July 10, 2023 • 26 mins
Here's the big question: How can hair stylists go beyond the chair and create multiple streams of income? As a hairstylist and business owner myself, I've discovered a goldmine of overlooked opportunities just waiting to be exploited. I've tapped into the power of retail affiliate programs, commissions, and even QR code stickers to unlock a wealth of passive income. From navigating online retail, mastering the art of affiliate links, to sharing my personal experience with Goldilocks products, I'm unpacking all the secrets in this insightful episode.
But the treasure hunt doesn't end there! I'm also shining a light on how Amazon Storefronts, manufacturer-specific affiliate codes, and commission-based affiliate programs can become your steady cash cows. Let's not forget about the potential of online courses, webinars, and limited-time memberships as well. Plus, I'll guide you on how to offer subscription services to clients and how to leverage your expertise to provide specialized styling tutorials. It's time to level up your game and become not just the smartest, but the wealthiest stylist out there! Let's embark on this journey together and redefine what it means to be a successful hairstylist.
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Episode Transcript
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Speaker 1 (00:02):
Welcome to the smart, wealthy stylist podcast.
I'm your host, emily Cardin.
Over here.
We're dedicated to helpinghairstylists manage their
finances, stay organized,healthy and manage their time
and mental well-being.
We focus on staying healthy inall areas of life and maximizing
productivity.
If you're a hairstylist lookingfor these things, then this is
(00:23):
the podcast for you.
Together, we'll avoid burnoutand step into being the smartest
, wealthiest and, the mostimportant thing, we're going to
be a stylist that we can be.
What is up?
smart, wealthy stylist family?
I am so excited to be back onhere again.
This episode is going to be overpassive income.
(00:46):
I really think that in thebeauty industry, there are so
many great opportunities for usto make extra money and not just
working behind the chair.
That's what I wanted today'sepisode to be over.
What is passive income and howcan you do it?
(01:06):
Passive income is making incomethat's earned, that is not
traded for hours.
When you're working behind thechair, that's not considered
passive income, because you'retrading hours for dollars.
Passive income is somethingthat you do once and it
continues to make you money overand over and over.
(01:29):
Some examples of that could becommissions or retail affiliate
programs, interest frominvestments, real estate,
property.
There's so many opportunitiesto earn passive income.
Like I said, i really thinkthat passive income is majorly
overlooked in the beautyindustry because a stylist were
not taught about that.
(01:50):
It's just something that wejust kind of glance over.
What options do you have as ahair stylist and how can you do
them?
One of the most obvious isretail.
I think that there's a ton ofstylists that don't do retail
sales and you're missing out ona huge chunk of money.
(02:13):
However, i know for myself Idon't like to keep a whole
retail in stock because it'sjust me.
I own my own salon, but I am amini salon.
It is just me in there.
I don't have any other workersand it doesn't make sense for me
to have a full retail line orit's just too much of an
(02:36):
investment for me right now AndI like to use all different
kinds of products from alldifferent kinds of places.
So for me it would be such ahuge waste of money because I
don't use one single line and Idon't use every single product
in that line.
What I do is Ceylon ServiceGroup out of Springfield,
(02:57):
missouri, will actually make youan online store and you make
30% commission off anything thatyour clients buy off of your
online store and then they havetwo day shipping available for
them.
So I have like a little QR codesticker that I made that goes
on the back of these cards thatthey send you, and so on that
card I will write my clientswhat they need.
(03:19):
So you know, hair sprays ortexture paste or shampoos,
conditioners, whatever.
I write what they need, i scanthat little QR code and it takes
them right to my website andthen they just type the name of
the product in the search barand then it pops up, they add it
to their cart, check out and itships right to their house.
But what I also like to do is Ido have my like top 10 products
(03:44):
that I use all the time.
I do have those in stock at thesalon.
I am a retailer of Goldilockshair products and I absolutely
love them.
They're some of my very, veryfavorite of all time products
And I keep the shampooconditioner, dry shampoo, their
hair serum, their leave-in spray, their smoothing paste, fly
(04:07):
away stick and their supplementsAnd then the other products
that I carry.
I also like Amica Percup DryShampoo and then I like Matrix
Length Goals and Kendra Blow DrySpray and Guts, root Boosting,
moose.
So those are a few things thatare from very different brands,
but I still like to have thosein stock for my clients because
(04:30):
those are what I use on thedaily.
I also sell wet brushes.
So you know, whenever you'reselling retail to your clients,
you're making 50%.
So that's great, you know.
But anytime you do an online,typically you're gonna make less
(04:50):
of a percentage on yourcommission.
So you're gonna make probablyanywhere from 20 to 30% if
you're doing something online.
But the nice thing is is youdon't have that upfront cost.
And, like with the SalonService Group page, you don't
have any upfront cost.
I think it's like $60 a yearfor them to do your website.
So that's just amazing.
(05:12):
And then also Goldilocks, sinceI am a salon retail partner.
Through them I don't have tokeep their stuff in stock, just
unless I want to, because I alsohave like an affiliate link.
So the way that works is peoplego on to Goldilocks site, they
shop under my affiliate code andthen once a month I get a
(05:33):
commission payout, so anyonethat buys off of the Goldilocks
website.
