Starting a Six-Figure Business
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Starting a Six-Figure Business
This course will help you ask all the right questions to grow your business fast. Gain confidence by building a realistic plan to understand the expenses necessary to start and maintain a salon business. You’ll be able to put systems and processes in place to manage your clients, daily operations, and expenses.
What’s in the course?
Introduction
Why BeautyTrak?
Module 1: Choosing Your Niche
Module 1 Introduction: Choosing your Niche
Lesson 1: What is your specialty?
Activity 1.1: Selecting Your Specialty
Lesson 2: What do your future clients want?
Activity 1.2: Products to Your Specialty
Lesson 3: What can you learn from your competitors and market trends?
Introduction to SizeUp Tutorial
Activity 1.3: Competitors and Services
Module 2: Preparing Your Business Plan
Module 2 Introduction: Preparing Your Business Plan
Lesson 1: Who is Your Customer?
Activity 2.1: Creating Customer Personas
Lesson 2: How to Estimate the Sales You Need to Run a Profitable Salon Business?
Pricing Strategy
Advantages of Hourly Rate and Cost Plus Pricing
Profit Margin
Activity 2.2: Determining Your Hourly Rate
Lesson 3: How Much Does it Cost to Be in Business?
Costs and Expenses
Activity 2.3 Cost Worksheet
Activity 2.4: Evaluating your business
Lesson 4: Evaluating your business 2
Activity 2.4 Evaluating Your Business Spreadsheet
Lesson 5: Customer-focused sales forecasting
Benefits of Customer-Focused Sales Forecasting
Using Customer-Focused Sales Forecasting to Grow Your Business
Using Key Data Points to Create a Customer-Focused Sales Forecast
Market Research
Customer Segmentation
Deciding Which Method of Segmentation Works for Your Business
Common Forecasting Methods
Combining Customer Segmentation with your Forecasting Methods
Steps to Customer Segmenting and Customer Groups
Customer Grouping
Meeting the Needs of your Customer Groups
Combining Groups and Segments
Using SizeUp to Maximize Potential Earning Activity
Customer-Focused Sales Forecast Activity
Bonus Tip for New Businesses
Lesson Wrap-Up
Lesson 5 Customer-focused sales forecasting Quiz
Activity 2.5 Customer-Focused Sales Forecast
Lesson 6: Budgeting
Tutorial: Master Budget
Tutorial: Operational Budget
Tutorial: Capital Budget
Tutorial: Record Income and Expenses
Tutorial: Create Income Accounts
Tutorial: Set Up Expense Accounts
Tutorial: Set Up Asset Accounts
Tutorial: Set Up Liability Accounts
Tutorial: Login to QuickBooks
Lesson 7: How to manage your money with a cash flow plan
Cash Inflows and Outflows
Tutorial: Using Cash Flow in QuickBooks
Cash Flow Metrics
Managing Cash Flows
Module 3: Setting Up Your Business
Module 3: Setting Up Your Business Introduction
Lesson 1: Branding Your Business
Primary functions of branding
The Branding Process
Vision and Goals
Product and Services
Target Audience and Branding
Competitive Advantage and Industry Trends
Values and Challenges
Brand positioning
Marketing Audit
Language Audit
Brand Brief
Creative Brief
Measuring Success
Activity 3.1: Brand Elements
Lesson 2: Choosing Your Salon Name
Activity 3.2 Naming Your Salon
Lesson 3: Designing Your Branding Identity
Steps in Designing a Brand Identity
Color
Typography
Crowdsourcing Design Websites
Tutorial: Finding Professionals
Activity 3.3.1: Brand Brief
Activity 3.3.2: Creative Brief
Lesson 4: Incorporating Your Business and Business Banking
Business Banking
Lesson 5: Finding the right location for your business
Finding the right location based on your specialty and target audience
Budgeting Your Ideal Location
Align your location with your business goals
Types of Locations for a beauty business
Considerations for selecting your location
Option to secure your location
Leases for your salon location
Lesson 6: Setting Up Salon Operations
Bookkeeping and salon software
Salon software and payroll services
Activity 3.6.1 Setting Up Salon Software
Business licenses
Business Insurance
Health Care Insurance
Activity 3.6.2 Salon Vision Board
Lesson 7: Saving Plan 401k vs Roth IRAs
Tutorial: Open a Roth IRA
Other
New Lesson
New Lesson
Activity 1.1: Discovering Your Specialty
Why should you choose us?
Others
FAMU-Supported Onsite Incubator
Custom Business Solutions
Complete Roadmap for Financial Success
Live Practical Business Workshops
Resources for Financial Planning and Growth
$25K seed money for Beauty Startups
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