PROFIT AND BEAUTY: A Show For Salon Professionals
38 episodes - English - Latest episode: over 3 years ago - ★★★★ - 10 ratingsThis show was created for Salon owners who have decided to start running their salon like a business rather than a hustle.
The focus of the show is to help salon owners understand the numbers behind their business so they can grow and make extraordinary profits.
My name is Desarie Anderson, a hair stylist turned accountant and financial guide. When salon owners have trouble understanding the finer details of their finances, they come to me. With 19 years of salon ownership experience coupled with my experience in the financial world, I know the ins and outs of both the beauty and the financial industries. Whether you want to minimize your tax bill or grow and scale your salon, I’ve got you covered.
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Episodes
Finances For Salon Professionals
September 07, 2020 21:47 - 19 minutes - 26.6 MBJoin The Club: https://financesforsalonprofessionals.com/ Hi everyone. I am really excited to announce that my membership site for independent contractors and salon owners is finally launching in two days. I’ve been working on the site for the past six months. As I was building the site, I was trying to add to the membership program the types of services that I thought would be most beneficial to the members. The services that I eventually settled on were those that my current cl...
Cash Flow Management For The Independent Stylist
July 30, 2020 03:57 - 19 minutes - 13 MBClick The Link To View The Video https://youtu.be/Fnx5ye5cS4U Join My Wait List https://accountants4hairstylists.com/something-new-is-coming-soon Hello again and welcome to part three of Business financial literacy for the independent stylists. In Part one I discussed the importance of picking a legal business structure for your business, in part two, I discussed why it's important for an independent stylist to set up an accounting system. In part three, I discuss cash flow manageme...
Why Independent Stylists Need To Set Up A Bookkeeping or Accounting System
June 16, 2020 02:39 - 18 minutes - 13.2 MBClick Here To Join My Wait List Hello again and welcome to part two of Business financial literacy for the independent stylists. In Part one I discussed the importance of picking a legal business structure for your business, which included the different options available to independent stylists and the importance of understanding the structure you choose. Today I’ll be talking about setting up an accounting system for your business and why it’s important When I speak to some of my i...
Episode 1 of 6- Picking The Right Legal Structure For The Independent Stylist
June 07, 2020 17:12 - 14 minutes - 20.1 MBHello everyone and welcome to my six-part series all about business financial literacy for the independent stylists Although it’s important for all business owners to be financially literate, for this series, I’ve decided to focus on the independent stylist because I want to emphasize the importance of operating your business as a legitimate business regardless of your size. Whether you are as large as coca-cola or Nike or whether you are a one-man shop, in order to successfully susta...
What's The Difference Between An Independent Contractor, A Booth Renter, & An Independent Stylists?
June 03, 2020 02:20 - 6 minutes - 4.15 MBOver the last few months, several independent stylists and salon owners have asked me what the difference is between an independent stylist, a booth renter, and an independent contractor. I explain the differences in this mini cast! Click the link below to join my the wait-list https://accountants4hairstylists.com/something-new-is-coming-soon
PPP Loan Forgiveness For Salon Owners & Independent Stylists
May 13, 2020 22:09 - 20 minutes - 13.8 MBNow that businesses are starting to receive their PPP loans, it's time to understand what is required in order for your loan to be forgiven. You want to try to avoid any unwelcome surprises when you apply for loan forgiveness.
How COVID19 Exposed The Importance of Choosing And Understanding Your Business Legal Structure
May 03, 2020 02:28 - 4 minutes - 5.78 MBCOVID19 has brought to the fore-front the theme of the podcast that I have been hosting for years, and that is the importance of treating your business “like a business” and not like a hobby, regardless of whether you are a full-service salon or a booth renter behind the chair. I’ve always said, If the government treats you like a business, you are a business, and therefore, you should treat yourself like a business. One of the most important decisions you make when starting your busi...
The Latest PPP Loan Update For Booth Renters, Salon Owners Without Employees & Independent Contractors
April 20, 2020 03:09 - 25 minutes - 18.4 MBOn Tuesday, April 14, the Small Business Administration (SBA) issued several important clarifications to its rules regarding the Paycheck Protection Program (PPP) in respect to the following: Calculation of maximum loan amount for self-employed individuals Use of PPP loan proceeds by self-employed individuals. Documentation for loan forgiveness by self-employed individuals. Website: https://accountants4hairstylists.com/ Instagram: @desarieanderson Facebook: https://www.facebook.co...