Then the commissions are storedin a little bank account,
essentially for me, and then atthe end of every month, they
just deposit that right into myPayPal account.
So that is an awesome way tomake some passive income.
And if you're posting regularlyon social media your links to
(05:55):
these things and then like, ifyou're using a product, tag the
product you know and post thatlink to your page into that
direct product, people are somuch more likely to buy when
they see you using it, trustingit, when your clients see you
using it and trusting it,definitely don't sleep on
selling retail.
The only downside to sellingonline is people are more likely
(06:19):
to purchase products from youwhen you have them at the store
because they're like oh, my gosh, what did you use on me today
That smells so good?
And you're like oh, here it is,this is the serum that I used
on you.
It's great for blah blah, blah,blah, you know whatever.
And they're like can I just goahead and grab that from you?
So impulse buying is definitelyin your favor if you have
retail in stock in your salon atall times.
(06:43):
So you just kind of have toweigh your pros and cons.
You don't have the upfront costof, you know, keeping retail in
your salon if you're shoppingor if you're selling online.
But if you're selling in store,yes, you do have that upfront
cost, but your profit marginsare greater and people are more
likely to buy.
So it's still just something tothink about.
And then you know the businessside of that.
(07:05):
Just make sure that for yourtaxes, check your state and
their laws.
For Missouri, i have a merchantID and a tax ID number and I
track my products in my Vagaroapp and I pay my sales tax
quarterly along with my regulartaxes.
Your regular state sales taxand federal taxes do not cover
(07:26):
your sales tax, so make surethat you are tracking your
income from your retail salesseparately from your actual
income earned behind the chair.
Okay, so moving on, this kindof goes hand in hand with this,
because I talked a little bitabout affiliate codes.
(07:46):
So affiliate codes are whereyou are using a product or a
brand that you love and thecompany gives you an affiliate
code.
Anytime someone uses youraffiliate code to purchase those
products, you make a commissionoff of that product.
So, for example, i actuallyjust today became an affiliate
(08:10):
for Power Fit, which is theworkout program I have done
since 2019.
I love Power Fit.
I love that.
The founder, randa Caraba.
She is so empowering towardswomen and she has an awesome
podcast.
All of her programs are focusedaround women empowering them,
building them up with their selfconsciousness and their body.
(08:33):
It's just so much goldinformation.
And there's so many programs.
There's, like I want to say,almost 15 workout programs and
the cool thing about them isthey have easy, intermediate and
hard, and you also have at homeor gym options So literally the
sky's the limit.
(08:53):
There's something for everyone.
There's a program to do whileyou're pregnant, a postpartum
healing program, there's somepretty hardcore like cardio ones
.
She has done somecollaborations with
nutritionists and other fitnessinfluencers and I love all of
her programs.
I never get bored.
(09:13):
Like I said, i've been a membersince 2019 and I still have not
completed all of the programsand like all the levels and it's
sky's the limit.
So, but anyways, i became anaffiliate through them and so,
like, if you sign up for ayearly membership with small
group coaching, you get all thenutrition stuff like the all
(09:36):
inclusive, best of the best.
Yearly membership for PowerFitIt's $899.
It is worth every single penny,trust me.
And she also has an app nowwhich is stellar.
Timers are built in, so itmakes your workouts super easy,
but anyway.
So you go into PowerFit and youpurchase the yearly membership
(09:57):
under my name.
I earned 30% commission off ofyou buying that membership
because you use my code.
You are supporting me as well.
So it's such a cool opportunitybecause people are going to be
influenced by what you're doingand they want to partake in what
you're doing too, especially ifthey're seeing results or
you're showing off theseproducts or whatever you're
(10:19):
doing.
People love it.
They want to be a part of whatyou're doing, and so if you have
an affiliate code, it makesthem feel good, too, knowing
that they're helping you out.
Another affiliate program that Iwas a part of is Bellamy.
They have some hot tools that Ireally love.
(10:40):
They have a beach waiver hottool And I have a code through
Bellamy, and so anytime peoplewant to purchase hot tools
through Bellamy, they can use mycode and I earned 15%
commission on those.
You can do Amazon storefrontsand you earn a percentage off of
those And say, like that onlinestore that you set up through
(11:03):
Salon's service group, theydon't have, they don't carry
matrix, and I use a lot ofmatrix products I that's what I
use when I went to cosmetologyschool.
I love their color.
I love their styling products,shampoos and conditioners.
I love, like so silver shampoo.
It's just an oldie but a goodie.
They also, through those largemanufacturers like L'Oreal,
(11:27):
redken, matrix, all of thoseplaces offer affiliate codes So
you can actually go in and signup to be an affiliate And
anytime someone shops a matrixproduct on matrix website you
get a commission.
So don't sleep on affiliatecodes.
And you know, regularly postingwhat you love, why you love it,
(11:47):
what your affiliate code is,people have to be reminded like
10 times what you're doing, whatyour codes are.
You know people forget.
I'm one of those people too.
