QC Makeup Academy Student Ambassador, Whitney Conn, shares her secrets on how she budgets as a professional makeup artist. Whitney has a few years of makeup artistry experience under her belt and knows all about how to budget for all her makeup expenses.
Whether you’re just starting out or have been deep in the makeup industry for years, budgeting for your makeup business expenses is a must. Budgeting allows you to plan and track where all of your money goes. You’ll accumulate a fund that can support your makeup business it grows and changes. Budgeting will not only save you money but time as well.
Find out below how I plan my budget out for all of my makeup expenses!
Restocking my makeup kit
My biggest investment is by far my makeup kit. Stocking my professional kit with good quality products for my clients is very important to me. Every year, I use my tax return to fund my up-front costs for my professional makeup kit. I usually plan to spend $400 to $500 when first stocking my kit.
Then, I’ll use the rest of the amount to replenish any empty products or to buy new products as needed for my makeup jobs. As my skills grow, so will my need to stock my makeup kit with different or new products.
Professional makeup training
We never stop learning as makeup artists. It’s our job to constantly keep ourselves educated. The makeup industry is a rapidly changing field. To stay on top with all this, I continue my makeup education online.
While I paid for my first online makeup course up-front, I continued by adding on other courses as promotions came up or when I paid off a previous course. I try to keep my yearly budget for schooling around $1500; which could include more than one course within a year’s time.
Marketing spend for my makeup business
Social media has taken the marketing world by storm. Paid ads are a great way to reach more potential clients. I budget somewhere between $35 to $50 a month to post ads or boost my media pages.
I will buy additional marketing products such as business cards as I run out. The cards and the logo conversion cost around $60 for a pack of 500 cards. I budget $100 to $150 per year on marketing materials as necessary for events or busy times of the year.
Attending industry events
Depending on where you live or if you are willing to travel, there are makeup tradeshows and events all over. This is a wonderful place to meet fellow makeup artists and to put yourself out there. Many makeup industry events host classes to further your education or refresh the skills you already have. It is a good way to see things from a different perspective and learn from those who have been in the industry for many years.
I budget between $500 to $800 a year for tickets and travel expenses for these trips. The trip may end up becoming a vacation while I am there for that event, which is a win-win for me.
As you grow in your makeup artistry skills and as your business demand grows, so should your budget. This may mean investing in higher-quality makeup products or your makeup courses may require additional supplies. Whatever the reason, your needs as a makeup artist are ever-changing. You need to be financially prepared to support your business through its growth!