Your profit is the heartbeat of your lash business. Love what you do, but remember: you’re here to earn for yourself, your team, and the lifestyle you deserve.
At its core, building a profitable salon comes down to spending less or earning more — and you can’t do either if your finances are a mess. Ready to get them sorted? Here’s your fast, no-fluff guide:
- 1. Set up a Separate Bank Account
- 2. Set up a Bookkeeping System
- 3. Track Your Income & Expenses
- 4. Review Your Finances Regularly
- 5. Stay on Top of Tax & Receipts
- 6. RECAP: Your Financial Foundation Checklist
1. Set up a Separate Bank Account
Keep your business money apart from your personal cash. It makes tracking expenses easier, tax time less stressful, and your finances crystal clear.
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Most banks only charge $5–$10/month for a new account, or offer free options with regular deposits.
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Link a debit or credit card for purchases.
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If you bank at the same place as your personal account, transfers between personal and business are simple.
2. Set up a Bookkeeping System
You don’t need fancy software to start. A simple Excel spreadsheet works. But accounting tools like Xero, MYOB, or QuickBooks can automate and streamline things.
Pros:
- Connects to your bank account
- Digitizes receipts easily (QuickBooks is great here)
- Invoices clients and manages payroll if needed
Cons:
- Costs ~$50/month
- Steeper learning curve
- Overkill for very small businesses
3. Track Your Income & Expenses
Block out time at least monthly to log every dollar in and out. This helps you create a profit and loss statement, which banks want for loans, but more importantly, it tells you if you’re making money.
Income:
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Track each source (services, retail products, training) on separate rows.
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Break down individual services (lash lifts, extensions, brows) so you know what’s driving revenue.
Expenses:
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Record every cost, big or small. Little things add up fast.
Profit:
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Subtract expenses from income, that’s your profit. It’s the ultimate measure of your salon’s health.
Keep it simple: start with Excel or Google Sheets, and expand later if needed.
Here's an example of how you might track your monthly income…
4. Review Your Finances Regularly
Every 3 months, deep dive into your numbers:
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Find ways to earn more:
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Promote faster services or offer bundles.
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Upskill to take more clients in less time.
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Boost retail sales with perks for repeat visits, referral discounts, or packages.
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Cut unnecessary costs:
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Negotiate better deals with suppliers.
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Switch utility providers if rates go up.
- Set & enforce a cancellation policy to reduce no-shows
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These small moves snowball into big improvements over time.
5. Stay on Top of Tax & Receipts
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Talk to your accountant about GST. If you need to charge it, put it aside each quarter.
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Keep receipts for every business purchase so you can claim them at tax time.
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Digitize receipts with apps like:
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Expensify
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Smart Receipts
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Receipts by Wave
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ABUKAI Expenses
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Genius Scanner, Clear Scanner, Tiny Scanner
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Common deductions you might miss:
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Utilities for home salons
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Self-education (magazines, courses)
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Donations
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Bank fees
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Internet & phone
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Laundry for work-specific clothing
For more tax tips check out our in-depth blog post: The Ultimate Tax Guide for Lash Artists: How to Save Big at Tax Time
6. RECAP: Your Financial Foundation Checklist
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Open a separate business bank account
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Track income and expenses monthly
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Digitize all receipts
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Review profit and expenses quarterly
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Regularly consult your accountant
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Always look for ways to grow income and reduce costs