Like I just did a social mediaclass online And I'm so glad
that she was posting frequentlyabout her class, because then it
was like the day before theclass and she was getting ready
(12:08):
to raise the rate on the lastday And I was like, oh my gosh,
i gotta, i gotta buy thatbecause you know I've talked
about, like my debt journey andstuff.
I don't have any of my cardinformation saved on my phone
for the reason of not impulsebuying, so I didn't have my
purse handy and I was like, okay, i'll do it later.
You know well, i forget, and soI'm glad she posted again,
because then I got my butt upoff the chair and I went in
(12:31):
there and got my card and entermy information and took my class
.
But posting regularly about thethings you love, sharing those
links, letting people know whatyour codes are, is super, super
helpful And people will purchaseyour products and you will get
commission.
So that is a great form ofpassive income, another one that
(12:54):
is something that is justamazing and something that can
add value to the community.
If You are a hairstylist thatlikes to educate others, you
might look into creating onlinecourses.
So through online courses andeducation or even webinars, like
(13:15):
there's literally so manyOpportunities that you can do
online, you can do limited timememberships or you know, just
create one online course andthen Sell it inevitably.
But having those online courses, people can purchase your
online course, go through it attheir own pace, and then you
just create like a communityFacebook page or something, and
(13:37):
that passive income is serious.
So Something I've done, likewith smart, wealthy stylist I Am
writing a book and I actuallywrote the book, finished it and
then sent it to a creativeeditor and after her input, i
decided to completelyrestructure the book.
So stupid broke stylist is stillmajorly in the works and it is
(13:59):
getting a major overhaul And I'mbasically doubling the length
of the book.
So it may still be a whilebefore I get that published out
to you guys, but I'm doing thework.
Once I will publish it onAmazon, amazon and then anytime
someone purchases the book, thatpassive income comes into me.
So it's nice because you'redoing the work once or in my
(14:21):
case, twice And then you'reearning passive income off of
that product.
I created a budgeting tool forstylus and it's a budgeting tool
and expense tracker and it isalso published on Amazon.
So I created that.
People go on to Amazon,purchase it and then I get the
passive income off that.
I'm also creating a six-weekcourse and there's a workbook
(14:47):
that comes with it and you getthe budgeting tracker.
So when people purchase that I,it's it's reoccurring income,
so they purchase it and thenthey're put into a support group
page and they work through thisclass.
So I created all this stuffonce and then get to continue to
get income off of those everytime a new person purchases the
(15:10):
course.
If you're not into educatingstylus, you could also do
something similar for yourclients.
You could do like a monthlysubscription to you know,
styling tutorials or I meanthere's there's a lot of
different things and You knowfinding something that you're
really good at that peoplepraise you for that.
(15:31):
Your clients are like, oh mygosh, i've never had anyone do
my hair.
You know, do this or that.
Capitalize on that.
You know, offer people yourinsight or your information
around something that you'rereally really good at, because
there are There is so much freeeducation, you know, on YouTube
and all those places.
So by having something that is,you know, really special, you
(15:52):
can prioritize that and Createthat into an online course or an
online source for education Foryour clients.
Even.
I've also heard of stylists whoare building their clientele do
like monthly subscriptionservices and They can do like,
you know, for $50 a month.
(16:13):
They get to blow dry styles amonth or you know whatever, and
they just drop by Wheneverthey're ready for their blow dry
style, or they can book onlinewhen they have online booking
capabilities, and so that's anawesome way to get past them and
come rolling in too.
You can do color packages.
You could do all sorts of stuffwithin that monthly
subscription.
So that's also something tothink about if you're building
(16:36):
your books, because I knowwhenever you're established,
that could get really tricky.
Another one could be brandpartnerships.
So this isn't necessarilypassive income, but it's greatly
reducing your cost behind thechair, which you know affects
your bottom line essentiallyanyway.
So with brand partnership, byposting on social media the
(17:01):
products that you're using, alot of times brands will pick
you up and say, hey, i will sendyou free foils and bleach if
you post 10 times a month aboutour products or whatever.
So brand partnership doesn'tpay you to do their products or
to post their products or usetheir products, but they will
give you their products for freein exchange for you publicly
(17:27):
posting about how much you lovetheir products, how you use
their products regularly.
People trust people.
People want to see otherstylists doing what they're
doing or what they're wanting todo.
They trust a stylist will trustanother stylist before they
trust you know some randomperson or something they read
(17:48):
online Like.
They want to see other stylistsusing a product, loving the
product, how to use the product,how to implement it.
You know They want to see thenitty gritty behind the scenes
How are you using this product?
And then, whenever they see youusing it and loving it, they're
gonna say, oh, i want thatproduct too.
I love those foils.
Oh my gosh, those are so cute.
(18:09):
Or you know, that is theBollayage board for me.
That is perfect.
So brand partnerships are areally great opportunity to
greatly reduce the amount ofmoney that you're spending
behind the chair And like hairextension artists.
There's a lot of extensioncompanies that are all about you
know, wanting to give you freehair in exchange for you using
(18:31):
their products.
So that would be a huge moneysaver for hairstylists and
especially extension specialists.
And last but not least isinvestment interest in rental
properties.
So even as a hairstylist, youcan have savings in your
business accounts.
