The Sugar Show

Crafting Sweet Success in the Beauty World with Kasey Reynolds

• Shannon "The SugarMama" • Season 6 • Episode 2

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On this episode of The Sugar Show, Shannon the SugarMama talks with Love2Sugar educator Kasey Reynolds about her inspiring sugaring journey. Then, in the second half of the podcast, Shannon dives into the importance of being financially smart in business.

Part 1: Kasey Reynolds' Sugaring Journey

Kasey shares her remarkable story of transitioning from her career as an EMT to becoming a successful owner of SugarJunkie. Her journey is a testament to perseverance, financial literacy, and discovering one's unique place in the beauty industry. She offers insights and inspiration for aspiring estheticians and entrepreneurs alike. Key highlights include:

  • Kasey's transition from emergency services to beauty: How she discovered her passion for sugaring and why she made the career change.
  • Building a business from the ground up: The challenges and triumphs of starting her sugaring business.
  • Managing multiple locations seamlessly: Tips and strategies for running multiple successful business locations.
  • The importance of education and community: Kasey’s dedication to sharing knowledge and supporting others in the industry.
  • Encouraging others to chase their dreams: Kasey’s advice for finding your niche and believing in your potential.

Part 2: Financial Smarts in Business

In the second half of the episode, Shannon focuses on the financial side of being a beauty entrepreneur. She breaks down key strategies for maintaining and growing a financially healthy business, including:

  • Setting realistic financial goals.
  • Managing expenses effectively.
  • Understanding pricing and profit margins.
  • Planning for growth and sustainability.

This episode offers a mix of personal inspiration and practical advice for anyone in the beauty business, whether you're just starting out or looking to refine your approach. Tune in to be motivated and learn how to elevate your sugaring career!

If you’ve connected with or been inspired by this episode in any way, leave us a review and let us know your biggest takeaway - I’d love to hear how you embrace Sugaring For All!! And while you've got your phone out, make sure to follow us on Instagram @Love2Sugar.

If you are interested in learning more about Radeq Lab's Premium Prebiotic Sugar Line of products, you can find them at www.radeqlab.us.

If you are interested in our business planner you can find the SugarBoss Planner here --->https://www.lulu.com/spotlight/love2sugar

The link to our Monthly SugarBiz Blueprint: https://www.love2sugar.com/offers/cMhp76LA/checkout

Cheers to your Sweet Success!

Shannon:

Welcome back to this episode of the Sugar Show. Everyone I am, shannon, your sugar mama, and I this is my favorite part is talking about the success in this industry, because we have been working a long, long time to try to get you all trained up in sugar. But that really means it needs to translate into success, and so I started the Sweet Success Series five or six seasons ago. We're in our sixth season now. So about five seasons ago I started doing the Sweet Success Series to introduce you to other folks that have really taken sugaring to the next level and are killing it in their businesses, their sugar bosses, and have not only learned how to mold and flip properly, but have learned how to build their businesses so that they can be successful. And some of them are working part-time now and killing it and making six figures. Some of them are young moms, some of them are second careers and they're making this business work for them and thriving, not just surviving in it. So I am very thrilled that this is this episode of the sugar show, and episodes to come are going to be in two halves. The first half is going to be the sweet success story and this month it is with Kasey Reynolds, who is the owner and operator of sugar junkie sugarjunkiecom. All her show notes will be in the links below and Kasey has three locations that she has just been so busy in one. She had to expand and make it better for her clients to not have to drive so far, and so then she also found a location on an island Then she will tell you about that next. On an island. Then she will tell you about that next.

Shannon:

But Kasey is a go-getter and she really manifested her faith and I want you to hear her story today because I think that some of you are really dreaming. You're putting your vision words together. You're really asking yourself if this is something you can do, and I think hearing a story like Kasey's really is helpful for you to understand what the next level is and you know how you can take. If you're a beauty student, what you do first. If you are someone who's been working for someone else, how do you go solo. If you're a solo, how do you go to the next thing. And you know, Kasey really has just killed it in this industry and she is now an educator with Love to Sugar, using erotic lab pastes, and so it is my honor to introduce you to Kasey Reynolds. Kasey, my girl, it is your turn to share your sweet success. I am so excited to finally have you on the show and just let everyone understand who you are and what you're all about. So welcome to the Sugar Show.

Kasey Reynolds:

Thank you, thanks for having me.

