The Official Blog for Hairdresser Career Development Systems » goal setting

Jon’s Pyramid to Success

Jon — Sun, 21 Nov 2010 04:40:07 +0000

” Success comes from knowing that you did your best to become the best that you are capable of – John Wooden. “

Anything is possible if you believe

Over the years I’ve made it a point to observe why some people make it big while others just get by. What personal characteristics set them above the crowd? I finally figured it out; they all seemed to have true grit, that fierce determination to succeed.

I want to share some of my findings, so you too can display the same passion to succeed. This is part one of my pyramid to success of key personal growth characteristics that will help you stand above the crowd and gain that all important competitive edge.

If you want to maximize your full learning and earning potential. I urge you to follow these guidelines with an open mind.

Goals — a goal casually set will usually be abandoned at the first obstacle. Clearly define what will make you happy, then go for it. A ship without a rudder will simply drift around and around. Develop your own goals and plan of action that will help you lead a happy and successful life. Make sure you divide your goals personally, professionally and financially. Once you achieve your goals, then make new goals.

Passion and Desire — success comes from your desire to want a better life for yourself and your family. To be the best will require you to develop a passion for wanting to reach higher levels of excellence in maximizing your full potential. Without passion and desire you will follow the crowd of mediocrity, make it part of your daily life.

On Going Education — there is no speed limit to learning. The more you learn, the more you earn. On-going self improvement will help you create value in your self and in your skills. As you continue to learn and gain valuable experience you will dramatically improve your self confidence and experience opportunities that you never expected. Knowledge is power only when it is turned on. Learn something new everyday, your road to success will always be under construction.

Powerful People and Communication Skills — lack of communication skill is one of the biggest causes of customer loss. By developing powerful people and communication skills, you will dramatically improve your client retention efforts. I urge you to develop and enhance your public speaking skills; Toastmasters International would be a good start.

Perseverance — instead of saying you can’t, use the word ‘can’ in your vocabulary. Use adversity as an opportunity to get better, learn from your mistakes and move on. When the going gets tough, the tough gets going. Never give up on yourself no matter how high the challenge.

Positive Attitude — always look for the good in people, your job, your boss and in your personal life. If you look real hard you won’t see too many of the negatives. A winning attitude is a prerequisite for achieving success and happiness.

Competitive Spirit — work hard to bring out the best in yourself. You will be competing with many other professionals. Work hard every day to challenge yourself to keep getting better.

These are just a few of my Pyramids to Success (part one). I will add additional guidelines on how to climb the ladder of success. My book A Hairdresser’s Guide to Success – personally, professionally, and financially - will help you maximize your full learning and earning potential. Click Here for information on my book.

Yours truly,

Jon

Financial and Retirement Planning

Jon — Sun, 26 Sep 2010 07:29:55 +0000

Money Management Starts Here

‘”Becoming wealthy is not a matter of how much you earn,who your parents are,or what you do — it is a matter of managing your money properly” — Noel Whittaker

One of the pitfalls we face as hairdressers and salon owners is that, more often than not, our jobs do not provide us with pension plans, medical insurance, paid vacation, or other benefit packages like other professions. As a result, many in our profession end up living paycheck to paycheck and seldom take the time to think about their futures when it comes to financial and retirement planning, which is a mistake none of us can afford to make, especially in today’s fragile economy.

In spite of these challenges, a career in the beauty industry can be your ticket to financial independence if you plan ahead,learn to save your money, and set financial goals.

It isn’t how much you earn that determines your ultimate financial security, it’s what you do with what you earn that makes all the difference. This is one of the few professions where you can get all the overtime you want once you create a demand for your services. You control your own financial future,do you have the self discipline to save your money,work a little harder, and learn about money management.

Saving is the Key to Your
Long-Term Financial Stability

It is never too soon to start saving for retirement. In fact, the younger you start the better. The compound interest you can earn over forty years, compared to the interest you’d earn over ten or twenty years, is simply extraordinary.

For example, if you started saving for retirement at age 20 and contributed $5,000 a year to an IRA with an 8% average annual return, by age 65 you’d wind up with over $1.93 million—that’s over eight times the amount you contributed! But if you wait until you’re 40 to start saving $5,000 a year, at the same rate you’ll only end up with $365,000 when you retire at age 65.

You see, every year you delay saving for retirement makes an enormous difference in the size of your nest egg down the road. Don’t worry if you didn’t start early, though. The important thing is to start now.

