On today's show, I decided to repurpose a webinar that I did a few months ago. The webinar discusses things you need to know if you are planning to start your own business. It also covers information for those of you that already own a salon but still need ideas on what to put in place so your business can grow.
Today’s topic is definitely a reflection of today’s mobile and sharing economy. Gone are the days where we told that there is only one path to success. With the creation of companies like Uber, Lyft, Airbnb, and several beauty business apps, beauty professionals now have options and can pick and choose how and when they want to work.
Whether your salon is structured as a booth rental salon or a commission salon, if run properly, you will make money with either structure. But don't let the IRS or their rules interfere with your financial goals.
This show talks about the five possible legal structures salon owners can choose from when opening up a new salon, or if they are thinking about changing their current business structure: sole proprietorship, partnership, limited liability company, S corporation, and C corporation. I also talk about why it is important to maintain a sperate bank account and not comingle personal funds with business funds.