Shannon:

It's. You know we talk about this all the time. Like I gotta get you on the Sugar Show. Thank you, thanks for having me. You know we talk about this all the time. Like I got to get you on the Sugar Show, I got to get you on the podcast and you're, like, I'm here working away. You just let me know when you need me and it is your turn. So, yeah, congratulations. I imagine it's pretty cool to like realize like because we work so hard, like that you're actually a sweet success in this. Like realize like cause we work so hard, like that you're actually a sweet success in this.

Shannon:

It's been a long journey for you. It has, yeah. So let's start from the beginning, and I've told them a little bit about you, but let's start from the beginning, before you were even an esthetician. What did you do before you were an esthetician?

Kasey Reynolds:

Talk to us about, like, the pre-beauty journey for Kasey well, let's see, I used to work in the 911 system as an EMT on an ambulance in Arizona for about 12 years and I loved the job, but it was just so exhausting. I had to figure out what else that I needed to do, what I wanted to do, um, so that, yeah, that's what I did in the very beginning. I also had an event planning business on the side as well, so rescuing people, event planning, it's all good.

Shannon:

So you're laying awake, you're thinking, okay, this is challenging. You know I'm doing all these things, but at what point did the calling come to go to beauty school? At what point did the calling come to go to beauty school.

Kasey Reynolds:

Well, I was on vacation and I had never had a Brazilian before and I was at the beach and I thought, yeah, I'll just go get one, I'll run down the street and get one. And so I went and got waxed and as I was laying there, I thought I could do this Because I was trying to figure out what to do with myself. I just didn't know where I was going. I had been in the, you know, as an EMT for so long. Where was I going to go? So I went and got a Brazilian and I called my husband and I said I'm going to esthetician school when I get back. And I did, I signed up and two months later I was in school. So that's kind of where it began?

Shannon:

Was he just used to you coming home with all like you're crazy? This is what I'm doing in my life ideas.

Kasey Reynolds:

Oh yeah, he used to. When we first got married. He would come home and the whole living room would be rearranged. So yeah, I'm kind of spur of the moment.

Shannon:

I kind of feel like I should have a podcast for all the spouses what it's like to be the spouse of a creative, what it's like to be the spouse of someone who's constantly changing her life path. But I love that about you, because you only live once. This life is so short and if you don't try those new things, then how will you ever know and you'll be stuck doing that thing that you know, you thought you wanted to do for a minute and how many? Years ago, was that.

Kasey Reynolds:

Oh, let's see, it's been 10 or 12 years since I went to school.

Shannon:

Okay, all right, it feels like yesterday and forever ago. Okay, so you go to school, you decide you like it. Did you like the skincare piece and you added hair removal? Did you always just want to be a waxer Like? How did that start?

Kasey Reynolds:

I think I always wanted to be a waxer. The facials were fun, but I'm not a quiet person so I don't want to sit there, I want to talk. I like to talk during all my sugaring sessions. So more of the waxing side was where I started. And then, once I started, I didn't actually like the waxing. So then I was like great, now what I'm going to do is stressful. I so that I was like great, now what I'm gonna do is stressful. I was afraid I was gonna hurt somebody. And then I had to do a paper on all the different hair removal methods and I saw sugaring and I'm like what the heck is this? So I found a class within two weeks and I signed up, dragged six of my fellow students with me and we took a sugaring course and I was hooked. I knew that was what it was going to be.

Shannon:

Yeah, yeah, okay. So you're in school. You're sugaring, which 10 years ago, like it, wasn't as popular as it is now. So that was a pretty feat, right? So you graduate from school. What's the very first thing you did out of beauty school?

Kasey Reynolds:

Well before I graduated, I rented a room and a sports massage place and I started sugaring people to practice. I never I didn't charge any money. I just practiced practice. By the time I got out of school I was ready to go and I was already certified ready to go, ready to sugar and hit the road. Okay. Yeah, all right, my first original sugar junkie lives in arizona, in arizona how did you come up with the name?

Kasey Reynolds:

I, I don't know. I just knew I wanted it to be something catchy and different and I knew something I wanted people to be addicted to.

Shannon:

And there you have it, and that's what a junkie is. I love it, I love it. I love it and play on words, right, Because sugar junkies usually eat cookies and we smooth cookies. They eat cookies. Okay, so you get out of school. Now did you start just on your own? Like how did you like, were you in the back of a salon? Like how did you find your first location and decide on that?