I implement Profit First and Ihave a savings account for my
(18:56):
business.
I call it Profit Hold, andanything that I put in that
Profit Hold account right nowI'm using to pay off debt.
So every quarter, whenever Ipay my taxes, i have this set
aside in my Profit Hold account.
I take my Profit Hold accountand I sock all that money on
debt And then 1% of that I treatmyself.
Usually it's just enough to buymyself a cup of coffee, but
(19:17):
needless to say, it is stillsomething that I'm doing for
myself.
It's a little thank you gift tomyself for putting money into
savings.
But once all my debt is paid offwhich we are well on our way
I'm so proud of my husband and Ifor how far we've come.
Which a little update sinceOctober of 2022, we have almost
(19:39):
paid off $45,000 in debt, so Iam just so thrilled and happy.
Right now we're working on someof his debt that he has, and
then I still have two creditcards left in his tractor and
then we will be debt free.
So we're on a five year path tobeing debt free, including our
home, and it's just reallyexciting stuff.
(20:02):
So once we get our consumerdebt all paid for, we are gonna
focus on getting six monthsworth of savings into our
savings account.
So like back to my business.
So just had to share that withyou guys because I want you to
know you can do it too.
It's possible, we're doing itAnd I wanna encourage you.
So, anyway, moving on.
(20:23):
So in my Profit Hold account,once we're done paying off debt,
i will use a high yield savingsaccount through my Edward Jones
guy, who I do like my Roth IRAthrough.
They have a 5.1% interest rateaccount.
So what would happen is I wouldput all the money that I'm
(20:43):
putting into my Profit Holdaccount into that account and it
just sits there and buildsinterest So they pay me for
keeping my money in there.
So say you have six monthsworth of savings in your Profit
Hold account and for you andyour family it costs you $12,000
(21:04):
a month to live.
So that's your mortgage, carpayments, whatever it is, your
business expenses.
It's good to have about sixmonths of living expenses in
savings, just in case of anemergency.
So say it's $12,000 a month foryou to live six months, that's
$72,000.
So say you had $72,000 in thebank and they're paying you 5.1%
(21:28):
interest.
That is $3,672 a year that theypay you just for having your
money in savings there And whenthat money is paid out monthly,
that will pay you $306 a month.
So think if you had like$250,000 in an interest accruing
(21:50):
savings account, that is someserious passive income You can
make bank off of having money inan interest accruing savings
account, or a money marketaccount is another name for
those.
So if you have money justsitting in the bank, even if
it's $5,000, $10,000, $20,000,find you an Edward Jones person
(22:11):
or somebody or you know any highyield savings account there's.
You know PayPal has one that'slike 4.3%, i think.
No minimums, no fees, check allthat stuff.
But having an interest accruingor a money market account is a
great way to make monthly incomeoff of just your money sitting
there.
And another one would be likerental properties.
(22:33):
So anytime you go into salonownership, it should not be for
profit.
When you go into salonownership, you should think
about creating a space wherestylists can thrive and live
their best lives and really givethem a beautiful place to live
and grow and just have theirbest craft in mind.
(22:55):
So by saying that you can make30% profit to profit, so that's
like very best of the best.
Or say you could save up enoughmoney to pay cash for a place
or you know, even half down orwhatever, and then do booth
rental.
Just having a beautiful placefor stylists to come and really
(23:15):
enjoy working there is crazy.
So there's so many people thatI've been following recently
that have totally up the salonownership game.
There's a lady named Erin for Zand she owns Heyday Collective
Salons.
You'll have to go look them up.
The place is just absolutelybeautiful.
(23:36):
I love what she's doing.
I love what she stands for Andyou know, if you created a salon
space like that, it would justbe amazing for the stylists and
for the clients and you would beable to charge more for your
rent.
So if you had a booth rentalsituation and say your rent or
(23:57):
mortgage for that salon is$3,000 a month and you have 10
spaces available and let's saythese spaces are just really
nice sized, maybe even bigenough for two people, and
you're charging, let's say, ahundred a month, so that's
$8,000.
(24:17):
Then you subtract out what youspent for your mortgage and
utilities, so that's $3,000.
So you're left with $5,000 amonth in income.
That's if you're doing boothrental.
So you know the profitpotential there is pretty
significant.
So having that ability to spota good investment opportunity
(24:39):
when you can utilizing yourmoney to grow for you, utilizing
it in the right places andspaces, can be huge for you.
And you know I really enjoy thisepisode because it's so
eye-opening to kind of see allthe opportunities in every
aspect.
You know in salon ownership andyou know affiliate marketing
(25:02):
and retail.
It's there's so manyopportunities in this industry
and I'm just so glad to be apart of this industry because
there's so many amazing people,opportunities, places to go,
things to see in this career Andit's just exciting to me.
I feel like you know I'vealready done this for 13 years,
(25:24):
but I feel like I'm just gettingstarted, so I hope that this
episode was enlightening andgave you some ideas on how you
could ramp up your income byutilizing passive income.
So let me know on social media,send me a DM, share this
(25:44):
episode to your stories.
I would love to see that youguys are listening and that
you're enjoying what you'rehearing.
