November Blog: Just Start! Smart Money Moves for Estheticians

November is here, and while holiday season preparations are in full swing, it’s also the perfect time to think about financial wellness. Even though we are approaching the end of the year, it's always a great time to begin your journey to financial wellness.

As an Esthetician, managing money effectively can be a challenge, especially during a busy season. Smart financial habits now can set you up for a stress-free start to the new year. Here are five financial moves you can make in November to boost your business and personal finances.

1. Review Your Year-to-Date Financials

As the year winds down, it’s essential to review how your business has performed financially. Take a look at your income, expenses, and profit or losses. Which months were most profitable? Were there times when cash flow was tight? Identifying these patterns can help you plan more effectively for next year.

Action Step: Use your booking/sales software dashboard, simple spreadsheet or accounting software to break down monthly revenue and expenses. Look for trends and areas where you could potentially reduce spending or boost income. These Esthetician Metrics are key to track your monthly progress.

2. Create a Holiday Budget

November kicks off a season of higher spending, both personally and in business. From buying holiday gifts to stocking up on popular skincare products, it’s easy to overspend. A holiday spending plan will help you stay on track financially during the busy season and avoid unnecessary debt.

Action Step: Set a spending plan for holiday expenses, including personal gifts, marketing, holiday decorations, and extra supplies. Track these expenses weekly to make sure you’re sticking to your plan. Click here to get the FREE Monthly Budget Planner at Skin Biz School

3. Plan for End-of-Year Tax Deductions

November is an ideal time to look at potential tax deductions for your esthetician business. From equipment purchases to professional memberships, you may have deductible expenses that can lower your taxable income and reduce what you owe. If there are business expenses you’ve been putting off, consider making them before year’s end to take advantage of tax deductions.

Action Step: Set up a meeting to consult with a tax professional to review what expenses are deductible. Common deductions for estheticians include equipment, supplies, education, and other expenses per your state laws and tax filing status.

4. Build or Boost Your Emergency Fund

The holiday season can be unpredictable, so having a financial cushion is key. An emergency fund helps cover unexpected expenses, like equipment repairs or a slow month in January. If you don’t already have an emergency fund, aim to save a small amount each week to build up a reserve. Even a small emergency fund can provide peace of mind and prevent financial stress.

Action Step: Set aside a portion of this month’s earnings toward your emergency fund. If you can, automate a small weekly transfer to a dedicated savings account to help you build it gradually.

5. Invest in Yourself and Your Business

November is a great time to reflect on professional growth and consider investing in your skills. Whether it’s enrolling in a skincare certification course or learning a new technique, investing in yourself can help you stand out and increase revenue potential. Additionally, many education expenses can be tax-deductible, offering dual benefits.

Action Step: Research coaching, courses, workshops, or certifications that align with your business goals. Consider using a portion of this month’s revenue to invest in training that could increase your earning potential next year.

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Final Thoughts

Financial wellness is about setting up systems and habits that will serve you all year round, not just during the holiday season. By reviewing your finances, creating a spending plan, planning for taxes, building an emergency fund, and investing in yourself, you’ll be well-prepared for a profitable close to the year and a strong start in the new year.

Take these financial steps and watch how even small adjustments can make a big impact on your business's financial health. Here’s to a successful holiday season and a financially empowered new year!