Kasey Reynolds:

I did start on my own. I stayed in that massage room for about six months and then we decided to move to California and we moved here and I didn't know anybody. So I got a little part time gig sugaring for like four or five months and I was ready to go on my own. So I just took the plunge and rented a really crappy place and went from there. So the first place I rented was $800 a month and there was no walls and no air conditioner, no heater, and it was upstairs and it was interesting, so I stayed. You had to get really good at soft taste. Oh I did. I learned like in the winter it was super cold and the summer it was super hot. So I learned really fast about the science of sugar right there.

Shannon:

So Okay, all right, and so you're sugaring away, you're sweating, you're freezing, you're like against the elements. So if there's anyone that can sugar in bad weather, in bad environment, it is Kasey. So if you have any questions, feel free to ask her. Okay, so you're sugaring along, and at what point did you decide to like take the next step to bumps? So let me back up really quick. How did you put together like your first kind of nest egg to start this? Did you just say, ok, I'm going to invest some money? Did you put a business plan together? Do you wish you would have put a business plan together? Like, looking back, what would you tell 10 years ago, Kasey? Now that you've kind of gone through all of this, and then we'll kind of keep going, I don't, I don't know that I would have done it any other way.

Kasey Reynolds:

I mean, I started the whole thing with $500.

Kasey Reynolds:

Ground by fire yeah, 500 bucks and borrowed some money for the first month's rent from my husband, because I was going to do it all on my own and just went from there and just as I grew, I just bought different things I needed and after that year it was time to move to the next step up space. And so I found a great location and it was massive and I thought what am I going to do with all the space? And it used to be a dry bar. So I decided to go Sugar Junkie Beauty Lounge and put hair, and so I had a hairst hair stylist and a nail technician and they were helping pay the rent at that point. So I took a risk, but at the same time, I had people helping pay the rent yeah, which is not yeah, they're a different.

Kasey Reynolds:

It's a different environment, though, to have hair and hair dryers blowing and yeah, yeah and the client comes down the hallway and gets up on your bed and you look and there's hair all over your sheets and you're like, oh my gosh, yeah, so much better now very different, okay, so what point did you decide to be done, with kind of the lounge hair nails thing after it, but ready to be done?

Kasey Reynolds:

after that lease was ready done, I moved downtown event and that's when I was ready to be done. I sort of rebranded, didn't become. I wasn't the beauty lounge anymore, I was just sugar junkie, sugaring studio and then just was all sugar and some facials and that was. It was great, I loved it okay and so did you.

Shannon:

It was it just you, or did you have a staff of sugar professionals?

Kasey Reynolds:

um, before I moved, when I was still doing hair, I had I had hired one girl right before COVID, and we all know what happened with that. And so when I moved to the next location and rebranded, I had her, but it was right after COVID and we exploded. We were so busy. I just had to keep hiring to keep up with it. Yeah, and I was still sugaring full time at the time, yeah, so so, okay, so you're in Ventura, you're killing it.

Shannon:

People from COVID are like I have 70s Bush. Please, dear God, will you, will you, you know, hire some more people to handle the load? Um, so, congrats to you for making it through. I mean that, right, there is a sweet success story. I know that that was a lot for all of us owners, especially in california, and we'll get into politics, but that was, that was tough times, yeah. So kudos to you, because that's a huge accomplishment to you, know, to get to have gotten through a pandemic and still come out the other side. So that's incredible, sure, um, okay, so the journey takes you then where?

Kasey Reynolds:

so then from there I've hired a few more employees and then that least got up I'm really not a nomad and then we moved into the location we have now. Oh actually, hmm, why was still in that down locate, downtown location? Almost three years ago, I opened up my second location in Camarillo, which is about 25 minutes away okay.

Shannon:

So there are, there are some folks that are listening to this that are like, okay, I have a small location, I've always wanted to have one in another city, cause I know I'm in Folsom, california, and about 30 minutes away Sacramento, elk Grove, roseville, and people are like you should fray and chop the sugar, mamas, right. And so I, you know, I kind of always had to ask myself what it was that I wanted to do For me. I did not want to expand because I knew I was going to do the teaching route right.

Shannon:

So, for me. I just wanted this little space that I'm in here and I just wanted to make that as tight as possible, make it, as you know, profitable as possible and then be able to go out and teach, which was my path. But how did you decide to pull the trigger on the next city? How did that come about for you?

Kasey Reynolds:

I think I had had a lot of clients coming from all different cities all the way to Ventura. I still have clients coming from Malibu, which is a good 40, 45-minute drive. I had people coming from Camarillo and then up, further down, you know, east, towards the 101, from like thousand oaks and all these different locations, and I thought, well, if they're driving all the way over here, I should put something halfway between us. And then that's kind of why I did that, and we were also busy and in Ventura we only had two rooms, so we just we were booked solid all the time and we just needed to expand. Yeah, kind of initially, what drove that?