Choosing a Retirement Plan

The easiest way to start saving for your future is to open a Traditional Individual Retirement Account (IRA) or a Roth IRA. With both of these IRA options, you can invest up to $5,000 a year if you are age 49 or under, or up to $6,000 annually if you are age 50 or above. If possible, try to invest the maximum allowed contribution in January every year to maximize the interest you’ll earn on your investment. Even if you can only invest $50 or $100 each month, do it. The power of compounding interest, over time, will make your money grow more than you could have ever imagined.

Now here is a comparison of these two popular IRA options to help you decide which one might be best for you:

Traditional IRA

Advantages:

No income restrictions, available to everyone.
Deposits are tax deductible (depending on your income) and can reduce your taxable income.
You can invest your money in stocks, mutual funds, and other insured investment vehicles.

Disadvantages:

Earnings are taxed after the funds are withdrawn.
Early withdrawals made before age 59½ are subject to a 10% penalty (subject to exception).
You must begin taking distributions from the account by age 70½ .

Roth IRA

Advantages:

Offers greater long-term tax savings.
Earnings left in a Roth IRA account for at least five years and withdrawn after age 59½ are tax tree.
There is no mandatory distribution age, which means you can leave your funds in longer.
No penalty on early withdrawal of principal contributions (subject to some conditions). However, there is a penalty for withdrawing any earnings your money has made before age 59½.
You can invest your money in stocks, mutual funds, and other insured investment vehicles.

Disadvantages:

Contributions are not tax deductible.
Income restrictions apply. The ranges for the 2008 tax year are:
Single-filers earning no more than $101,000 annually can make the maximum Roth contribution, and earning $101,000-$116,000 are eligible to make a partial contribution.
Married couples filing jointly earning no more than $159,000 combined annually can make the maximum Roth contribution, and earning $159,000-$169,000 are eligible to make a partial contribution.

There are also other options for setting up an IRA account such as an IRA certificate, where you can invest fixed amounts for a predetermined amount of time called a “term,” at a fixed dividend rate. Consider speaking with a financial adviser to determine which plan will work best for you.

If you are a salon owner, you might also think about offering an IRA package to your staff. Setting up an IRA for your employees provides greater tax savings for you and is a great incentive that will help you attract top quality hairdressers.

Don’t wait any longer to start planning for your financial future. Learn to save your money, stay out of debt, protect your good credit, build a history of job stability, invest in your skills through knowledge, buy your own home or condo, open an IRA, and read information on money management and financial planning.

Although you may not have access to the same benefits other professionals do, you do have the potential to develop your skills to create a demand for your services. The more you learn, the more you earn. A top professional hairdresser will always be in demand, even during a recession. You control your own financial destiny and opportunities. The sky is the limit.

To learn more about financial planning, I encourage you to check out the following websites:

www.bloomberguniversity.com

You’ll also find more information about financial planning on the HCDS website, www.hcds4you.com, under articles of interest.

Additional resources

To learn more about Hairdresser Career Development Systems and how we can help you move to the next level in your journey—personally, professionally, and financially—please call toll free (800) 390-4237 or visit www.hcds4you.com.

Unleash The Power Within To Reach Career Success

Jon — Sun, 13 Jun 2010 20:43:21 +0000

If you want a better life for yourself and your family, you must develop the self discipline and desire to unleash the power within to make your goals and dreams a reality.

“It’s never too late to be who you might have been.” – George Elliot

Sadly, far too many hairdressers struggle to make a good living and never reach their full learning and earning potential because it requires hard work, continuing education, extra effort, sacrifices, and a lot of perseverance.

Building a successful hairdressing career is a journey that requires patience and a quest for self improvement and knowledge.

Good is not enough anymore in today’s tough economy; especially if you want to stand above the crowd and gain that all important competitive edge.

You and you alone hold the keys to your own success or failure.

Are you willing to take full responsibility for your own success or failure or will you join the crowd of people who are always looking for excuses to fail?

Let my book a “Hairdresser’s Guide to Success—Personally, Professionally, and Financially’’ and my audio CD – “A Hairdresser’s Journey to Excellence” serve as your road map in helping you make your goals and dreams a reality.

Anything is possible if you believe!

Financial and Retirement Planning

Jon — Sun, 10 Jan 2010 21:36:43 +0000

Financial and Retirement Planning

You work hard for your money–
make your money work hard for you

One of the pitfalls we face as hairdressers and salon owners is that, more often than not, our jobs do not provide us with pension plans, medical insurance, paid vacation, or other benefit packages compared to other professions. As a result, many in our profession end up living paycheck to paycheck and seldom take the time to think about their futures when it comes to financial and retirement planning, which is a mistake none of us can afford to make.

In spite of these challenges, a career in the beauty industry can be your ticket to financial independence if you plan ahead and set financial goals,because it isn’t how much you earn that determines your ultimate financial security, it’s what you do with what you earn that makes all the difference.

