Welcome back to the Curly Girls Obsessions podcast! I'm your host, Jennifer, and in this exciting episode, we're diving into the realities of running a business as a hair salon owner and entrepreneur. It's hard to believe we're already on episode 62—what a journey it's been! Today, I want to share some insights about the ups and downs of business ownership, including the inevitable stress that comes with it, how to understand your numbers, and navigating the tricky waters of customer feedback and online reviews.

I’ll also reflect on my personal experiences, from managing my salon for over 12 years to the learning curves involved in accounting and financial management. We’ll discuss the emotional rollercoaster of entrepreneurship, the importance of having a solid support system (like an accountant), and how to stay motivated during the more challenging moments, especially when dealing with difficult clients or negative reviews.

If you're an aspiring entrepreneur or someone curious about the behind-the-scenes of running a successful salon, this episode is packed with valuable lessons and practical advice. So grab a cup of coffee, settle in, and let’s get started!

Timestamped Overview

00:00:00 - 00:05:00

Introduction by Jennifer, the host of the podcast "Curly Girls Obsessions."

Celebration of reaching episode 63 and reflection on the journey of starting the podcast.

00:05:00 - 00:10:00

Mention of interviewing two key figures in the beauty industry, Wedad and Wendy Isles, and the impact of their stories.

00:10:00 - 00:15:00

Discussion on the challenges of producing a podcast, including time investment and the behind-the-scenes work involved.

00:15:00 - 00:20:00

Jennifer shares her experience with managing her podcast alongside her other businesses, emphasizing that podcasting is a way to add value rather than a profit-driven venture.

00:20:00 - 00:25:00

Introduction of the main topic: business and the dual nature of love and hate for various aspects of running a business, particularly accounting.

00:25:00 - 00:30:00

Personal backstory about owning a salon for 12.5 years and the transition from a home-based business to a commercial one, including initial struggles with QuickBooks.

00:30:00 - 00:35:00

Key lesson learned from her accountant regarding managing stress and recognizing one's limits in handling financial matters.

00:35:00 - 00:40:00

Insight into weekly payroll processes and the continuous stress associated with financial management for the salon.

00:40:00 - 00:45:00

Reflection on how stress can lead to growth in business and the importance of compartmentalizing tasks to manage stress effectively.

00:45:00 - 00:50:00

Understanding the significance of being aware of one's numbers in business, including income, expenses, and overall financial health.

00:50:00 - 00:55:00

Discussion of the importance of having an accountant and learning to analyze financial documents, moving beyond just profit and loss statements.

00:55:00 - 01:00:00

Explanation of how credit card fees can impact business profits and the importance of understanding those fees.

01:00:00 - 01:05:00

Implementation of deposit policies and their effect on business operations, particularly post-COVID.

01:05:00 - 01:10:00

Jennifer shares experiences dealing with difficult clients and the importance of maintaining business policies.

01:10:00 - 01:15:00

Insight into handling negative reviews and managing public perception of the business.

01:15:00 - 01:20:00

Final thoughts on embracing challenges as part of the entrepreneurial journey and the importance of focusing on supportive customers.

01:20:00 - 01:25:00

Conclusion and encouragement for listeners to engage with the podcast by providing feedback or topic suggestions.

01:25:00 - 01:30:00

Closing remarks, including an invitation to follow the podcast and share it with others who may benefit from its content.