Shannon:

okay, all right, and so did you take your investment? I'm trying to, you know, give people kind of a snapshot. Did you take some of your savings to start this next one? Or did you start it as a second company, kind of how did you? It was all sugar junkie, so, um, you took one to invest in the other. Yeah, yeah, not your personal money right, right.

Kasey Reynolds:

Yeah, that's the best way to do it. I think it's just to kind of not be and not go into debt to do it, but just try to take what you have saved and go that route. Because it's expensive. It costs to do a full, cute salon with like three rooms.

Shannon:

It's probably 50 grand to make it cute to do it the right way order all the equipment and yeah, and market it and things and so are you? What type of a business structure are you? Are you an LLC? Are you a corporation?

Kasey Reynolds:

I'm neither, because in Cal, in the state of California, you can't be a corporation or an LLC in this, in the business that we're in. So I am sole proprietor, you're a sole proprietor, okay um, so let's talk about.

Shannon:

You have the locations, what are you? And then we'll talk about your next location. What are you looking for in a sugaring professional when you hire them? Are you looking for someone who always already has a clientele and already knows how to sugar, or are you? Are you hiring to skills or you're hiring to like personalities?

Kasey Reynolds:

I've done it both ways. Um, I've completely started from the beginning, hired for someone that is a great fit for us and taking them from no skill at all all the way up to having really great skills. And that's really hard, it takes a lot. So most of the girls I have are personally trained by me from day one. What I've realized now is that it's better for them to take your course and get the basics done and get them practicing, and then they come to me and I can help them with the rest. But, yeah, it's, it's challenging, but I guess yes, I do want personality and someone that kind of meshes with the team. We don't have any drama here and I don't want any drama.

Kasey Reynolds:

And I love all the girls that work with us. You know, they're just great girls.

Shannon:

So I love that you say that they work with you and not for you, because you know if you can create a, an environment of support and love, and you know, and hard work. You know, because let's talk about that, this isn't for the faint of heart, opening locations and sugar, and you know, and having staff is, you know, I mean, it's hard, first one there and the last one to leave.

Kasey Reynolds:

Oh, yeah, yeah. All the memes you see with the owners walking in the door and you think they're coming in and they grab a cup of coffee from their staff, but really it's carrying in huge packages and tripping down the sidewalk and yeah, it's a lot, but I love it.

Shannon:

I'm constantly doing orders and fixing equipment.

Kasey Reynolds:

Oh yeah, I'm constantly doing orders and I know fixing equipment and neither.

Shannon:

Yeah, oh yeah, glamorous, that's for sure, that's for sure, okay. So then you decide okay, there's a need somewhere else, magical. And how does that come about?

Kasey Reynolds:

so the next location my son moved to Hawaii and we visited there a lot and we were there one at one. Well, one time on our one of our trips and I told my husband we should open a shop here and let's just look around and see like what we can find, and he's like okay, and thinking that it wasn't gonna happen.

Shannon:

And the first show you by now.

Kasey Reynolds:

I know I know, tell you, the first shop we went to. It was perfect. So there I just rented a room, like it was like a co-op, a beauty co-op, and so I didn't want to invest the 50 grand into somewhere where I don't really know much about it and I just opened a small one. So that's kind of how that one came about. I've had that one for almost two years on Oahu mm-hmm, yeah, in Kailua yeah.

Shannon:

I think we need to do a field trip, Kasey, I think so I know right, let's. Let's do more of the islands. Um, okay, so you have these locations you like. What are you seeing in the last 10, 12 years? What are you seeing different now in the beauty industry?

Kasey Reynolds:

Well, I think that we've done facials before too. I would say 90% of our clients are sugar clients, but we've done fairly well at facials. But I think, sort of, with the economy the way it is, people are tending to drop more of those expensive treatments and, you know, the tickets larger, but we have more consistency with sugaring. So and I'm kind of seeing that fade, I'm seeing like eyelash extensions fade. Oh yeah, you know, just, people are tending to go more towards the natural.

Shannon:

It's becoming more normal now than it used to be used to be, you're kind of weird if you like the natural stuff, but a granola, yeah exactly and now people are like I just don't want to be burned by wax and I really don't want to lay here for fake glasses Like they're like okay, so I'm going to go all natural and it's cheaper.

Kasey Reynolds:

People can afford it. It's more of a necessity, I think, to be sugared than it is to get those other things. So that's choosing Sure, sure.

