Your Beauty Business Finance Besties: Systems, Wealth, and Financial Strategy w/ The Summa Collective

As 2024 comes to a close, it’s the perfect time to reflect on your financial habits and set proactive goals for the upcoming year. In this episode of Lash & Legacy, Jenna welcomes Kristi and Jolene of The Summa Collective—your beauty business finance besties! With over 30 years of combined experience in finance, they share their expertise in modern bookkeeping, payroll, and tax services tailored to the beauty industry. Whether you're a solo artist, salon owner, or aspiring entrepreneur, this conversation is packed with actionable advice to elevate your financial wellness.

 

What You’ll Learn in This Episode

Why Financial Wellness is Key to Salon Success

Breaking Down Cash Flow Management

Overcoming Common Financial Challenges

The Impact of Financial Systems on Preventing Burnout

W2 vs. 1099: Clearing the Confusion

Steps to Offering Team Benefits

 

Listener Q&A Highlights

• “What revenue do I need to offer benefits like PTO?” – The Summa Collective emphasizes the importance of profitability over revenue when planning to implement team perks.
• “How do I determine commission split percentages?” – They discuss balancing profitability with competitive compensation and why a flat 50% commission isn’t always the best move.

 

Connect with The Summa Collective

Free Guide to Chair Profitability 

Book a Free Consult Call

Follow on Instagram

Join the Email List

 

Actionable Next Steps
If this episode resonated with you, take a moment to:

- Join the list for Jenna’s free December masterclass 

- Read W2 vs. 1099 Tax Compliant Info from the IRS

https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

- Follow Kristi and Jolene to access financial insights tailored to the beauty industry.

- Share this episode with your beauty business besties who want to start 2025 with a strong financial foundation!