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Steve GomezSteve Gomez
Steve GomezSteve Gomez
  • About
  • Coaching
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  • Shop
  • Blog
  • Contact
  • COVID-19 Support
  • Operation Clean Slate
Retail Profit

Is Your Retail Profit Working For You?

November 4, 2016

As a business coach, one common thing I see salon owners miss is taking their retail profit and paying monthly bills. This is robbing Peter to pay Paul as the expression goes.

In order to have your retail profit truly work for you follow these important steps:

  • Take retail sales to cover retail expenses only, keep the rest in your savings account as true profit! The only money you take out of retail is to cover the following expenses: retail commission and the payroll tax associated to them, sales tax based on retail sales, retail inventory purchases and credit card processing fees associated to retail sales.  THAT’S IT! What is left over is pure profit!
  • If you are taking the rest of the monies left over in step one and paying other bills, you are eating away at your profit. If that’s the case, take a 3-month average of what that number is and set a goal to grow service sales by that number (be sure to add on your gross profit percentage to cover the hard costs of growing sales such as commission, back bar, etc.). Over time, once this is accomplished, you will then be in the position of keeping your retail profit!
  • As you begin to get that profit back in your hands, I recommend every 90 days take half of it out of the account to chunk down debts or credit cards, invest in marketing, education, etc. The other half, leave in the bank to cover yourself for any emergencies like a water heater breaking or replacing equipment.

Keep in mind that the process I describe above may take you 3-6 months to achieve so be patient. What’s important is to stay the course! You work way to hard not to keep your hard-earned profit and make that money work for you!

If you need more support, check out my new book, Financial Fitness. You’ll learn how to track your retail sales and profits at a whole new level!

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Steve Gomez Business Coach

If you have any questions don’t hesitate to contact me!

  • 7820 Meridian St • Chino, CA 91708
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Always honored to serve our great industry and it Always honored to serve our great industry and it was great to be back at @ibs_shows in NYC this past weekend! Thank you to all who attended and made the commitment to grow! Thank you to @tashvibe13 for having us and a huge thank you to @20beautynancy for being there and lifting me up! Let’s elevate! #ibsnyc #salonbusinesscoach #spabusinesscoach #lovewhatyoudo #speaker #author #bigapple #grind #liftuplife #financialfitness #interdependentleadership #salon #spa #beautybusiness
@20beautynancy and I are pumped to present this im @20beautynancy and I are pumped to present this important class on Monday 3/14 at 12:15 EST in NYC at the IBS New York show! Thank you to @ibs_shows and @tashvibe13 for having us. If you are looking to find the right people and be prepared to help them grow in your culture you won’t want to miss this class! See you there! #salonbusinesscoach #spabusinesscoach #ibsny #recruiting #interdependentleadership #financialfitness #elevate #speaker #author #catalyst #futurist #lovewhatyoudo #grind #makeithappen
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I always love leading this conversation and suppor I always love leading this conversation and supporting our industry to transform their thoughts and actions around raising prices! Join me as I work with @dmkinternational to deliver this important conversation to help you implement systems and learn empowered approaches to raising prices and earning what you deserve! Go to DMK’s page to learn more! #raiseyourprices #chargeyourworth #profit #financialfitness #interdependentleadership #dmk #dmkinternational #businesscoach #clinics #spa #grind #worksmart #catalyst #futurist #author #speaker
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