Shannon:

So let's talk about your supplies for a minute. And we don't need to talk about who you used before, because we love all the sugar companies. But I met you because, well, for a while back, we did some one-on-one coaching together, which was fun. But when we kind of resurfaced back together, you were killing it and doing your like what is this erotic paste? What is this happening here? Shannon, something is different, which I was. It was kind of a fun time for me to watch all of you start to, you know, find radeq labs and and just feel the difference. And again, we love all the sugar companies. We support them. You know, we just want people to be sugaring and putting down the wax stick. So I will, I will share that with all of you. But at what point did you say, wow, something's different here. I need to switch over, besides the fact that it matches your color perfectly?

Kasey Reynolds:

yeah, that was definitely a positive note. Um, I the I just knew he was different, like it was a different sugar. First of all, they didn't use lemon and I I love that and I just knew it was just a different product. With the probiotics of it, it was very appealing to me because I'm into probiotics, prebiotics, vitamins you know I'm into all that stuff and so I just knew it was gonna be a great product and so I was really excited to get some and I ordered it. It was amazing, like I, it's my favorite.

Shannon:

I'm so surprised. Were you surprised the first time you used it and it got every single hair in one. Yeah, yes, and I've been the girl noticed it too, oh yeah, and I've been doing a long time and I was like, I called my manager. I'm like Veronica, come here Like watch this. Look at this magical wizardry. It's amazing.

Kasey Reynolds:

It's very stretchy and not sticky and it's great.

Shannon:

Yeah, yeah. And so I mean cause that's a big production to switch out your entire line for a different line in multiple locations.

Kasey Reynolds:

Yeah, not to mention that I needed to get different sugar warmers too.

Shannon:

He's working on that. He's working on that. He's working on that. Yes, yes, there is. There are a few more of it that hold the warmers or hold the jars, but yeah, that was a. That was a bit of a production in the beginning, sorry about that but it was worth it.

Kasey Reynolds:

I mean, I, I wanted to become an educator for a long time and I waited, you know, ten years before I actually reached out to him and I wanted to educate for him. So, yeah, sorry, you're stuck with me. I love it, I know we have a good time.

Shannon:

So so you're teaching now. And you know at what point did you say you know, I really need to teach now Because I mean, you're, you're a busy, multi-talented woman, you don't have to teach Cause I mean you're, you're a busy, multi-talented woman, you don't have to teach. Why do you choose to?

Kasey Reynolds:

teach. I guess I want to give a little back. You know, I feel like sugaring has made me. My life has been great and I want to give back to everybody else and help them and inspire them. And I think that, as an esthetician, there's a lot of us around and I think we need a special niche to be successful, and I knew sugaring was going to be mine. And I want to help other people become successful, because there's so many people that become estheticians and don't do anything with it and I want people to do it. Plus, I want sugaring to be great. I remember telling my director at my school I'm going to name it sugar junkie and I'm going to let everybody know that sugaring is the best. And you know, and I just emailed her not too long ago and she remembered who I was. So I just want to share my knowledge. You know you learn a lot over the years and you want to share what you have.

Shannon:

So yeah, you know, really, this life is about paying it forward and if you can like, why bottle it up and not share it? You know, and that's what I felt the same thing about about when you were starting to be an esthetician is when I started this, this teaching journey, and, and I remember just thinking I've got to get to more people. In fact, one of the places was Hawaii and they were like you know, is there any chance you'd come to Hawaii and teach us? This was about 12 years ago and I had two small children and I was like, love to go to Hawaii to teach you, but I've got kids. I can't which is how I sugar university was born. Was I needed to be able to get to those people in different, you know, states and different islands?

Shannon:

Um, how, the first uh online course was built? It was 14 years ago. What year was it? It was 2014,. 11 years ago. 11 years ago. 14 years ago when you first came out too, yeah, yeah, 11 years ago. And, uh gosh, it's just blowing by, um, but I love that you, I mean you really could rest on your laurels and just enjoy your locations and, you know, eat bonbons sitting at your desk there in your office but you don't, you choose to pay it forward and you know, I think you would agree the joy and accomplishment on a student's face when they get that mold and flick right and start to like their hand and their brain starts to connect is is like no other. You know, tell us about some of the students that you have that have done really well in your experience with them.

Kasey Reynolds:

Well, let's see. I mean I think, like you said, it's so fun to watch them grasp the concept and you always learn and you get better and better and better. I'm still learning things as I go along and try new things, but it's been really great to see them be successful and start the journey and be as an esthetician and yeah it's been fun and, yeah, I love it.

