The Spa Coach #020: Top 5 Money Mistakes and Creating Healthy Financial Management Habits

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The Spa Coach #020: Top 5 Money Mistakes and Creating Healthy Financial Management Habits

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In this episode of the Spa Coach podcast, Jamie discusses common financial mistakes made by new aesthetician business owners and how to build smart systems for managing money. She emphasizes the importance of separating personal and business finances, understanding cash flow, budgeting for taxes, correctly classifying employees, and regularly reviewing financial reports. Jamie also highlights the significance of client retention and proactive financial management to ensure business growth and sustainability.takeaways

Mixing personal and business finances can lead to complications.
Understanding cash flow is crucial for business health.
Budgeting for taxes should not be overlooked.
Misclassifying employees can result in severe penalties.
Regular profit and loss reports are essential for tracking success.
Client retention is a major factor in business longevity.
Setting aside a portion of income for taxes is wise.
Implementing financial systems can save time and reduce errors.
Monthly financial reviews are necessary for accountability.
Proactive financial management can prevent future issues.

homework: create an auto transfer from business checking to a tax account $, schedule your CEO financial check in day with yourself

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