Latest / Beyond Sovereignty / #041 - Best Wealth Strategies for Salon Owners in 2025 🚀💡

Transcript

#041 - Best Wealth Strategies for Salon Owners in 2025 🚀💡 · Beyond Sovereignty

0:00
Too many salon owners put their business first
0:04
and put themselves last when it comes to money. How was your
0:07
salon financially stressed but you were still able to go and travel the
0:10
world with Tony Robbins for a year? It's because of this system babe and
0:14
that's why I'm here to share it with you because it will change your life forever.
0:18
Review your allocations and adjust accordingly to percentages depending
0:22
on where the business is growing. How do I know these things? If you need more help
0:25
I'm here for you. If it is your salon, you want to make sure that
0:29
you have got different accounts set up in
0:32
your salon for different things. And the first
0:36
one needs to be for... Welcome to Salon Temple, the revolution in
0:39
the hair and beauty industry, a space where being banked
0:43
and creating massive global impact is the new standard. I'm Blythe
0:47
Langford, and in this podcast, I'm going to share with you the
0:50
exact strategies and insights that helped me transform my
0:54
three salons into seven-figure businesses. If
0:57
you're ready to step into your power, grow your wealth, and be part
1:00
of a movement that's changing the game globally, then, babe, you're in the
1:03
right place. So let's get started. I'm so excited to bring
1:07
you this episode, which is called Wealth Strategy for
1:11
Salon Success. I don't know how many salon owners
1:15
come to me and it doesn't matter whether they're a six, seven or
1:18
eight figure business owner. Finances can be crippling
1:22
when you don't have a grasp on wealth and wealth
1:26
strategy. So this episode is
1:29
going to revolutionise your salon finances. We're
1:33
going to create wealth buckets and you're going to put yourself
1:38
I have to pay my taxes first. We're
1:42
going to go into that. So let's go. Too many salon owners
1:46
put their business first and put themselves last when
1:50
it comes to money. How many of you out there have also,
1:54
when times are tough, don't pay yourself, don't pay your super, don't
1:58
look after you but look after everybody else first. One
2:02
that sets you up for financial freedom while you're growing your
2:06
salon. That's impossible, Blythe. No way. Oh
2:09
my gosh. I literally have to pay everybody first
2:14
because I am not worthy. Babe, look
2:17
at the previous episode, it was all about self-worth. So you can go into
2:21
that and then maybe watch this one because it will help
2:24
you so much. Because what I want to
2:27
help you with is create a common mindset for
2:31
you. One where you as a salon owner prioritize yourself
2:36
before your expenses, your taxes, and overheads, right?
2:40
The goal of this episode is to teach you wealth strategy using
2:44
what I call the bucket system, okay? So
2:47
the bucket system allows you to shift your focus
2:51
from being important in your business so
2:54
that your personal finance health comes first.
2:58
Yay, yay, yay, I'm all here for you to get banked, baby. So
3:02
section one of this is the traditional money
3:06
mindset. Now I wanted to talk about this because I feel it's
3:10
really important for us to acknowledge as salon owners how
3:13
fucked up shit is in business, right? It's
3:17
like you've got to pay your supplier, you've got to pay your staff, you've got to
3:20
pay your taxes, you've got to pay everybody else
3:23
first and then there's nothing left for you. and
3:27
so you just do whatever it takes and you know when it's okay
3:30
like when the timing's right then you'll pay yourself like it's okay you'll get your car
3:33
on finance and you'll make everything look amazing from the outside and
3:37
on the inside you're like oh my god financial security please please
3:40
give me some financial security it's driving me insane it's so
3:44
hard it's debilitating yep A
3:47
lot of salon owners come to me like that and I remember what it was like back
3:50
in the day, not knowing what to do. Although I
3:54
still was earning seven figures from each of my businesses and
3:58
running around the world, doing amazing personal development.