And if you think of any podcasttopic that you want covered,
send me a message on Instagram.
I would absolutely love toanswer whatever questions that
you guys have And if I don'tknow the answer, i'll find
someone who does.
So I hope you guys have a greatday and I will talk to you next
(26:08):
week.
Thank you for listening intoday.
If you have a burning questionor a topic you want me to cover,
leave a review and ask thequestion in the review.
This is the best way to getyour questions answered.
Just remember you are a smart,wealthy stylist and you are
capable of anything you set yourmind to.
I'll catch you later.
Be a stranger.
Welcome to the smart, wealthy stylist podcast.
I'm your host, emily Cardin.
Over here.
We're dedicated to helpinghairstylists manage their
finances, stay organized,healthy and manage their time
and mental well-being.
We focus on staying healthy inall areas of life and maximizing
productivity.
If you're a hairstylist lookingfor these things, then this is
(00:23):
the podcast for you.
Together, we'll avoid burnoutand step into being the smartest
, wealthiest and, the mostimportant thing, we're going to
be a stylist that we can be.
What is up?
smart, wealthy stylist family?
I am so excited to be back onhere again.
This episode is going to be overpassive income.
(00:46):
I really think that in thebeauty industry, there are so
many great opportunities for usto make extra money and not just
working behind the chair.
That's what I wanted today'sepisode to be over.
What is passive income and howcan you do it?
(01:06):
Passive income is making incomethat's earned, that is not
traded for hours.
When you're working behind thechair, that's not considered
passive income, because you'retrading hours for dollars.
Passive income is somethingthat you do once and it
continues to make you money overand over and over.
(01:29):
Some examples of that could becommissions or retail affiliate
programs, interest frominvestments, real estate,
property.
There's so many opportunitiesto earn passive income.
Like I said, i really thinkthat passive income is majorly
overlooked in the beautyindustry because a stylist were
not taught about that.
(01:50):
It's just something that wejust kind of glance over.
What options do you have as ahair stylist and how can you do
them?
One of the most obvious isretail.
I think that there's a ton ofstylists that don't do retail
sales and you're missing out ona huge chunk of money.
(02:13):
However, i know for myself Idon't like to keep a whole
retail in stock because it'sjust me.
I own my own salon, but I am amini salon.
It is just me in there.
I don't have any other workersand it doesn't make sense for me
to have a full retail line orit's just too much of an
(02:36):
investment for me right now AndI like to use all different
kinds of products from alldifferent kinds of places.
So for me it would be such ahuge waste of money because I
don't use one single line and Idon't use every single product
in that line.
What I do is Ceylon ServiceGroup out of Springfield,
(02:57):
missouri, will actually make youan online store and you make
30% commission off anything thatyour clients buy off of your
online store and then they havetwo day shipping available for
them.
So I have like a little QR codesticker that I made that goes
on the back of these cards thatthey send you, and so on that
card I will write my clientswhat they need.
(03:19):
So you know, hair sprays ortexture paste or shampoos,
conditioners, whatever.
I write what they need, i scanthat little QR code and it takes
them right to my website andthen they just type the name of
the product in the search barand then it pops up, they add it
to their cart, check out and itships right to their house.
But what I also like to do is Ido have my like top 10 products
(03:44):
that I use all the time.
I do have those in stock at thesalon.
I am a retailer of Goldilockshair products and I absolutely
love them.
They're some of my very, veryfavorite of all time products
And I keep the shampooconditioner, dry shampoo, their
hair serum, their leave-in spray, their smoothing paste, fly
(04:07):
away stick and their supplementsAnd then the other products
that I carry.
I also like Amica Percup DryShampoo and then I like Matrix
Length Goals and Kendra Blow DrySpray and Guts, root Boosting,
moose.
So those are a few things thatare from very different brands,
but I still like to have thosein stock for my clients because
(04:30):
those are what I use on thedaily.
I also sell wet brushes.
So you know, whenever you'reselling retail to your clients,
you're making 50%.
So that's great, you know.
But anytime you do an online,typically you're gonna make less
(04:50):
of a percentage on yourcommission.
So you're gonna make probablyanywhere from 20 to 30% if
you're doing something online.
But the nice thing is is youdon't have that upfront cost.
And, like with the SalonService Group page, you don't
have any upfront cost.
I think it's like $60 a yearfor them to do your website.
So that's just amazing.
(05:12):
And then also Goldilocks, sinceI am a salon retail partner.
Through them I don't have tokeep their stuff in stock, just
unless I want to, because I alsohave like an affiliate link.
So the way that works is peoplego on to Goldilocks site, they
shop under my affiliate code andthen once a month I get a
(05:33):
commission payout, so anyonethat buys off of the Goldilocks
website.
Then the commissions are storedin a little bank account,
essentially for me, and then atthe end of every month, they
just deposit that right into myPayPal account.
So that is an awesome way tomake some passive income.
And if you're posting regularlyon social media your links to
(05:55):
these things and then like, ifyou're using a product, tag the
product you know and post thatlink to your page into that
direct product, people are somuch more likely to buy when
they see you using it, trustingit, when your clients see you
using it and trusting it,definitely don't sleep on
selling retail.
