Hell yeah bro I like your vedios senor am starting my barber journey soon hopefully this year i go to school am living in las vegas is there any schools you recomend??
Thanks for the knowledge im a new subscriber and going to start barber school soon. My question is if i plan on buying a house in a couple yrs should i report most my $ so i can qualify? Thx
Yes bro absolutely! Report everything. Start your LLC and file as an S corp. You will save thousands of dollars on taxes and will position yourself for wealth building.
I use square. I report all my money. Quote on quote my boy. 2 things you can report debit and also cash on square. So I typically make $800 a week. If I made $470 on credit than that means I report $330. Feel me?
@@FrankthamanTV what if i want to buy a home soon, should i start reporting that i make more? I know ill be taxed when i file but it should help me get approved more right? Thanks
@@bz6040 Yes bro Im going thru that rn. I report 50k rn and I turned myself into an LLC and file as s corp so you pay 11-15% taxes instead of 25% in taxes.
Frank! I have a question for you. Maybe this is another video but now I get how to track how much money I’m making. But do you recommend tracking anything else as a shop owner? I’ve been trying to watch how many new clients we get vs regular and what times of year we are seeing the most new clients. We just started off but I was truthfully to learn how other barbershops offer loyalty programs and things like that. I’d love to get your advice bro.
Leon, I would recomend using salon iris or square for the whole shop. That way you can see your new and returning customers. You also see the customers spending habits as well not just haircuts. So if that returning customer comes back 2-3 months later and he/she bought a product, you or anyone else in the shop can use hay data and sell him/her that product again. It also shows analytics for the slowest months. Good for upping marketing or taking a vacation. As for a loyalty program I wouldn’t bother. Maybe a discount for the first time $5-10 off but that’s it. You are the service and product and just like any other service or product, people are going to pay for it. We just have to stand our ground. Hope this helps. 🙏🏽👊🏾
Also I would recommend reporting everything I’m almost 10 years i’ma me hiding or choosing what to report is super annoying and waste of time for me. What ever square appointments or salón iris says is whats on my Bank statements. An LLC files as S corp will save you thousands of dollars on taxes along with your write offs
I dont agree with that to make the exactly amount that you make every weekend, because that means you live your life with a math, and you don’t wanna make extra money. It’s always good to make extra money just in case for the rainy days. I’ll never let the money slide under knees.
Yes it’s a business, business #1 objective is to make money. To hit profit and scale when the time is right. When you don’t report it you don’t know where you’re at in your business. Analytics and data is how you grow any business .
Honestly man I haven't opened up a shop myself however I would say work at 3 different shops completely different from each other and pick and choose what you want to take from them. Also work at a commission shop as well.
No, the best thing to do is report exactly what you want the "feds" to now. So if you want yes but remember you're in control of how-much taxes you pay.