4:02
But I know salon owners don't have those abilities because
4:05
they have not created buckets for them to
4:09
be able to do things. You might be thinking, Blythe, how is your salon
4:12
financially stressed but you were still able to go and travel
4:16
the world with Tony Robbins for a year? It's because of this system, babe,
4:19
and that's why I'm here to share it with you because it will change your life forever.
4:24
This can take you from financial stress and
4:27
burnout and no long-term wealth strategy to
4:31
shifting that scarcity mindset into abundance. viewing
4:35
money as a tool for your own support and personal
4:39
growth and development simultaneously growing
4:43
your business and your staff and your clients as well.
4:46
So section two I'm going to talk to you now about the wealth buckets.
4:51
What are wealth buckets Blythe? I've heard of buckets but normally either water
4:54
or shit goes in them. Well, if water or shit are important
4:57
to you then you can create a bucket around it. But buckets are
5:01
a simple financial system that allows you to allocate money
5:04
into each individual bucket depending on what category
5:08
is really important to you. So you create buckets
5:12
within your salon and then you also create personal buckets. Bit
5:16
confused, Blithe. Okay, okay, okay. I'm going back. I'm going way back
5:20
and explaining the buckets. So, if it is your salon, you
5:23
want to make sure that you have got different accounts set
5:27
up in your salon for different things. And
5:31
the first one needs to be for emergencies. Emergencies.
5:37
What if you hurt yourself? What if five staff members leave
5:40
at once? What if there is a financial collapse? What
5:44
if, what if, what if, what if? All of the things. And
5:47
it's called... the emergency fund. And
5:50
the emergency fund is almost as important as the profit bucket,
5:55
right? So we want to make sure we've got an emergency bucket and a profit bucket.
5:58
Now, what's the profit bucket? Baby, that's your bucket. It's your bucket.
6:01
It's so beautiful. It's just for you and your profit and
6:05
for your lifestyle and all of the amazing things that you want to do. I can't
6:08
do that. I'm innately unworthy. There's an episode for
6:11
that. It's from last week. Watch it. So yes,
6:15
you can create a bucket for yourself because why
6:19
else are you in business? Well, I'm for my clients and
6:22
for my staff. And do you want to eat baked beans for
6:26
the rest of your life? No. So let's create a strategy. Bucket
6:29
number one, account number one, is for your emergency
6:33
fund. Bucket number two is for your profit.
6:37
For you, baby, because I love you. I love you. It's for your personal growth. It's
6:40
for your long-time financial independence. It's to ensure that you get paid
6:44
first from now on and not last. You're welcome.
6:47
I love you. And then you want to make sure that you've
6:50
got a bucket for tax. Make
6:54
sure you've got a bucket. That will help to resolve a lot of stress for
6:57
unexpected bills. But you know what? I
7:00
don't know if it's obvious how I feel about tax. You can
7:03
also go on payment plans for tax. I don't think
7:07
you need to pay your tax all out and blah, blah, blah. Oh my God, but tax is
7:10
so stressful. I have to pay the tax department straight away. Really? Who told you that? Your
7:14
grandma and your accountant. Fuck them. Granny,
7:19
you're indoctrinated into the system. And accountants? Motherfuckers work
7:22
for the ATO. Motherfuckers work for the tax department. I'm
7:26
not for it. Put it on a payment plan. Pay the little amount you
7:29
want. Like, pay the tax department. Those motherfuckers last.
7:34
Pay yourself first. Oh my god, that's so bad, Blay.