The only downside to sellingonline is people are more likely
(06:19):
to purchase products from youwhen you have them at the store
because they're like oh, my gosh, what did you use on me today
That smells so good?
And you're like oh, here it is,this is the serum that I used
on you.
It's great for blah blah, blah,blah, you know whatever.
And they're like can I just goahead and grab that from you?
So impulse buying is definitelyin your favor if you have
retail in stock in your salon atall times.
(06:43):
So you just kind of have toweigh your pros and cons.
You don't have the upfront costof, you know, keeping retail in
your salon if you're shoppingor if you're selling online.
But if you're selling in store,yes, you do have that upfront
cost, but your profit marginsare greater and people are more
likely to buy.
So it's still just something tothink about.
And then you know the businessside of that.
(07:05):
Just make sure that for yourtaxes, check your state and
their laws.
For Missouri, i have a merchantID and a tax ID number and I
track my products in my Vagaroapp and I pay my sales tax
quarterly along with my regulartaxes.
Your regular state sales taxand federal taxes do not cover
(07:26):
your sales tax, so make surethat you are tracking your
income from your retail salesseparately from your actual
income earned behind the chair.
Okay, so moving on, this kindof goes hand in hand with this,
because I talked a little bitabout affiliate codes.
(07:46):
So affiliate codes are whereyou are using a product or a
brand that you love and thecompany gives you an affiliate
code.
Anytime someone uses youraffiliate code to purchase those
products, you make a commissionoff of that product.
So, for example, i actuallyjust today became an affiliate
(08:10):
for Power Fit, which is theworkout program I have done
since 2019.
I love Power Fit.
I love that.
The founder, randa Caraba.
She is so empowering towardswomen and she has an awesome
podcast.
All of her programs are focusedaround women empowering them,
building them up with their selfconsciousness and their body.
(08:33):
It's just so much goldinformation.
And there's so many programs.
There's, like I want to say,almost 15 workout programs and
the cool thing about them isthey have easy, intermediate and
hard, and you also have at homeor gym options So literally the
sky's the limit.
(08:53):
There's something for everyone.
There's a program to do whileyou're pregnant, a postpartum
healing program, there's somepretty hardcore like cardio ones
.
She has done somecollaborations with
nutritionists and other fitnessinfluencers and I love all of
her programs.
I never get bored.
(09:13):
Like I said, i've been a membersince 2019 and I still have not
completed all of the programsand like all the levels and it's
sky's the limit.
So, but anyways, i became anaffiliate through them and so,
like, if you sign up for ayearly membership with small
group coaching, you get all thenutrition stuff like the all
(09:36):
inclusive, best of the best.
Yearly membership for PowerFitIt's $899.
It is worth every single penny,trust me.
And she also has an app nowwhich is stellar.
Timers are built in, so itmakes your workouts super easy,
but anyway.
So you go into PowerFit and youpurchase the yearly membership
(09:57):
under my name.
I earned 30% commission off ofyou buying that membership
because you use my code.
You are supporting me as well.
So it's such a cool opportunitybecause people are going to be
influenced by what you're doingand they want to partake in what
you're doing too, especially ifthey're seeing results or
you're showing off theseproducts or whatever you're
(10:19):
doing.
People love it.
They want to be a part of whatyou're doing, and so if you have
an affiliate code, it makesthem feel good, too, knowing
that they're helping you out.
Another affiliate program that Iwas a part of is Bellamy.
They have some hot tools that Ireally love.
(10:40):
They have a beach waiver hottool And I have a code through
Bellamy, and so anytime peoplewant to purchase hot tools
through Bellamy, they can use mycode and I earned 15%
commission on those.
You can do Amazon storefrontsand you earn a percentage off of
those And say, like that onlinestore that you set up through
(11:03):
Salon's service group, theydon't have, they don't carry
matrix, and I use a lot ofmatrix products I that's what I
use when I went to cosmetologyschool.
I love their color.
I love their styling products,shampoos and conditioners.
I love, like so silver shampoo.
It's just an oldie but a goodie.
They also, through those largemanufacturers like L'Oreal,
(11:27):
redken, matrix, all of thoseplaces offer affiliate codes So
you can actually go in and signup to be an affiliate And
anytime someone shops a matrixproduct on matrix website you
get a commission.
So don't sleep on affiliatecodes.
And you know, regularly postingwhat you love, why you love it,
(11:47):
what your affiliate code is,people have to be reminded like
10 times what you're doing, whatyour codes are.
You know people forget.
I'm one of those people too.
Like I just did a social mediaclass online And I'm so glad
that she was posting frequentlyabout her class, because then it
was like the day before theclass and she was getting ready
(12:08):
to raise the rate on the lastday And I was like, oh my gosh,
i gotta, i gotta buy thatbecause you know I've talked
about, like my debt journey andstuff.
I don't have any of my cardinformation saved on my phone
for the reason of not impulsebuying, so I didn't have my
purse handy and I was like, okay, i'll do it later.
You know well, i forget, and soI'm glad she posted again,
because then I got my butt upoff the chair and I went in
(12:31):
there and got my card and entermy information and took my class
.
