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.
@JilliesNails2 жыл бұрын
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.
@SuperDisneyfreak17 ай бұрын
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.
@youngnailsinc7 ай бұрын
You are so welcome!
@JonReams3 жыл бұрын
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.
@Frm_nature3 жыл бұрын
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!
@BreMue3 жыл бұрын
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!
@ritabnailedit3 жыл бұрын
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
@BreMue3 жыл бұрын
@@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
@OGShae3 жыл бұрын
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.
@StaySlayedStudio7 ай бұрын
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
@rushellepeterkin37683 жыл бұрын
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.
@jukeboxnailz3 жыл бұрын
Love the advice was thinking how much to set aside for uncle Sam. Opening my suite soon 💜💅✍💰
@kathytarman23023 жыл бұрын
You are always looking out for everyone. You give such important information. Thank you so much for sharing so much for us.
@curvygirlbeauty48783 жыл бұрын
I just love all videos from you guys and gals.. don't stop!!! Take from a nail lover aspiring to be a nail tech
@jalynlondon5 ай бұрын
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?
@youngnailsinc5 ай бұрын
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.
@yessis66373 жыл бұрын
Very good talk! Learned a lot.
@ashscx Жыл бұрын
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?
@youngnailsinc Жыл бұрын
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.
@jcalvin482 жыл бұрын
hey thanks for scaring me about taxes but thank you for the 30% tracey great idea
@ritabnailedit3 жыл бұрын
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 😀
@gugapilar31353 жыл бұрын
Muiito massa teu material! Vi todo ele! te desejo toda sorte com o canal!
@youngnailsinc3 жыл бұрын
Obrigado
@MrsKateT3 жыл бұрын
Wise words you guys 👏🏻
@thejava.witchiswhispering3 жыл бұрын
I get freaky over balancing a ledger, so this is great 👍🏻
@quelikingz Жыл бұрын
Do you have any videos on where to get nail edition or scholarships?
@youngnailsinc Жыл бұрын
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. kzbin.info/www/bejne/bmKTk6empNFonrcsi=EmYipoQfmZg0q71K
@TAraJohnson-k4j9 ай бұрын
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!
@youngnailsinc9 ай бұрын
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.
@kenkvt707 Жыл бұрын
Why don’t you guys open Facebook Group for nail salon business owners for networking?
@youngnailsinc Жыл бұрын
We do have a Facebook group😊
@rushellepeterkin37683 жыл бұрын
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
@youngnailsinc3 жыл бұрын
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!
@rushellepeterkin37683 жыл бұрын
@@youngnailsinc thank you!!
@vibingwithnue54582 жыл бұрын
So how do you pay yourself ? If you just starting out
@youngnailsinc2 жыл бұрын
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.
@33Renae3 жыл бұрын
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 KZbin 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
@BreMue3 жыл бұрын
I think young males is a typo, but ironic that the company is run by 2 men 🤭