D. Rhodes, CPA | Tax & Business Updates

In the world of barbering, cash has long been king. But as the industry spirals deeper into the digital age, third-party payment processors like CashApp, Venmo, Zelle, and PayPal have become the new royalty. However, this convenient tool comes with a catch – one that's making financial management and tax filings a lot trickier for shop owners, school instructors, booth renters and suite leasers.

Third-party payment processors a...

Picture this: a classroom at Wake Tech Community College, filled with the energy of aspiring barbers. It's presentation day for their business model canvas projects. The twist? All but one student chose to present ideas outside the barbering industry. Why? Who truly knows? But word on the street - fear. Fear that their barbershop ideas might be "stolen" by classmates. 

I've been emphasizing a crucial lesson ...

15 million, 540.8 million and 6.8 BILLION – those are the amount of glasses given away by, the annual revenue from and valuation of Warby Parker a purpose-driven, revenue-generating glasses retailer. Their "Buy a Pair, Give a Pair" program isn't just clever marketing—it's a masterclass in business impact and income...

...see it for yourself.

• Brand Differentiation: In a crowded eyewear market, this program help...

Did the title get you here? Yeah – it was a good one and it's one of the strategies we're going to discuss below. Today we're going to briefly dive into "The Mind Games of Money" and decode the psychology of pricing. 

We're constantly asked questions about pricing – which is why we talk about it every 6-8 weeks. This time we're going to dive deeper into one of our unconventional approaches on prici...

The SBA (Small Business Association) reports that businesses conducting mid-year audits are 83% more likely to secure funding when needed. But in the barbering world, only 11% of barbers (via self or outsource) maintain, accurate up-to-date financials -  and there’s no data on how many barbers actually conduct mid-year or annual business audits. 

Mid-year is when common people slack or maintain - it’s also when the cream of the crop...

Davian: Alright. So we just wrapped up an amazing session this morning. Thank you for the invitation. You mentioned this is the first time you guys did this. What was your inspiration?

William: I know they got great ideas. I know they got great vision of things they wanna do. And sometimes, as entrepreneurs, sometimes we get caught in our head on the ideas, but we don't put them down on paper. Right? And so I'm a fan of th...

In an industry where 80% of new businesses fail to differentiate themselves, having a solid set of Standard Operating Procedures (SOPs) isn't just nice to have – it's your lifeline to success. 

According to a study by the Professional Beauty Association, only 13% of cosmetology & barber schools and salons & barbershops have comprehensive SOPs in place. That means 87% of the industry is missing out - and I’d bet 10%...