How Do I Record Losses For Booth Rent Due To The Closure From COVID19?
April 11, 2020 03:46 - 3 minutes - 4.67 MBI've been receiving several questions from salon owners asking how they can go about writing off the rent they are not receiving from their booth renters due to COVID19. Rather than answer each person individually, I decided to record a short video explaining how it works. SHOW MORE
The COVID19 CARES Act & How it Affects Beauty Industry Professionals
April 06, 2020 02:21 - 46 minutes - 45.5 MBWhat is the CARES (Coronavirus Aid Relief and Economic Security) Act? The CARES Act is the largest economic stimulus package in the history of the United States. It includes approximately two trillion dollars to help people and businesses impacted by COVID-19. Many beauty professionals are asking “What does this mean for me?” How does the CARES Act impact the beauty industry? The act includes several provisions that impact citizens of the united states, businesses, and business owners ...
My 2 Cents On How To Increase Your Salons Profits
February 09, 2020 19:45 - 10 minutes - 10.8 MBAs a former hairstylist and salon owner, I had to think of creative ways to increase my bottom line. Now, as a consultant to hair professionals, I sometimes have to suggest different ideas on how to increase sales so they can become more profitable. In this podcast, I talk about how I used retail to increase my salon profits.
1099 Clarification With Desarie Anderson
February 02, 2020 22:38 - 47 minutes - 44.6 MBWith all the misconceptions out there regarding 1099 it is time to set the record straight. This podcast was derived from a Facebook live I did in The Sovereign Stylist FB group. I answered questions that beauty industry professionals had regarding receiving and giving 1099's to a business. Enjoy! Here’s the link to The Sovereign Stylist Facebook Group: https://www.facebook.com/groups/booth... Here is the link to my website https://accountants4hairstylists.com/
2020 Important Tax Due Dates
January 30, 2020 18:14 - 8 minutes - 9.1 MBThis weeks podcast talks about some of the important 2020 tax due dates. Feel free to reach out to me via email if you have any basic questions. [email protected] https://accountants4hairstylists.com/
QuickBooks Online Accounting Software Options for Beauty Professionals
November 24, 2019 20:29 - 24 minutes - 22.4 MBQuickBooks Online Accounting Software For Beauty Professionals This Podcast is based on a YouTube video I created where I spoke about the general options beauty industry professionals have when picking QuickBooks online for their bookkeeping needs. The information provided in the video is general enough to help get you started with your decision making. Click this link to purchase any version of QuickBooks Online and QuickBooks Self-employed for 50% of for 6 months. https://quickbooks.g...
How To Calculate Your Quarterly Estimated Tax Payments On Your Own
April 21, 2019 18:47 - 48 minutes - 44.7 MBThis live webinar discussed how to calculate your own quarterly estimated tax payments. Estimated taxes are due each quarter and all self-employed individuals are required to make quarterly payments unless you fall outside of the requirement. I discussed who is required to make quarterly payments and those that are not required to make payments Click the link to access the spreadsheet I created that you can use to calculate your estimated taxes while at the same time recording your incom...
Last Minute Tax Deduction Check List For Hair Stylists & Salon Owners
April 14, 2019 23:48 - 30 minutes - 28.8 MBToday's podcast was a live recording. Tax day is here and I'm not ready to file my taxes nor do I know how much money to send the IRS with my extension. Let's talk about it. AND Last-Minute Tax Deduction Check List For Hair Stylists & Salon Owners
3 Painful IRS Penalties & How To Avoid Them
March 31, 2019 20:23 - 15 minutes - 14.3 MBToday I’ll be taking about three painful IRS penalties and how to avoid them. They are: a. The underpayment penalty b. The failure to pay penalties c. The failure to file penalty If you are interested in attending my webinar on Monday, April 8th click the link to register. How To Calculate Your Quarterly Estimated Taxes On Your Own.
What Business Owners Need To Know About Self-Employment Tax
March 17, 2019 23:04 - 18 minutes - 17.2 MBHow is self-employment tax calculated? - Most W2 employees don’t realize that their employer matches the 7.65% withheld from their paychecks. As I mentioned earlier, we are all required to pay 15.3% of our gross income into Medicare and social security. W2 employees only pay half of the 15.3% while their employer pays the other half, for a grand total of 15.3%. For those of us that are self-employed, we do not have an employer to pay half of our Medicare and social security payments, the...
