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Hey Reader,

Now is a great time to look at your financial numbers from 2023. Yesterday, I sat down to help my wife with it.

So my wife is a licensed esthetician and just finished her first full year in the studio. We've been tracking throughout the year, but we just finished an overall analysis to help her celebrate 2023 and identify strategies for 2024.

In this newsletter, I'm gonna go over what I did for her. She said my analysis helpful, and figured you might benefit as well.

*Spoiler alert, at the end, I'll share a link to a free template to help you with your own analysis.

Step 1: Find the Right Reports

First things first, find these reports: services, products and appointment source. My wife uses Vagaro, but if you use a booking/management platform, you should be able to easily do this.

Back to the reports. Here is what each report type should show you:

Services Report: should show the total number of services you gave and the amount of money made from those services. Total services and total income from those services.

Products Report: should show the total number of products sold and the amount of money made from those products. *This is not including the cost to buy the product.

Booking Source Report: should show the sources where your appointment came from (Google, widget, app, in-house, Instagram etc.) and the number of appointments booked through each source. Again, this data will be dependent on your booking management platform.

Step 2: Analyze Service Data

Looking at your services report, it's time to calculate some numbers.

Avg income per service (Income ÷ number of services). How much money did you make per service?

Avg services per week (Number of services ÷ 52) *52 weeks in a year. How many services did you typically give in a week?

Avg weekly income (Avg income per service X Avg services per week). How much money did you typically make in a week?

Annual income (Avg weekly income X 52 weeks). If you keep up that weekly income average, how much money would you make in a year?

If you just got lost, don't worry. The template will make it easier to visualize.

Step 3: Analyze Product Data

Now, looking at your product report, let's find your top selling products.

Number one selling product. What was your top selling product?

Number one selling type of product (matte pomade, sea salt spray etc.) What was your top selling type of product?

Number one selling brand/product line. What was your top selling brand? STMNT, Suavecito, Layrite etc.

Step 4: Analyze Appointment Source Data

Last report. Open up the appointment source report. Find your top booking source.

What was the most popular booking source? Aka how did the client book the service. Through the app, website widget, Instagram, Google etc.

What was the least popular booking source?

Your top booking source is where most of your clients are coming from. Keep up the good work in that area.

But what about your least popular? My wife had zero appointments booked through email/text marketing feature through Vagaro. I think she’s missing out there.

I suggested that email/text marketing to be a strategic marketing tactic for 2024. There are likely some old clients that just need to be re-engaged with an email win-back-campaign to get them back in the studio.

So, now what?

When you have 30 minutes, sit down and discover your numbers. Log in to your booking app, and start filling out the template. By the end of the analysis, you'll be able to forecast your income for 2024 and the growth you'll need to hit that goal.

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Your Free Template If you want to run this analysis, here's your free template. Should be pretty straight forward. Reach out if you need help. Access the Template

Headlines From Around the Industry

👉🏼 New York State Now Requires Textured Hair Training in Cosmetology Schools—Here’s Why This Matters. We'll be expanding on this topic soon. Big news for the industry.

👉🏼 Nomad Barber Introduces New Story Cuts Project to Advocate for Men's Mental Health. Another inspiring initiative from one of the 🐐s in the industry.

👉🏼 Collab Alert: Illuzien x That Buttersoft Announced a New Collection of Capes & Smocks. More heat from Vince the Barber and Illuzien.

Do you want to be featured?

Last but not least, I'm always on the look out for headlines taking place across the industry and would love to feature you.

So, if you are hosting an event or releasing a new product and you want it to be featured in theGuideline, then this form is for you!

Alright, finished with No.51. Have a great week!

Written by: Matthew Mendoza​
Edited by: Kelly Mendoza​
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