But posting regularly about thethings you love, sharing those
links, letting people know whatyour codes are, is super, super
helpful And people will purchaseyour products and you will get
commission.
So that is a great form ofpassive income, another one that
(12:54):
is something that is justamazing and something that can
add value to the community.
If You are a hairstylist thatlikes to educate others, you
might look into creating onlinecourses.
So through online courses andeducation or even webinars, like
(13:15):
there's literally so manyOpportunities that you can do
online, you can do limited timememberships or you know, just
create one online course andthen Sell it inevitably.
But having those online courses, people can purchase your
online course, go through it attheir own pace, and then you
just create like a communityFacebook page or something, and
(13:37):
that passive income is serious.
So Something I've done, likewith smart, wealthy stylist I Am
writing a book and I actuallywrote the book, finished it and
then sent it to a creativeeditor and after her input, i
decided to completelyrestructure the book.
So stupid broke stylist is stillmajorly in the works and it is
(13:59):
getting a major overhaul And I'mbasically doubling the length
of the book.
So it may still be a whilebefore I get that published out
to you guys, but I'm doing thework.
Once I will publish it onAmazon, amazon and then anytime
someone purchases the book, thatpassive income comes into me.
So it's nice because you'redoing the work once or in my
(14:21):
case, twice And then you'reearning passive income off of
that product.
I created a budgeting tool forstylus and it's a budgeting tool
and expense tracker and it isalso published on Amazon.
So I created that.
People go on to Amazon,purchase it and then I get the
passive income off that.
I'm also creating a six-weekcourse and there's a workbook
(14:47):
that comes with it and you getthe budgeting tracker.
So when people purchase that I,it's it's reoccurring income,
so they purchase it and thenthey're put into a support group
page and they work through thisclass.
So I created all this stuffonce and then get to continue to
get income off of those everytime a new person purchases the
(15:10):
course.
If you're not into educatingstylus, you could also do
something similar for yourclients.
You could do like a monthlysubscription to you know,
styling tutorials or I meanthere's there's a lot of
different things and You knowfinding something that you're
really good at that peoplepraise you for that.
(15:31):
Your clients are like, oh mygosh, i've never had anyone do
my hair.
You know, do this or that.
Capitalize on that.
You know, offer people yourinsight or your information
around something that you'rereally really good at, because
there are There is so much freeeducation, you know, on YouTube
and all those places.
So by having something that is,you know, really special, you
(15:52):
can prioritize that and Createthat into an online course or an
online source for education Foryour clients.
Even.
I've also heard of stylists whoare building their clientele do
like monthly subscriptionservices and They can do like,
you know, for $50 a month.
(16:13):
They get to blow dry styles amonth or you know whatever, and
they just drop by Wheneverthey're ready for their blow dry
style, or they can book onlinewhen they have online booking
capabilities, and so that's anawesome way to get past them and
come rolling in too.
You can do color packages.
You could do all sorts of stuffwithin that monthly
subscription.
So that's also something tothink about if you're building
(16:36):
your books, because I knowwhenever you're established,
that could get really tricky.
Another one could be brandpartnerships.
So this isn't necessarilypassive income, but it's greatly
reducing your cost behind thechair, which you know affects
your bottom line essentiallyanyway.
So with brand partnership, byposting on social media the
(17:01):
products that you're using, alot of times brands will pick
you up and say, hey, i will sendyou free foils and bleach if
you post 10 times a month aboutour products or whatever.
So brand partnership doesn'tpay you to do their products or
to post their products or usetheir products, but they will
give you their products for freein exchange for you publicly
(17:27):
posting about how much you lovetheir products, how you use
their products regularly.
People trust people.
People want to see otherstylists doing what they're
doing or what they're wanting todo.
They trust a stylist will trustanother stylist before they
trust you know some randomperson or something they read
(17:48):
online Like.
They want to see other stylistsusing a product, loving the
product, how to use the product,how to implement it.
You know They want to see thenitty gritty behind the scenes
How are you using this product?
And then, whenever they see youusing it and loving it, they're
gonna say, oh, i want thatproduct too.
I love those foils.
Oh my gosh, those are so cute.
(18:09):
Or you know, that is theBollayage board for me.
That is perfect.
So brand partnerships are areally great opportunity to
greatly reduce the amount ofmoney that you're spending
behind the chair And like hairextension artists.
There's a lot of extensioncompanies that are all about you
know, wanting to give you freehair in exchange for you using
(18:31):
their products.
So that would be a huge moneysaver for hairstylists and
especially extension specialists.
And last but not least isinvestment interest in rental
properties.
So even as a hairstylist, youcan have savings in your
business accounts.
I implement Profit First and Ihave a savings account for my
(18:56):
business.
I call it Profit Hold, andanything that I put in that
Profit Hold account right nowI'm using to pay off debt.
So every quarter, whenever Ipay my taxes, i have this set
aside in my Profit Hold account.
I take my Profit Hold accountand I sock all that money on
debt And then 1% of that I treatmyself.
Usually it's just enough to buymyself a cup of coffee, but
(19:17):
needless to say, it is stillsomething that I'm doing for
myself.
It's a little thank you gift tomyself for putting money into
savings.
