Top 3 Business Tips for Self-Employed Beauty & Barbering Pros

Have you ever dreamed of becoming your own boss, setting your own schedule, and partnering with clients you actually want to work with? You’re not alone. In fact, 70% of stylists have taken the plunge into self-employment in the last 15 years (up from 33% in 2002). And with numerous salons closing because of the COVID-19 pandemic, that number is on the rise. If you’re ready to build your brand and business and succeed as a beauty industry entrepreneur now and in the post-pandemic world, follow these insider tips for self-employed salon professionals.

Create Economic Mobility

Now is the time to reimagine how you manage and grow your small business. Whether you’re a self-employed professional or considering going independent, you’ll need to find ways to create self-sufficiency while maximizing your earnings potential. Let’s start with a flexible space to work. In the new world of on-demand everything— from food delivery to car rides to babysitters—it’s no longer necessary to carry the normal overhead and risks of a long-term chair rental. The ShearShare app lets you lease private suites or open stations near you by the day, week, or occasion. No more obligation without clientele. Now you can work how you want when you want, where you want, and for the price you want! Yes, tools exist that allow you to schedule client appointments via a booking platform. And yes, there are apps where the consumer can find you, the stylist. But when has there ever been a mobile app that connects licensed professionals to salon and barbershop owners who have empty space? Just like Airbnb transformed the hotel industry and Uber changed taxi service, ShearShare is changing the status quo for beauty and barbering professionals and giving you the opportunity to flex work in a setting where you were classically trained. 

How ShearShare Works:

Created by Dr. Tye Caldwell, a 30+ year master barber-stylist and salon owner who earned his Doctorate in Professional Barbering & Cosmetology, ShearShare connects fellow owners or suite renters to licensed stylists to fill unused suites and stations on demand. As a result, you can capitalize on salon and barbershop owners who are looking for pros to fill their empty space during times of unpredictable demand.

Set Up Portable Benefits

Traditional salons and barbershops were already moving toward disruption prior to COVID-19. In many cases, salon owners were forced to reduce the number of benefits to their staff because they didn’t employ enough stylists to qualify. However, portable benefits are work-related benefits that are “tied” to you instead of the salon or barbershop employer. These benefits go wherever you go and include health insurance, disability, health savings accounts, retirement, and life insurance. Recent changes to work arrangements put the modernization of the beauty and barbering pro into hyperdrive. And as a result, what used to be accessible to employees only is now available to the self-employed. 

As an independent stylist, you’ll want professional liability insurance coverage that follows you wherever you practice, as well as full coverage on medical, dental, and vision. Check out the Professional Beauty Association‘s insurance marketplace. PBA makes it super easy to apply for portable benefits and offers multiple options at great rates.

Open These 5 Bank Accounts for Financial Freedom

To win as a self-employed beauty or barbering professional, it’s important to practice financial discipline from day 1. Save for emergencies, plan for retirement, or just get organized so your accountant can easily file your quarterly taxes. The most successful solopreneurs are purposeful in how they manage money, both in the short- and long-term.

Here are the 5 bank accounts that stylists need for financial freedom:

  • Personal Checking Account
  • Business Checking Account
  • Emergency Savings Account
  • General Savings Account (for long-term goals)
  • SEP IRA or a Solo 401(k): Yes, you can provide your own retirement savings with your own money!

Technology and innovation are bringing change and transformation to our industry, essentially putting the future of beauty and barbering into the hands of the independent stylist. Whether you’re reopening, rebuilding, or regrouping, there are added benefits to growing your self-employed business post-pandemic. For more business tips to help you succeed, visit the ShearShare Blog.

Join ShearShare

Download our app to join ShearShare as a Host or Pro. Check our blog for resources, updates, and news relevant to the beauty and barbering industry. And be sure to follow ShearShare on all social media platforms to join our #ShearShareCommunity!