How Do I Finanically Plan for My Hair or Makeup Career?

When I first started working as a freelancer, I never once considered setting up a budget for my career. I was just like everyone else out of school, I put out resumes and promo pieces using my credit card.

Let’s face it, you have to spend money to make money. Yes, there are a lot of free ways to promote yourself online but that will only take you so far. You still need to have a website, business cards, demo reels, and office supplies for things like your resume, software, a computer, and other tools of the trade, not the mention the cost of networking and having lunch with people. Since most of the work you will get as a freelancer will come from referrals, networking events and “doing lunch” will also be a very important part of your budget. There are many networking organizations out there that hold monthly mixers but they all cost money to attend. My advice is to understand your is income vs. your monthly expenses (rent/ utilities). Once you understand these two things you can:

1. Create a monthly allowance for promotional materials and networking events
2. Open a separate checking account that you use for only business expenses so you don’t overspend

By doing these two things you will never be too broke to advertise your services and you won’t be debt financing your career. So take the time to create financial plan. You will be surprised on how much easier it will be for to get your name out there, and you won’t be stressed out about money while you are doing it.

To create a solid financial plan visit our website and download a financial planning spreadsheet to get started at http://hmartistsnetwork.com/financial-planning

Michelle Lee
Makeup Maverick
www.hmartistsnetwork.com

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April 8, 2010. Tags: , , , , , . Hair & Makeup Jobs, Hair & Makeup Marketing, Working as a Hair or Makeup Artist. 3 comments.