But once all my debt is paid offwhich we are well on our way
I'm so proud of my husband and Ifor how far we've come.
Which a little update sinceOctober of 2022, we have almost
(19:39):
paid off $45,000 in debt, so Iam just so thrilled and happy.
Right now we're working on someof his debt that he has, and
then I still have two creditcards left in his tractor and
then we will be debt free.
So we're on a five year path tobeing debt free, including our
home, and it's just reallyexciting stuff.
(20:02):
So once we get our consumerdebt all paid for, we are gonna
focus on getting six monthsworth of savings into our
savings account.
So like back to my business.
So just had to share that withyou guys because I want you to
know you can do it too.
It's possible, we're doing itAnd I wanna encourage you.
So, anyway, moving on.
(20:23):
So in my Profit Hold account,once we're done paying off debt,
i will use a high yield savingsaccount through my Edward Jones
guy, who I do like my Roth IRAthrough.
They have a 5.1% interest rateaccount.
So what would happen is I wouldput all the money that I'm
(20:43):
putting into my Profit Holdaccount into that account and it
just sits there and buildsinterest So they pay me for
keeping my money in there.
So say you have six monthsworth of savings in your Profit
Hold account and for you andyour family it costs you $12,000
(21:04):
a month to live.
So that's your mortgage, carpayments, whatever it is, your
business expenses.
It's good to have about sixmonths of living expenses in
savings, just in case of anemergency.
So say it's $12,000 a month foryou to live six months, that's
$72,000.
So say you had $72,000 in thebank and they're paying you 5.1%
(21:28):
interest.
That is $3,672 a year that theypay you just for having your
money in savings there And whenthat money is paid out monthly,
that will pay you $306 a month.
So think if you had like$250,000 in an interest accruing
(21:50):
savings account, that is someserious passive income You can
make bank off of having money inan interest accruing savings
account, or a money marketaccount is another name for
those.
So if you have money justsitting in the bank, even if
it's $5,000, $10,000, $20,000,find you an Edward Jones person
(22:11):
or somebody or you know any highyield savings account there's.
You know PayPal has one that'slike 4.3%, i think.
No minimums, no fees, check allthat stuff.
But having an interest accruingor a money market account is a
great way to make monthly incomeoff of just your money sitting
there.
And another one would be likerental properties.
(22:33):
So anytime you go into salonownership, it should not be for
profit.
When you go into salonownership, you should think
about creating a space wherestylists can thrive and live
their best lives and really givethem a beautiful place to live
and grow and just have theirbest craft in mind.
(22:55):
So by saying that you can make30% profit to profit, so that's
like very best of the best.
Or say you could save up enoughmoney to pay cash for a place
or you know, even half down orwhatever, and then do booth
rental.
Just having a beautiful placefor stylists to come and really
(23:15):
enjoy working there is crazy.
So there's so many people thatI've been following recently
that have totally up the salonownership game.
There's a lady named Erin for Zand she owns Heyday Collective
Salons.
You'll have to go look them up.
The place is just absolutelybeautiful.
(23:36):
I love what she's doing.
I love what she stands for Andyou know, if you created a salon
space like that, it would justbe amazing for the stylists and
for the clients and you would beable to charge more for your
rent.
So if you had a booth rentalsituation and say your rent or
(23:57):
mortgage for that salon is$3,000 a month and you have 10
spaces available and let's saythese spaces are just really
nice sized, maybe even bigenough for two people, and
you're charging, let's say, ahundred a month, so that's
$8,000.
(24:17):
Then you subtract out what youspent for your mortgage and
utilities, so that's $3,000.
So you're left with $5,000 amonth in income.
That's if you're doing boothrental.
So you know the profitpotential there is pretty
significant.
So having that ability to spota good investment opportunity
(24:39):
when you can utilizing yourmoney to grow for you, utilizing
it in the right places andspaces, can be huge for you.
And you know I really enjoy thisepisode because it's so
eye-opening to kind of see allthe opportunities in every
aspect.
You know in salon ownership andyou know affiliate marketing
(25:02):
and retail.
It's there's so manyopportunities in this industry
and I'm just so glad to be apart of this industry because
there's so many amazing people,opportunities, places to go,
things to see in this career Andit's just exciting to me.
I feel like you know I'vealready done this for 13 years,
(25:24):
but I feel like I'm just gettingstarted, so I hope that this
episode was enlightening andgave you some ideas on how you
could ramp up your income byutilizing passive income.
So let me know on social media,send me a DM, share this
(25:44):
episode to your stories.
I would love to see that youguys are listening and that
you're enjoying what you'rehearing.
And if you think of any podcasttopic that you want covered,
send me a message on Instagram.
I would absolutely love toanswer whatever questions that
you guys have And if I don'tknow the answer, i'll find
someone who does.
So I hope you guys have a greatday and I will talk to you next
(26:08):
week.
Thank you for listening intoday.
If you have a burning questionor a topic you want me to cover,
leave a review and ask thequestion in the review.
This is the best way to getyour questions answered.
Just remember you are a smart,wealthy stylist and you are
capable of anything you set yourmind to.
I'll catch you later.
Be a stranger.
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