IM4SALONS Content & Mindset Podcast
Episode Title: Getting Comfy with the F-word: Mastering Money Management for Salon OwnersIntroduction: * * Guest: Krista McLellan, bookkeeper from New Hampshire, sharing her journey from financial struggle to helping over 200 businesses and individuals with money management. Segment 1: The Accidental Bookkeeper * Krista introduces herself as a bookkeeper by trade, having stumbled into the profession, with her daughter now a CPA and a family history in bookkeeping. * Reflects on her financial awakening after her husband's passing, realizing she needed to handle money better. * Acknowledges her own financial struggles, hiding her car from the repo man, and the irony of helping others with money despite her initial challenges. Segment 2: From Struggle to Helping Others * Krista talks about her personal journey, going from hiding her car from the repo man to helping others manage their finances. * Highlights gamifying financial decisions with her children, making tough choices, and turning her experience into helping businesses and families with debt management. Segment 3: Recognizing Financial Issues * Discusses the importance of recognizing financial issues, especially for salon owners. * Highlights the red flag of dreading taxes and emphasizes the need for consistent financial tracking throughout the year. * Encourages proactive financial conversations within the family, with clients, and even with vendors. Segment 4: Getting Comfy with the F-word * Krista explains her motto, "get comfy with the F-word," which refers to getting comfortable talking about finances. * Stresses the significance of open communication about money in relationships, both personal and professional. * Encourages understanding accounting jargon to have meaningful conversations with accountants and save on taxes. Segment 5: Tracking Finances and Write-Offs * Advises salon booth renters and small business owners on tracking expenses and using tools like QuickBooks Online or Google Sheets. * Explains the concept of write-offs, emphasizing that they reduce taxable income. * Lists common write-offs for booth renters, such as mileage, back bar supplies, education, advertising, and office expenses. Segment 6: Confidently Charging for Services * Guides small business owners on confidently setting prices by understanding the going rates in their area. * Recommends analyzing profit and loss to determine hourly earnings and adjusting prices accordingly. * Highlights the importance of knowing personal financial needs to set income goals. Segment 7: Future Plans * Krista shares her focus on helping people streamline back-office processes and her e-book, "Getting Comfy with the F-word," aimed at empowering individuals to understand and take charge of their finances. * Advocates for debt management and financial control. * Recommends QuickBooks Online and introduces Ledger for invoicing clients. Conclusion: * Krista emphasizes the importance of taking control of money and recommends getting QuickBooks Online or Ledger to streamline financial management. * Encourages salon owners to face financial fears and take charge of their financial well-being. Outro: * Host: Freddie D * Guest: Krista McLellan * Closing remarks and gratitude.
12 episodios
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