Shannon:

I love it. So Kasey is on our team, our education team, as I've mentioned in the introduction, and you know, case, what are you looking forward to in 2025 as far as teaching like advanced Brazilian? What's your niche? What's your? You know what do you, what do you got in store for the, the students of Southern California?

Kasey Reynolds:

well, I want to start doing a tips and tricks also. You know, once a week I really want to help people like legs better. A lot of people don't like doing legs and I think I'm good at them, so I would like to do that and maybe also some Brazilian teaching as well. There's definitely some room for people to grow in that area, so that's kind of my goal for there. I'd like to be able to bring people into the studio and, you know, teach them.

Kasey Reynolds:

You have a beautiful location. Thank you. Yeah, there's a lot. There's a lot to do.

Shannon:

A lot going on in 2025. We'll be teaching a lot in Southern California. Twist my arm and you know, Kasey, I'm I'm just really proud to say that you're a part of our team because you are truly just a special human. You have just a heart of gold. You are cool as a cucumber. You're just like the coolest when you say there's no drama. Like I believe you. There is no drama at your shop. Like you are just so calm, cool and collected, like there's just like like a force about you. That's just like you know you're not over the top. You just like call a spade a spade and you're just, you're just in it.

Shannon:

So it's been an honor working with you this last year as well, this last year, and, uh, and I am looking forward to teaching by your side, live this year. And and I am looking forward to teaching by your side, live this year. And I am just thankful that you decided to switch that career. I'm sorry for those folks that aren't going to get saved by you in the dispatch center, but I am really grateful that you have decided to switch your career and I know your clients are and that you've decided to join our team, because that's what this is about is finding people that have that passion and that drive and that want to pay it forward. And so if you are someone in the Southern California area that audience that is, you know, or you want to fly into Southern California, I would do that.

Shannon:

You know, or even you know when you have your class in Hawaii, that maybe we wink, wink, need to do together. We'll be in Hawaii, and the idea is to you know, just need to do together will be in Hawaii and the idea is to you know, just just put your best foot forward and maybe soon you can have, you know, a similar sugar junkie business model, like Kasey does. And and it's possible. So, Kasey, any like parting comments that you have for for the crew that's listening and maybe walking their dog and going, always wanted to do this, but I don't know. Could I open my own place?

Kasey Reynolds:

Your answer to them is I think you just have to take chances. You have to believe it's going to happen. I'm a huge, huge manifestation belief person. Putting it out there is huge. Even I have a little board next to me my 2025 Goals for 2025. So I think just you have to work hard. You can't just go and open up a business and have it happen. I worked six days, 12 hour days for a lot of years and I just believed it was always going to be successful and I think that's a huge part to put the work in it and then to believe it as well and that you can do it and you can't do it For sure.

Shannon:

Mama, thank you so much for being on the show. Thank you.

Shannon:

And, like I said, I look forward to seeing you soon. Hey, sugar Pros, I hope that you enjoyed our time with Kasey. She is, like I said, just cool as a cucumber. She is a powerhouse and she is kicking it and taking names and I really want to introduce you to these folks so that you can be inspired that you can do it too. But one of the things that you do need to know every single month is a little bitty tidbit about the business building itself.

Shannon:

So if you are someone who is an independent contractor or you have your own operation or LLC, this second half is for you. Or if you're somebody that's planning on having a business, the second half is for you, because we're going to talk about financial foundations and setting up your sugar business for success. So my goal, as you know, is to help you grow and thrive and create just the best sugar business of your dreams, and this month we're going to dive one into this important topic which is financial management, which is really the biggest elephant in the room, because a lot of times, you know, let's get real money matters and a lot of times we get just nervous about talking about money and we don't want to deal with it, so we just sweep it under the rug. You can be the best sugaring professional ever, but if you don't have a solid handle on your finances, it's really hard to build a sustainable and profitable business. You won't even know if you're profitable because you're just turning and burning right. So we're just going to touch a little bit today on budgeting and financial foundations, because where we dive into the meat and do the actual work, as you know, is in our Sugaring Business Blueprint and that's the website. I'll have, you know, links in the show notes.

Shannon:

But really, we want to dive into the meat in the class and I'm going to give you an overview, a bird's eye view, of what I'm talking about. So you've heard about, oh, you should have a budget you know in your life for a long time, I'm sure. But A, are you actually doing one? And B, are you actually following one? Because you know in the beginning of the year we can have all these grand plans and then off. But really, we're going to cover budgeting, we're going to cover pricing so that you can make a profit. We're going to talk about cash flow if you even know what that is and then planning for the taxpayer, and then I want to share some tools and tips to make your finances, you know, less overwhelming.