4 Common Questions I Get Asked At Tax Time
January 22, 2019 20:21 - 23 minutes - 21.7 MBHere are 4 common questions I get asked at tax time: I am a business owner, how should I pay myself? As a business owner, do I need to file both a business and a personal tax return? I purchase products and supplies from vendors; do I need to provide them with a 1099 at the end of the year? Who else should I be giving a 1099 to at year end? What if I am not able to get all of my documents together before April 15th, can I file an extension and how does the extension process work?
Do-it-yourself Bookkeeping Package Giveaway Contest For Booth Renters, & Salon Suite Owners ONLY!!
January 13, 2019 03:13 - 9 minutes - 9 MBIn this contest, I will be giving away my Do-it-Yourself bookkeeping package. I will set up your entire bookkeeping system using QuickBooks Self-employed. Once your system is set up, I will provide you with a two-day training to show you how to use QuickBooks Self-employed to do your own bookkeeping. Three months after your training, I will do a free check-in. During the check in, I will perform a deep dive into your books to make sure you are on the right track and that all your trans...
Join The Conversation With My guest Sileta Hodge: "Get Over Him in An Hour"
December 17, 2018 01:09 - 42 minutes - 35.9 MBProfit and Beauty Podcast usually discusses business matters concerning the beauty industry. But for our last show of the year, we are taking a left turn and discussing a topic that has absolutely nothing to do with business. Join me and my guest Sileta Hodge as we discuss her brand new book entitled, "Get Over Him In An Hour." The book was inspired by a personal relationship she experienced in her past life. Get Over Him in An Hour is the therapy every woman needs to jump-start t...
Business Financial Literacy & What You Need To Know To Maintain a Profitable Business
December 02, 2018 20:03 - 47 minutes - 44 MBWHAT IS BUSINESS FINANCIAL LITERACY Every business decision you make in and for your business has a financial consequence. On this podcast, I will cover the Six Components of Business Financial Literacy. Please keep in mind that there is no science to these six components. I personally came up with all six based on my experience working with independent contractors, sole proprietors, and micro business owners. These are the areas they seem to struggle with the most. Picking the right bu...
The Difference Between A Sole Proprietorship And An LLC
November 03, 2018 23:00 - 19 minutes - 17.8 MBWhat is the difference between a sole proprietorship and an LLC? I answer that question on this weeks episode. There are several similarities between the two as well as a few major differences.
What You Need To Know If You Want To Start And Own a Hair Product Line
October 23, 2018 15:36 - 1 hour - 53 MBIf you have ever wondered what you need to do or what you need to know in order to start your own hair product or cosmetic line, you should definitely listen to this week's episode where I speak with Margaret Haven of Haven Research Center. We discuss everything from how to get started, product ingredients, and the importance of packaging and marketing your product. It’s a long discussion, but there are so many important and informative nuggets you will learn.
How California's New Law Will Affect Booth Rental Salons & Host Salons
October 07, 2018 23:23 - 24 minutes - 22.4 MBOn today’s show, I am going to discuss the new law that was handed down by the California supreme court which threatens to abolish the booth rental model and how the law may also affect salons that host traveling stylists. I think it’s important that salon owners in every state pay close attention to how this law evolves over time because if whatever the state of California is trying to achieve becomes successful according to their measurements, whatever those measurements are, other state...
Three Reason Beauty Professionals Do Not Charge Their Worth And How To Over Come The Barrier
September 17, 2018 18:12 - 25 minutes - 23.2 MBOn today's show, I will be discussing three reasons beauty industry professionals don't "charge their worth" and how to overcome this barrier. The three reasons I will be focusing on are: Lack of confidence Making assumptions about peoples financial situation Trying to keep up with what everyone else is charging
How To Plan Start And Grow Your Salon Business
September 03, 2018 19:32 - 54 minutes - 49.8 MBI will be discussing: Legal business structures salons can choose from Starting a salon from scratch vs buying an established salon Raising Startup or operating capital for your salon Different types of accounting systems for your business And much much more.... Remember, this show is actually a recording of the webinar. I hope you enjoy it and don't forget to download my app Proft and Beauty from the Google or Apple store.
Using QuickBooks Online At Your Hair Salon To keep Track of Your Income and Expenses
August 18, 2018 23:17 - 19 minutes - 18.1 MBOn today’s show, I am going share with you some of the questions that have been asked by salon owners and hair stylists on the QuickBooks pro advisor platform. The reason I have decided to do a show like this is that I know that when someone asks a question, there are probably tons more people that have the exact same question. So today I am going answer 5 questions stylist and salon owners have asked regarding setting up and recording certain types of transactions in QuickBooks online. ...