7:37
That's so bad. Is it? That's
7:41
what payment plans are for. Did you know that the tax department, it's
7:45
like Bali. Like it's not a
7:48
beautiful tropical paradise, but you can barter. Yep,
7:52
you can barter with them. What do you mean? You
7:56
can reduce your tax payments by asking for a
7:59
reduction? Yes. Yes, you can. Yes,
8:02
you can, you sexy motherfucker. If you want to go on a payment plan. But if you don't
8:06
want to go on a payment plan, you could say, you ring them and you say, hey, tax
8:09
dude, I'm going to give you an upfront payment because I have
8:12
saved all of my money to pay you. But
8:15
I can only pay you half of what I owe you. And I'm
8:19
going to pay you half and you're going to wipe the rest. Wow, Blythe, you're
8:22
a confident little bitch. Yes, I am. And I
8:25
am transmitting that confidence to you so you can call the tax
8:28
department and pay half of your bill today. But will they let
8:32
me? I don't know, mate. I don't know. Maybe they'll let you pay three
8:35
quarters or half. Some of them, if they're having a good day, if they got a
8:38
lot of sex this morning, they might let you pay half. So
8:42
let's hope that you get that person, right? But you can
8:45
literally reduce your bills by asking. So
8:49
ask the tax department for a reduction. Now, the next bucket,
8:53
bouquet you want is for operating expenses. So
8:58
for your salon costs, your rent, your supplies, your staff, your
9:01
wages, your overheads, that is what you want to
9:04
make sure you've got a big, big bucket for. That bucket
9:08
should hold 50% because you want
9:11
to keep it lean and aligned with your revenue growth. Because
9:16
if you've got these buckets set up, then you paying
9:20
into the bucket and then your wages come from that bucket so then all
9:23
of your money goes to where it's meant to go each and every week. Confusing? Yes,
9:27
but it won't be by the end of this episode. Now the next bucket is
9:31
for growth and education. Growth and education is
9:35
vitally important because guess what if there's no profits you can use the
9:38
growth and education bucket to go and do whatever the fuck you want around the world. Because
9:42
it's classes education just go and do a bloody course somewhere. I did. It's
9:46
amazing. I learned everything that I wanted to about everything I want
9:49
to across the entire world. and just put it
9:52
through education and training. So I am giving you
9:56
the permission to do the same. Reinvest in yourself to make
9:59
your life rich so that your salon will be rich. Watch previous episode,
10:02
it will help you with that. But it also allows for staff training and
10:06
initiatives and leadership courses so that your staff can
10:09
step up and become empowered leaders within your salon so
10:12
that you can do the things you love. And if you watch the last episode,
10:16
it'll be things that are outside of your salon. Because I know you love your salon but
10:20
Babe, let's get you away from the salon so you can also have
10:24
a rich life, okay? Now,
10:27
the way you wanna set these buckets up is a
10:30
rough guide. So for your profit bucket, which is
10:34
yours, baby, 20% of every single week
10:37
goes into your profit bucket, okay? Then 15% of
10:42
your week goes into taxes. I don't agree with it.
10:45
Because whatever's left over from that one, you can just put it in the profit bucket, okay? Let's just think about
10:48
it like that. Expenses, 50%. Then you've
10:52
got your growth bucket, growth and education, 5-10%. And
10:56
then you've got your emergency bucket which is like 10% as
10:59
well. So emergency can be for anything, unexpected situations,
11:03
repairs, downturns, opportunities, any
11:07
of those things. So they are your buckets. Now,
11:10
we're going to move on from buckets for a minute because this is all
11:14
just to do with your salon buckets. I'm going to go into your personal buckets
11:17
later but I hope you wrote all of those down. Go back, rewind, write
11:21
those buckets down, write the percentage down. That's how I want you
11:25
to look at your revenue each and every week. and
11:29
have it go to one of those buckets so that you can have a
11:32
wealth strategy within your salon that will literally take
11:36
away any financial debilitation within your nervous
11:40
system. Yum, you're welcome. I love you so
11:43
much, babe. I love you. That's for you. Oh, my
11:48
nervous system is relaxing. I hope yours is too. Now, section
11:52
number three. Why do I pay myself first, Blythe? The
11:55
tax department, I gotta pay my taxes first! Which is
11:58
what 80% of salon owners come to me and say, I've got
12:01
this massive tax debt, oh my gosh, I'm thinking about getting a personal loan
12:05
or a business loan to cover my tax debt. Oh babe, I
12:09
remember what it was like to... think that I
12:12
had to pay the tax department before I paid for
12:15
my own mental stability so that
12:18
I could run the salon. The tax department does
12:22
not care about your financial health. Why should
12:26
you prioritize them over yourself? Paying
12:31
yourself first shows a level of self-respect
12:35
and self-care and builds long-term financial
12:39
security. Because Financial security
12:43
is what calms your nervous system. It's what gives
12:46
you back your mental health. It's
12:50
what builds your confidence, reduces stress, and
12:53
ensures motivation to grow the business sustainable.