Shannon:

So you know if you need to pause this for a minute and take a quick break. I know this is a lot of information. I want to unpack your month so that you have a lot that you can be listening to and learning from. So let's get to it. Grab your Sugar Boss planner. If you haven't already, I'll have the link in the show notes below. If you do not have a planner, we want to make sure that you are planning your best year yet, so grab that planner and let's get involved.

Shannon:

So why does it matter to really understand financial foundations? Maybe you're not a business major in college or you're really. It's just not your wheelhouse where I'm telling you it better be your wheelhouse and pretty quick, if you decide that you want to be doing this on your own. If you decide to be an employee, let me just give you a shout out, because that is a really good choice. In the beauty industry, you can be working at a place like mine. You can be an employee with protections, and they pay, you know, take your taxes out for you, and they provide the supplies and the space, and they're the ones that worry at night whether or not the lights are on and you don't have to worry about that. But if you are someone who's like Nope, I want to go on my own. This is what I want to do.

Shannon:

Money is the backbone of any business and if you fool yourself to think that you are a really good sugar pro, it's just going to happen then and you don't have a clear understanding of your finances. You cannot make an informed decision, like Kasey did, on whether or not opening a new location, opening the next location or the third location is even a good choice. Okay. So I want you to take a moment to reflect, because I'm often shocked at my students when I ask them how do you currently manage your business finances? Do you feel confident or do you avoid looking at the numbers? Remember, awareness is the first thing that you need to have. And opening the lid and taking a look down in and saying, okay, I need to do something with this pot of you know soup or whatever it is, you know financial soup. The idea is to really have those conversations, get a solid bookkeeper, make sure you have an accountant I mean, we go through this every year when I am coaching all of you and really is to say you know what I'm going to. I'm going to put down my fear for a minute and I am going to treat this not as a personal reflection, but as a business reflection. Pull up your big girl boss pants and let's get to it.

Shannon:

Okay, so it matters to be financially sound. It sounds crazy, but a lot of you I talk to you've been like running your business with your personal accounts and you don't split them out, or you don't have a budget, or you haven't paid taxes in a few years and I'm like, oh okay, let's start from there. Right, we can do this, but we have to work strong and smart together. So, first of all, I want you to absolutely have a budget. I'm going to dive into this in our business class, but please, please, please, have a budget and before you even start, you have to know how much this is going to cost and what you are going to need every month Solo or employees in a large spot. You're going to have to know every month exactly how much money you need so that you're not treading water in times that are tight and you're like, why didn't I make it? Well, it's because you didn't have a handle on your money. If you are someone who has not had a handle on your money and your goal this year is to kill it in your business. Well then, we're going to start by creating a budget, because it's really a roadmap for your business and it shows you where your money is coming from and where it's going. Simple seems right, but we want to start by a list of our monthly expenses rent supplies, marketing costs, things like that and then compare it to the money that's actually coming in. You should be doing this personally, but, most important, business wise, because if you only have $5,000 a month coming in, but every month you're spending $7,000, you're going to be in a bad spot real quick. And what happens with what? Our business, our business money comes in every month, right? Well, if money's coming in every month and you are not accounting for it in that month, you're going to be in deep trouble. Okay, so we want to create a budget. We want to compare how much income you're making with how many expenses you have and are you spending within your means, and we provide you a worksheet that is really going to help you put together a realistic budget that aligns with your financial goals. Okay, so that's creating a budget.

Shannon:

Next, we want to talk about pricing. I get this question all the time. Are your services priced to cover your costs and generate a profit? If you're someone who's like I, don't want to charge a lot, I'm just going to charge $25 for a Brazilian. You're not going to make it very long because your expenses are more than your costs, are more than what you're charging, so you are not going to make it and I do not want to see you not make it in this industry. I want to interview you as a success story as well. So we need to make adjustments. If you're not making a profit, you calculate your cost per service, you include your supplies, your rent, your time, and then you set prices that reflect that value and that way you can ensure profitability. That way you can stay open. Okay, so that's what our goal is to stay open and is a profit every month.

Shannon:

Now let's talk about cash flow. Cash flow is the lifeblood of your business. Positive cashflow means that you have more money coming in than going out watching spending. You know, bringing in more clients. It's. We're always trying to bring in more clients, right, but what are you spending when the clients are in there or not in there? That is cashflow. So we want to commit every week, which is why, in your sugar boss planner, every week we're taking a look at those numbers. We want to track those income and expenses for the week and identify trends and make adjustments as needed, because small changes can make a big impact over time.

