaded post-holiday slump is a real thing for folks in the hair and beauty industry…
With the hustle and bustle of the holidays behind us — retail sales, promos, holiday marketing — salon owners and stylists can find themselves in a bit of a slower season.
With business slowing down and less money coming in, what can you do to adjust your salon’s budget and ride out the low times?
Here are five pro tips to help you handle the slower season as a hair stylist, according to hair pro Misty Jayne — an educator and money coach for hair stylists.
5 Best Slow Season Budget Tips for Stylists & Salon Owners
Host of the Cash Confident Stylist podcast, educator and money coach for hairstylists, Misty Jayne knows what goes into a strong salon budget.
According to Misty, these are the best ways stylists and salon owners can be prepared for the slow season.
1. Assess the Situation
First up… Take the time to assess the situation.
Ask yourself: What exactly has caused your budget to feel so stressed) after the holidays?
“If the extra holiday spending has you feeling some kind of way,” Misty said, “it’s not too late to look back and track your extra spending during the holiday season.”
This means tracking everything. “Client gifts, extra food, event shenanigans… all the things.”
“Once you’ve assessed the extra expenses around the holidays,” Misty said, it’s time to “set up a holiday savings account for your business.”
Lastly: “Take the amount you want to have for the next holiday season and divide it by twelve.
“This is how much you can set aside per month to be all set for the excessive holiday spending next year.”
2. Start a “Hard to Get” Savings Account
When it comes to slow season budgeting for stylists and salon owners, Misty suggested setting aside a “small percentage, or set amount of your sales every month in a different ‘hard to get’ savings account.”
(She also suggests automating your savings deposits if you are able to.)
“Make it hard to transfer money back to your spending account and watch it grow for those slow months.”
To give you a little perspective on saving money: “$27.40 a day is $10,000 a year!” Misty noted.
“That’s right, even the smallest amounts add up to big wins.”
3. Create a Spending Plan
As a stylist or salon owner looking to budget for the slow season, it’s important to create a spending plan that works for your life.
This goes for business and personal finances, Misty said.
With a spending plan in place, you can “cut back on unintentional spending” and begin to see money as “just a tool.”
“Booked and busy is great and all but I think stylists should be working towards invested and rested” —Misty Jayne, Hair Educator & Money Coach for Hairstylists
4. Don’t Forget to… Breathe
In times of financial stress or budget struggles, Misty made it clear that taking the time to breathe is key.
“Slow seasons happen, and they are a great time to learn a new skill, assess your business, create content, find new ways to bring more value to your clients or just rest.”
“Remember: Your self worth is not tied to your net worth.”
5. Think Outside the Box
For salon and stylists, Misty urges you to remember “money is everywhere… not just in your salon income.”
There are a ton of places you could save money — even ways you’d never think to try before.
Misty suggests canceling subscriptions you are no longer using or finding things to sell around the house that are no longer serving a purpose.
Think outside the box!
About Misty Jayne: Misty Jayne is the host of The Cash Confident Stylist podcast, an educator and money coach for hairstylists.*
After realizing the power of transforming her money story by paying off $48,000 in debt in 2 years without increasing her income behind the chair, she has since dedicated her career to supporting stylists in building a better relationship with their personal finances with a fun, shame-free approach.
Not only does Misty help stylists feel empowered through intentional spending, she also supports them in building a wealthy life that they are obsessed with.