A financial guide & checklist for nail & beauty pros
Vorke Kalusi, founder of beauty business resource, Beauty Hunt UK, serves up financial insight… Understanding finance terms Revenue: The money you make from your services. Expenses: The costs of running your business, such as supplies, rent and utilities. Profit: The money left after paying your expenses. Profit = revenue –…
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Struggling with the cost of living? Check out these 5 tips for beauty businesses
Financial expert at Money.co.uk Business Insurance, Cam Jaques, provides advice on how beauty business owners impacted by the cost of living crisis can save money… 1. Be creative with marketing You can advertise your business and spread awareness for next to nothing. Word of mouth is still a great way…
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‘Free exposure’ doesn’t pay the bills… or does it?
If you’re a creative of some kind, whether a nail tech, educator or content creator, then you’ve probably come across the offer of exposure for free work. More often than not, this request comes from a successful, well established individual or business. The paradox is, if they are so successful,…
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Spring Statement 2022: What it means for nail & beauty businesses
Today (23 March), Chancellor Rishi Sunak unveiled his Spring Statement to Parliament, with a number of actions to help support households and businesses. The Statement reads: “The invasion [of Ukraine] has created significant uncertainty in the global economy, particularly in energy markets. The sanctions and strong response by the UK…
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Struggling with your beauty business accounts? Boddice can help!
Do you seek financial clarity, advice and solutions for your business? Vicki Boddice has set up Boddice Accounting to offer just that – and she focuses on small business owners, health and beauty pros. “I worked in the financial sector for 16 years specialising in insolvency, so I witnessed the…
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How to keep your business finances on track
Ria-Jaine Lincoln aka The Beauty Accountant, shares top tips for keeping on top of your beauty business finances… It has been so great to see the industry get excited and ready to re-open and now is the perfect time, at the start of the financial year and in a fresh…
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Money Matters: How to protect your nail business & plan recovery
Ria-Jaine Lincoln, aka The Beauty Accountant, reveals how you can capitalise on a boom in clients and protect, enhance & manage your future wealth… Now the beauty industry has reopened, it can be easy to push bookkeeping and accounts to the side. However, you do not want to miss the…
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Hair & beauty businesses ‘£41,000 out of pocket’ by end of 2021
Hair and beauty businesses saw up to 57% loss in turnover in 2020, according to a report by the NHBF and independent economic analysts, Pragmatix Advisory. It also predicts that businesses will be out of pocket £41,000 on average because of the pandemic by the end of 2021, with the…
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Here’s your 10-point beauty business plan for 2021
Ria-Jaine Lincoln, an accountant that specialises in helping beauty businesses, shades 10 points to consider to help navigate challenges in 2021 and aim for success… The start of a new year is usually the time when people focus on their business and personal goals. Many speak of starting new diet…
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Confused about financial support amidst coronavirus? The NHBF outlines what’s available
As England dives into a second national lockdown, the National Hair & Beauty Federation (NHBF) is continuing to lobby for further support for hair and beauty businesses. The industry body is pushing for a reduction in VAT to 5%, further business rates relief, an extension to eviction protection from landlords…
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Mintel releases report on how the beauty industry survives a recession
Global market research provider, Mintel, has revealed the ‘How the beauty industry survives a recession’ report following the effect that the Covid-19 pandemic has had on the economy. In May the Chancellor of the Exchequer told the House of Lords Economic Affairs Committee that the UK was facing a “severe…
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Edinburgh named ‘vainest’ city in the UK
Financial technology company, SumUp, has analysed over one million anonymised payment transactions across 12 of Britain’s cities to reveal where in the UK people spend the most money to look good. The transaction data shows the people of Edinburgh are spending the most on beauty treatments, splashing £39 on average…
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Financial points to consider when buying a space for your beauty business
Finance expert, Gary Hemming of ABC Finance, serves up some insight on funding options available to nail salon businesses… During the life of a business, there will naturally be times when additional funding is required. This can be for a number of reasons and is a crucial point in the…
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Keep your money safe with these security tips
According the Office for National Statistics’ Crime Survey for England and Wales, last year saw an 8% increase in overall theft offences estimated. While the survey noted a 3% decrease in burglaries, the adage ‘prevention is better than cure’ still rings true. Saving both time and money in the long…
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Hollie Powers talks money
Are you charging enough? Hollie Powers, beauty business expert and spa owner, shares some top tips… Prices are one of the most overlooked elements of creating a menu within a salon – and sadly, far too many people price too low to attract new customers. Low, bargain prices will probably,…
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