Whether you are 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 is going. It allows for growth possibilities as your needs change. 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.
My biggest investment is by far my makeup kit. Stocking it with good quality products for my clients is very important to me. I plan every year to use my tax return to fund my kit for the upfront cost. I tend to spend $400 to $500 when first stocking my kit. Then use the rest of the amount to replenish any empty products or to buy new products as needed for applications. As my skills grow, so will my need to stock my makeup kit with different or new products.
We never stop learning as makeup artists and it’s our job to constantly keep ourselves educated. The makeup industry is a rapidly changing field. To stay up with all of this, I chose to continue my makeup education. While I paid for my first 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 years’ time.
Social media has taken the marketing world by storm. Paid ads are a great way to gain more reach. I budget somewhere are $35 to $50 a month to post ads or to boost my page. This allows for a further reach to more potential clients or views on my social media page.
Marketing products, such as business cards, I buy depending on how fast I give them 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 I see needed for events or busy times of the year.
Depending on where you live or if you are willing to travel there are marketing and makeup events all over. This is a wonderful place to meet fellow makeup artist and to put yourself out there. Many makeup events have classes to further your education or to refresh 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 skills and as your business demand grows, so should your budget. This may mean investing in higher quality products or that the courses you are taking requires more supplies. Whatever the reason may be it will be an ever-changing thing.
How do you budget your salary? Let us know some tips in the comments.
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