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Salon Operating Expenses Where does your money go?
Revenue Hair Cut (styles) Services Nails Tanning Beds Retail Sales (Product) Colors Permanent Waves Hair Extensions
Expenses Salaries Rent Supplies Advertising Depreciation Laundry Cleaning Utilities Repairs Insurance Telephone Miscellaneous
Expenses: percent of gross Salaries53.5% Rent10% Supplies 5% Advertising 3% Depreciation 3% Laundry 1% Cleaning 1% Utilities 1% Repairs 1.5% Insurance 0.75% Telephone 0.75% Miscellaneous 1.5%
Review: percent of a number What is 53% of $163,000? Change the percent to a decimal 53% = 0.53 Multiply 0.53 x $163,000 = $86,390
Wages 45-55% Wages of people in your Salon Example: Gross income in the Salon is $479,000. How much should you budget for wages? 45% of $479,000.45 x $479,000 = $215,550 for salaries
Why Businesses Use Markup? Why the markup? ◦ Cover businesses operating expenses ◦ Cover Taxes ◦ Make a profit.
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