Saving is the Key to Your Long-Term Financial Stability

Choosing a Retirement Plan

The easiest way to start saving for your future is to open a Traditional Individual Retirement Account (IRA) or a Roth IRA. With both of these IRA options, you can invest up to $5,000 a year if you are age 49 or under, or up to $6,000 annually if you are age 50 or above. Keep in mind that these numbers will vary due to changing tax laws,consult with your accountant or financial planner. If possible, try to invest the maximum allowed contribution in January every year to maximize the interest you’ll earn on your investment. Even if you can only invest $50 or $100 each month, do it. The power of compounding interest, over time, will make your money grow more than you could have ever imagined.

Now here is a comparison of these two popular IRA options to help you decide which one might be best for you:

Traditional IRA

Advantages:

No income restrictions, available to everyone.
Deposits are tax deductible (depending on your income) and can reduce your taxable income.
You can invest your money in stocks, mutual funds, and other insured investment vehicles.

Disadvantages:

Earnings are taxed after the funds are withdrawnsusally at a lower rate when you retire.
Early withdrawals made before age 59½ are subject to a 10% penalty (subject to exception).
You must begin taking distributions from the account by age 70½ .

Roth IRA

Advantages:

Offers greater long-term tax savings.
Earnings left in a Roth IRA account for at least five years and withdrawn after age 59½ are tax tree.
There is no mandatory distribution age, which means you can leave your funds in longer.
No penalty on early withdrawal of principal contributions (subject to some conditions). However, there is a penalty for withdrawing any earnings your money has made before age 59½.
You can invest your money in stocks, mutual funds, and other insured investment vehicles.

Disadvantages:

Contributions are not tax deductible.
Income restrictions apply. The ranges for the 2008 tax year are:
Single-filers earning no more than $101,000 annually can make the maximum Roth contribution, and earning $101,000-$116,000 are eligible to make a partial contribution.
Married couples filing jointly earning no more than $159,000 combined annually can make the maximum Roth contribution, and earning $159,000-$169,000 are eligible to make a partial contribution.

Although you may not have access to the same benefits other professionals do, you do have a strong earning potential when you take time to develop your skills and create a demand for your services. A top professional hairdresser will always be in demand, even during a recession. You control your own financial destiny and opportunities. The sky is the limit.

To learn more about financial planning, I encourage you to check out the following websites:

www.bloomberguniversity.com

You’ll also find more information about financial planning on the HCDS website, www.hcds4you.com, under articles of interest.

Additional resources

A New Year, New Challenges, New Opportunities

Jon — Wed, 23 Dec 2009 00:15:42 +0000

Steps to Follow in 2010:

Review 2009 — Take time to reflect on 2009. Review your failures, accomplishments, and lessons learned. Review your numbers and profit and loss statement. Did you make a profit? If not, why? Take a long look at your score card, numbers do not lie.

Set New Goals for 2010 — What are your goals and aspirations- personal, professional and financial? With out goals or a plan of action you will drift aimlessly, make sure you have a road map to follow. A trial and error approach to learning in today’s tough economy is unacceptable.

Hire The Right People — Make sure you develop a comprehensive staff development program. Does your staff share your goals and vision about your business? You must create a team culture in building your championship team. Refer to my book Growing Your Business for help in developing your own staff development program.

Invest in Your Salon’s Greatest Profit Potential —Educate and train your staff. Teach them how to be successful. Develop your own employee training program or follow mine.

Evaluate Your Current Staff – Carefully monitor your productive and unproductive staff members. Are they performing up to your high expectations? What are you going to do about it?

Increase Salon Traffic — It is your responsibility to work hard at marketing and promoting your business and keeping your staff busy. Work hard to develop your marketing and advertising skills. Focus your attention on cost effective ways to increase salon traffic. Why are you different from all the other salons in your community, what is your competitive edge?

Measure Client Retention— Make sure you monitor customer return rate and measure the performance and productivity of your staff. Customer loss is devastating to business growth and profitability. Negative word of mouth is the worst kind of advertising.

Get Help – Hairdresser Career Development Systems will be providing educational resources and seminars in helping you take your business to the next level. Your not alone, help is available.

Review Your Operating Expenses — The easiest way to improve profits is to cut overhead expenses. Review your 2009 expenses, and make the necessary adjustments for 2010.

It is my sincere wish that 2010 will be a successful year for your business, yourself and your families. As President of HCDS, I will continue to seek out information that will help you meet the many challenges of career building and salon ownership. Looking forward to meeting you at one of my seminars or trade show presentations soon.

For continuing business tips and ongoing information please follow me on my Facebook fan page or Twitter.