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Small businesses are often started by skilled workers or “technicians” who are great at what they do. Beauty and Barber professionals are no exception. Most salon owners, booth renters, and independent contractors are technicians who became self-taught owners. When serious challenges arise in running these operations, the owners soon realize that being a great stylist or barber doesn’t automatically produce a successful business. Before a barber, stylist, nail tech, or esthetician decides to go into business for him or herself, there are some business basics that need to be learned. Even if the basics weren’t learned or followed at the beginning of the project, it’s never too late to go back and learn what may have been missed or misapplied. Whether you’re starting a new company or restructuring an existing one, this seminar of intensive business training is for you! Attendees will explore:
- Your personal purpose and goals for wanting and starting a business
- How to choose the business structure that's right for you and the tax advantages of each (C-Corporation, S-Corporation, Limited Liability Company, Limited Partnership, etc.)
- How to distinguish between employees, independent contractors, and booth renters (and how to decide which workers are best suited for your business).
- Guidelines for hiring and utilizing independent contractors in your business
- Guidelines for providing booth rental workspace
- Guidelines for hiring W-2 employees
- How to complete an independent contracting work agreement
- How to complete a booth rental lease or sublease
- The rights and responsibilities of self-employed workers
- When and how to secure licenses, registrations, liability insurance, etc
- How to provide health benefits for your employees through proper compensation rates
- Understanding your tax responsibilities and how to file your returns
- How to strengthen your systems for management, marketing, finances and daily operations
- How to finance your salon and expansion projects
- Planning your company’s future and your exit (retirement) strategy
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