The Next Generation of Beauty & Barbering
August 09, 2018 19:54 - 44 minutes - 35.8 MBToday’s topic is definitely a reflection of today’s mobile and sharing economy. Gone are the days where we told that there is only one path to success. With the creation of companies like Uber, Lyft, Airbnb, and several beauty business apps, beauty professionals now have options and can pick and choose how and when they want to work. Even though I run an accounting practice, I still do hair at my leisure whenever I want by working with one of the beauty apps. My guest today is Dr. Tye ...
Fit Money: Steps to Get Your Financial Life in Shape
July 28, 2018 15:20 - 34 minutes - 30.7 MBI speak with Julia Carlson about retirement planning, planning for financial freedom, and steps to take to get out of debt. Today’s topic is one that I am very passionate about mainly because when I was a hairstylist, I worked with people who were 65, 70 years old that couldn’t retire because, in all the years of doing hair, they never planned for the future or for retirements. Because this is such an important topic, I am going to be doing a three-part series on the subject of retirement...
Fit Money: Steps to Get Your Financial Life in Shape
July 28, 2018 15:20 - 34 minutes - 30.7 MBI speak with Julia Carlson about retirement planning, planning for financial freedom, and steps to take to get out of debt.
How Hair Salons and Hair Stylists Can Use Pinterest To Grow Their Business
July 20, 2018 21:28 - 46 minutes - 43.4 MBMy guest Joanne Kaminski talks about how hair salons and hair stylists can use Pinterest to build their business. She discusses the benefits of Pinterest, and why all hair stylists and hair salon owners should make it a point to have a presence on Pinterest. She also explains how hairstylists can use their work to inspire potential clients to book an appointment, or at the very least inquire about their services?
Ten Red Flags That Can Trigger An IRS Audit For A Hair Salon!
July 05, 2018 20:30 - 30 minutes - 27.7 MBHi everyone and thanks again for joining me on today’s show. Today I am going to be talking about a topic that scares the bejesus out of most red-blooded Americans, and that’s getting audited by the IRS or the state for that matter. People don’t realize that the state can be even more brutal than the IRS sometimes. Lately, I have noticed a recent uptick in the number of salons and hair stylists that are being audited by the IRS. Overall, it’s not surprising to me because the IRS has bee...
How To Maintain a Thriving Salon
June 21, 2018 13:45 - 25 minutes - 23.1 MBAre you struggling to maintain a thriving salon? This show will give you the financial tools to help turn your struggles around.
How To Maintain a Thriving Salon
June 21, 2018 13:45 - 25 minutes - 23.1 MBHi everyone and welcome back to profit and beauty. I know when I start talking numbers and anything to do with business accounting or taxes you guys starting yawning and try to find any and all reasons to leave the room. But it is so very important that you know and understand the numbers behind your business, otherwise, you are setting yourself up for failure or you will be stuck in a businesses that feels like a job, which means you maintain all the responsibilities of owning a business...
Who makes more Money Commission or Booth rental Stylists?
June 12, 2018 01:24 - 25 minutes - 23.1 MBOn today’s show, I am going to answer a question I received from a hairstylist out of Atlanta Georgia. The question is related to the age-old question booth rent vs commission. Here is what she wants to know: I currently work as a booth renter, but I am thinking about going to work at a commission salon. My concern is that I don’t know if I feel comfortable giving up half of my money to the shop owner. I was wondering if it makes financial sense to make the move? I will go over a side-b...
Commission vs Booth rental: The Tax & Profitability Component behind both models
June 12, 2018 00:34 - 25 minutes - 23.1 MBWhether your salon is structured as a booth rental salon or a commission salon, if run properly, you will make money with either structure. But don't let the IRS or their rules interfere with your financial goals. Whenever I am consulting with a new client we always discuss the type of business structure they would like to implement. They always respond with "which is better commission or booth rent?" In my humble opinion, I don’t think one is better than the other, instead, one should...
What Legal Business Entity Should I Choose For My Hair Salon?
June 11, 2018 23:20 - 27 minutes - 24.9 MBOn today's show, I am going to talk about two area that I receive a lot of questions about. What type of legal entity should I choose for my business and should I open up a separate bank account for my business Let’s start with the first question regarding legal entities. Let me first say that there is no right or wrong choice when it comes to picking a legal structure for your business. It all depends on your long and short-term goals, as well as how you want to run your business. It i...