Stop Using Your Beauty Business Bank Account Like a Credit Card

Are you guilty of using your bank account like a credit card? You're not alone. Many people treat their checking accounts as if it is a mini loan, swiping their debit cards without much thought. While it may seem convenient in the short term, this practice can lead to financial instability in the long run.

And maybe you have been in the situation where you log into your beauty business bank account, see the balance, and as long as it’s not below a certain amount, you swipe away!

Similar to a credit card, right?

“Plenty of small business owners use credit cards just like everyone else uses them: for Starbucks coffees, Friday night dinners, and gas for the car.”

A Lot of salon owners and independent hairstylists will use their regular business bank account in the same way. For those shoes we need to wear to the hair show, for the last minute grocery purchase because we are over budget in our personal account, or what about the salon furniture upgrade that we want, but haven’t set money aside for.

When we use our business bank account like a credit card, we create financial stress, not financial stability.

We are using our own profit knowing or planning to make it up in the future. But what if something happens? What if we are out sick or have to take time off? What if salons close again but rent is still due?

If we keep swiping emotionally instead of being disciplined we are going to create a different kind of stress in our life.

So what do we need to know? How can we be more aware and make better financial decisions?

We need to realize that using our beauty business bank account like a credit card leads to:

1. Overdraft Fees - When you treat your bank account like a credit card, you risk overdrawing it.
2. Inaccurate Budgeting - Relying on your bank account as a spending buffer can make it difficult to track your expenses accurately.
3. Lack of Savings - When you're constantly dipping into your account for wants vs needs, you're likely neglecting your savings goals. Building an emergency fund or saving for the future becomes challenging.
4. Financial Stress - Living paycheck to paycheck due to careless spending can lead to significant financial stress. Breaking this cycle is essential for your peace of mind.

Listen, we have all been there and there is no need to beat yourself up over it. But it IS time to take control of your finances and set yourself free from the constant game of robbing Peter to pay Paul. It’s time to set some financial goals in your salon business and then put in the work and discipline to bring it to life.

There are a lot of moving pieces as an independent hairstylist, so we must be disciplined in how we operate our salon business.

My friend Susan Dawson with RFG Wealth Advisory said it best “Your discipline funds your dreams.”

My prayer for you is that you will discern how to spend the fruits of your labor. I pray that you can deny your feelings and set yourself up on a budget that allows you to not only keep your profit but use it to generate more financial stability than you could ever imagine!

If you want to get started setting your goals and get disciplined in your finances, giving you peace of mind, download my free Annual Goal Planner to get started. This was created for you, the beauty professional with big beautiful ambitious dreams.

If you are an independent hairstylist who budgets by opening their business bank account and makes sure the balance doesn’t fall below a certain amount, but you know you need a true business budget…. Click here to schedule a 30 Minute Mentor Session and take control of your finances now. It’s time to have true financial peace, stability, and make your money work for you.

LET’S DO THIS!

MANDY ZEHNDER