12:58
And that's the most important thing. It's all about you growing
13:01
this business. It's not about the fucking tax department, okay? Get
13:05
the fuck over it. That's an old, outdated model. Listen
13:09
to what I said about the tax department. It's barley, barter
13:13
with those motherfuckers. or put it on a payment plan. Who gives
13:16
a shit? They don't give a shit. They don't give a shit. And
13:19
if you're in real financial trouble time with
13:22
your salon, tell them, hey, can't pay
13:26
you anything for the next four months. Maybe like
13:29
$10 a week, OK? And then after the $10 a
13:33
week, then I'm going to pay you $20 a week. You're
13:37
welcome. Make it sustainable, whatever
13:40
is going to work for you. And then you're like, oh my God, I don't like having loans. This
13:45
is your invitation to grow your capacity
13:49
of wealth, of what you're actually able to hold. The
13:52
tax department debt isn't necessarily bad. It's something that will just
13:56
stay there that you don't even have to worry about. Just ring them up, make
13:59
an agreement with them and move on, babe, and then put
14:02
money into your profit bucket. I feel so guilty paying myself instead
14:05
of the tax department. Those guys are literally stealing from you.
14:09
They're stealing your money. You need to get
14:12
your salon healthy first before you pay those
14:16
C-bombs. Okay? You're welcome. Section
14:19
number four, how to implement the health bucket system. I'm
14:23
glad you asked. How do I implement the health bucket
14:27
system? Cool. Steps to set
14:31
up your wealth buckets. Number one, you
14:34
need a pen babe. Get a pen, write this down or put it in your notes.
14:39
Open separate accounts. That's all you have to do. Open
14:42
separate accounts, one for each bucket and track it.
14:47
What do you mean by that? Sounds like work. Okay, well get an AI
14:50
tool that does it for you or pay like, if you're like
14:53
struggling with this shit, you need to pay a virtual
14:57
assistance because they're super cheap. You can go and help save somebody
15:00
in another country that's fucking having a really rough time by
15:04
helping them do all of these things. to do with my accounts, Blythe?"
15:08
Great, so they have viewing access only. Nobody should have access
15:12
to your accounts. Viewing access only, okay? So,
15:16
but you need to set this all up. Open up separate accounts, one for each bucket and
15:19
then track it, so every single week that a certain percentage
15:22
goes into each bucket. Blythe, this takes time. Babe,
15:27
do you want to be broke or banked? Step the fuck up, let's go. Put
15:31
on your big girl pants, And let's go and create financial
15:35
security for you for the rest of your life. piece
15:42
of paper all you have to do is just track this shit and
15:45
if you fancy or you've got a VA get them to create a
15:48
spreadsheet for you okay so then you can allocate every
15:52
week immediately when the revenue comes in you
15:55
divide it into each bucket right according to
15:58
the percentages I don't know how to do percentages get a calculator you
16:02
got a calculator on your phone you can use it and then I want you to track this monthly
16:05
I don't want to do it I don't want to do it Your VA
16:09
will do it, okay? Your VA or your receptionist. Just
16:12
get a VA, babe. Just get a VA. Get
16:15
a VA. They can even answer your phone. You don't even have to have a receptionist
16:19
in the salon. You don't have to rely on your first year to answer
16:22
the phone for you. Get a VA because They're
16:26
going to work for you. And even better, get an AI.