Shannon:

All right, this is the one that everybody hates. No one loves to talk about taxes. But this next one is taxes. And you know and it's the reality of doing business we have to pay taxes. I'm in California. I pay more taxes probably than all of you, but the idea is we need to make sure that we set aside a percentage of your income for taxes and keep detailed records and find out what's deductible, what's not deductible. We have podcasts on that. You can listen to Kenesha Coleman from last year talking about taxes. Same thing for this year. Some tax rules change things, but definitely go back. We'll link those episodes in the show notes with Kenesha Coleman, the beauty CPA.

Shannon:

But the idea is to save you time and stress when tax season rolls around. So in January, all I have to do is reconcile December, take a look at my whole month, and I'm ready to go with my 1099s, with all my documents for my bookkeeper, my bookkeeper and I together, and then we're ready for the accountant. So my goal every year is to have everyone handled and paid and have my taxes done by February, so I'm not waiting until April. I never do an extension because that would be enough to make me crazy. So always want to be very organized and really can I make a suggestion? And the suggestion is plan this at the first week of every month. So the first week of the month. I want you to reconcile the last month in your bank account. You should have QuickBooks or some sort of accounting software. If you don't know how to use it, get in touch with me and I'll help you.

Shannon:

But you're going to want to get a budgeting software, accounting software, have your reconciliation done and then take a look and say, okay, this is what I brought in, this is what my expenses were. Ooh, I got to kind of tighten it up a little bit, using a company where you don't have to use a lot of products. That's why I love Rob Lab. I use a tiny little ball of sugar to do a whole Brazilian. I'm actually saving money on my jars of Rob Lab paste because I use less product, which is going to be better for my cashflow. Okay, and I'm going to be really taking the time to understand okay, how much of these things can I write off? My products, my supplies, things like that, and I'm ready in tax season. So tax season doesn't come to bite me in the butt. Okay Listen, managing finances does not have to be overwhelming. It feels like it is, and it feels like you, you sort of have a handle on it, but you really don't.

Shannon:

So you're just going to kind of ignore it until the next month or ignore it until the end of the year and really, please get an accounting software, please get the sugar boss planner. Those things will be listed. We want you to stay organized and be on top of your numbers, so choose a tool, learn it, learn about QuickBooks, understand with a bookkeeper exactly how you can be dialed and please commit to using it consistently. And if you do, you will be able to then set some financial goals for yourself. Instead of just being in survival mode, you'll be in thrive mode, which is where I'm at now, thankfully. And you know, maybe we increase your monthly income, maybe you reduce expenses a little bit and you're not spending as much at the big trade show for the big equipment, right? Or maybe you're saving for new equipment.

Shannon:

Write down at least three financial goals that you have for the next quarter, and the next quarter is the next three months. Folks, we're already through. What are we? We're in February, we're in the middle of the quarter, right? So write down what your goals are, maybe for Q2. We always talk about the quarters, okay, break them into actionable steps and track your progress, right. Okay. So, sugar pros, I adore you, but I'm going to get real with you. A lot of you contact me and say, oh, I don't have a business plan, or oh, I didn't do a budget, or oh, I didn't look up and see that this, you know trademark somebody already has my name and I've been using it and they're making me stop Use it, like some of these things that are happening in your business. It's not very glamorous, right? I understand that, and it's not as fun and it's not as pretty as getting new skincare. I get that, but it's one of the most important. Truly it is. It is the most important.

Shannon:

And you know you can have a really great sugar skills, you know you can focus on your balls, like we talk about, but if your focus is not on your business, then you won't be around for very long and, my sweet friends, with a solid financial foundation, you will be able to make smarter decisions, you will be able to plan for your growth and just achieve the success that you deserve. You don't have to go get a side job. Work the job you have. Job, work the job you have.

Shannon:

And I promise you that you will be a sweet success story as well, like Kasey and myself and those that have come before us as well, and I really look forward to I would love for you to let me know about your sweet success, because I would love to interview you for the show and maybe make that be one of your goals. But really, I want you to make being a sugar boss your goal for this year, because you deserve it, your family deserves it, your clients deserve it, because you're less stressed and you'll be focused on them and really, truly, that's what this life is about is just making the best of it. So thank you for tuning into the sugar show. I want you to stay sweet, stay focused and I'll see you next time.