Posted on April 29, 2020
Sola Salon Studios
When the world presents us with challenges, the Universe responds with opportunities to grow. Yes, this is an unprecedented time and no one knows what the future looks like post-COVID-19, but within the DNA of the entrepreneurial spirit is the power to rise above challenges. We’ve compiled 8 steps you can take in your finances to weather this difficult time.
If you’d like more detail around each step, download our full financial guide, which includes steps 5-8, expands on each section and provides ideas for you to take empowered action.
Step 1: Preserve Cash 💰
“Beware of small expenses; a small leak will sink a great ship.” – Benjamin Franklin
The very first step is to find ways to preserve the cash you already have, both in your business and in your personal life. From requesting lower rates on credit cards, student loans, and leases, to cutting back on everyday essentials, there are lots of actions you can take TODAY to eliminate costs and preserve cash.
Step 2: Access Cash 💸
“Cash rules everything around me.” – Wu-Tang Clan
Depending on your financial situation, preserving the cash you do have may not be enough. You may need to find creative ways to access cash quickly, including applying for loans through your bank. There are also lots of ways to get creative with your clients – including selling gift cards, pre-purchasing a service, selling retail and more!
Step 3: Simplify ☝️
“It is not a daily increase, but a daily decrease. Hack away at inessentials.” – Bruce Lee
Make the word “eliminate” part of your daily vocabulary and frugality your new best friend! The practice of simplicity is powerful for your business, finances, and your sanity. There are a few ways to simplify your life, including reviewing which expenses are not necessary and selling items you can live without.
Step 4: Track Your Money 📈
“What you measure, gets managed.” – Peter Drucker
Tracking your money is absolutely critical, and budgeting is essential. Although the word budget gets a bad rap and brings up feelings of overwhelm, budgeting is really just creating a plan for your money. It allows you to get real about your finances and encourages a sense of ownership with your money. Check out our guide for a full list of tips for effectively managing your budget and understanding where every dollar you earn goes.
Want to know steps 5-8? Download our full financial guide to get the rest!
Remember, challenging times create space for authentic growth. When you’re a salon owner, you’re able to enjoy the benefits of being your own boss, but with that also comes a fair amount of responsibility – particularly in times of financial uncertainty.
At Sola Salon Studios, working for yourself doesn’t mean you have to be in it alone! No matter what you may be facing, we’ve got your back with the tools, resources, support, and community to help you navigate any situation.