16:30
Get AI, because they're always turned on. They don't have bad
16:34
days. They don't get sick. They don't have emotional stress. Get
16:37
an AI tool that's going to do stuff for you. You know, babe, it's totally worth
16:41
it. Track it monthly, review your allocations, and adjust accordingly
16:45
to percentages, depending on where the business is growing. How
16:49
do you do that? How do I know these things? If you need more help, I'm here for
16:52
you. I am here for you. I'm an amazing business
16:56
mentor and coach. Been in the industry for 30 years, had
17:00
three seven-figure salons that I took from six
17:03
figures of debt to seven figures, all in
17:07
under nine months. So I feel like I'm really great
17:11
at helping people. Oh, and I also coach clients, been coaching clients in
17:14
business development for the last 20 years. and on all
17:17
kinds of business. But now I'm hyper-focused on salon owners
17:21
because I want you to be banked. I want you to be wealthy, wise
17:25
and worthy, babe. So let's go. Now, the fourth thing
17:28
you need to do is set clear goals. What
17:31
do you mean? I want you to think about each bucket, right? And think about what
17:35
are they actually for. Is one bucket for personal savings, like
17:39
your personal savings goals? That's definitely your profit bucket. Tax savings,
17:42
salon investments, Is it for a reno? All of those
17:46
kind of things. And then think about what it is that you actually are
17:49
generating in your salon each and every month and what the
17:52
percentages are going to go into each bucket. Okay, so let's
17:56
say you've got a hundred grand salon and 50% is
17:59
going into your expenses bucket. Well, that's 50 grand.
18:03
50 grand going into your expenses bucket. And then you've got 20% going
18:06
into your personal bucket, into your profit bucket. So that's $20,000 going
18:10
into your personal bucket every month. Hallelujah. Hallelujah. Cause at the
18:13
end of the year, 20,000 multiplied by 12 is 120,000. Yes. Then you've got $120,000 in that bucket. Hallelujah,
18:26
hallelujah, hallelujah. Oh my God, isn't that so
18:29
exciting? Yes, yes it is. And then you've
18:32
got your tax bucket and you have put aside anywhere
18:36
from 10 to 20% depending on your adversity for risk
18:40
and adversity for self-worth and self-love, right?
18:45
So it could be anywhere from obviously 10 to 20 grand
18:49
a year, right? And then you've got your growth bucket,
18:53
which let's say you're putting 10, 5 to
18:56
20%, obviously anywhere from 5 to 20 grand. So you get what I'm saying. Your emergency bucket,
19:00
very important. Anywhere from 10 to 20% for that bucket
19:04
is very important, okay? So 10 to 20 grand a month that
19:07
you're putting aside just into your emergency bucket. Now, these are the
19:10
essential buckets for your salon, right? Now,
19:14
once you've got these buckets, then you also want to probably create your own
19:18
buckets within your own personal bank accounts, okay, that
19:21
are different from your salon. You could also set up a different
19:25
kind of structure that is tax
19:29
avoidant. Oh my gosh, if you want
19:33
to find out more about that, then you should let me know because there is some
19:36
cool shit out there that you can do to pay
19:39
minimal tax, it might be trusts, it might be self-managed super
19:43
funds, it might be not-for-profits, it might be all of these cool
19:47
things that can help you be even more tax
19:51
avoidant. But Blythe, that sounds illegal. No, tax
19:55
evasion is illegal. Tax avoidance is recommended by
19:58
the tax department. So if you want to be tax avoidant like
20:02
the tax department recommends, then babe, I've got some strategies.
20:06
Reach out. It's really cool. Now section number five is
20:10
overcoming resistance and building new habits. Because I
20:14
hear you being like, this is too hard. Oh
20:18
my gosh, I feel guilty about paying myself before
20:22
I pay the tax department. I believe that there isn't
20:25
enough money to allocate across these buckets. I
20:29
believe that even putting like a little bit
20:32
of money into the profit bucket is really shit. Watch
20:36
the previous episode on self-worth and remember that
20:39
you will always feel like you're financially crippled if
20:42
you do not start allocating your revenue
20:46
to where it needs to go and creating a wealth strategy. This
20:50
is what a financial advisor does. Oh yeah, I studied that course, financial
20:54
advisory. Yeah, I did that. Me personally, Blythe, I
20:57
did that. So if you want really good strategies... Guess
21:01
what I've been doing for the last 10 years for my clients? So, reach out,
21:04
book a call. I love it. It's literally the funnest shit to
21:07
me. When people are like, oh my god, I've got all this debt, I don't know what to
21:11
do with it. I'm like, babe, let's go. We're initiating you into the next level
21:14
of wealth. Let's go and create some amazing wealth
21:17
strategies for you that are gonna 10x anything
21:22
else that you would do. So the most important thing as well is
21:25
start small. Even if you don't believe there is enough money for
21:28
these buckets. Just put something in them, okay?
21:32
Put something in these buckets and start to use them. Just
21:36
creating these buckets really takes you from intellectualizing
21:41
financial security and financial wealth to actualizing
21:45
it. You're creating a tangible wealth strategy
21:49
which is priceless to your nervous system. Babe, it
21:52
will 10x your life. Really? And then you've got all of
21:55
these different buckets to pull on for when you need them. And
21:59
track your progress. Celebrate your milestones. Like, if
22:03
you didn't spend anything in your profit bucket and
22:07
you had 20% of your revenue at the end of the year, What
22:10
are you going to do with it? That's like, you could purchase homes with
22:13
that. You could purchase the amazing car. Don't purchase a car. It's a dumb investment.
22:17
Like, purchase amazing things that are going to add
22:21
to your wealth strategy, right? That
22:25
are assets that are going to accumulate and compound each
22:29
and every year, that are going to give you an even better life, that are going to add
22:32
to your financial portfolio, that aren't going to take from your financial portfolio,
22:36
right? And so the most important thing that you can do is reframe your
22:40
guilt. What do you mean? Reframe. So you need to think about your guilt
22:44
in another way. Paying yourself first ensures that you
22:47
can continue to support your team and your salon. Straight up. If
22:50
you don't pay yourself first, you can never afford your
22:54
team and your salon's growth. Section number six. The
22:58
long-term benefits of wealth buckets. Financial freedom. Creating
23:02
a cushion for your future and retirement. Babe, when
23:06
you retire, you want that fluffy down pillow of money.
23:12
right? You want better business decisions, clear
23:15
allocations made because you are not emotionally spending,
23:20
right? Because we emotionally spend when we're stressed and
23:23
we are not financially secure. You want personal satisfaction,
23:27
so you want to feel like you're rewarding yourself or you
23:31
are rewarded for your hard work. This will stop burnout.
23:35
This will create motivation and allow you to love your
23:39
business again because too many of us do not love our
23:42
businesses. They become this cesspool of shit and
23:46
I want your cesspool of shit to turn into heaven where
23:50
you are turned on and you look at your growth bucket
23:54
and your profit bucket growing and you're like, Yes,
23:58
I can have everything I desire this year. Yes, babe.
24:01
You're worthy of that. It's gonna be amazing. It's gonna be a great year.
24:05
A great year. It's gonna be a great year for you. I
24:08
can feel it. Can you feel it? If you can't, you should reach out because
24:12
I would love to work with high six and high seven figure business owners
24:15
who are ready to change the trajectory of their salon. Now, the key
24:19
takeaways of this episode are shift your
24:22
mindset. You are more important than the tax department, baby. I
24:26
said it. I did. I said it. Yeah. And number two, wealth buckets ensure
24:31
a balanced, sustainable approach to your financial management,
24:35
AKA you won't get burnt out and feel like shit. Three,
24:39
start small. Stay consistent and watch your personal
24:43
and business wealth grow. Yummity yum yum. They're
24:47
the main things. That's really it, right? Okay, so what do I do from
24:50
here, Blythe? Take the first step today, babe.
24:54
Open up separate accounts. Open up separate accounts. You don't even need to go into the bank. You
24:57
can just do it on the app on your phone. Open up separate accounts.
25:01
And from your last week's money of your salon, I
25:05
want you to start allocating into different buckets. Oh,
25:08
it's so time-consuming. No, it's not. Because you spend
25:12
more time dreading this shit, and if you
25:15
were more organised, guess what? The mental dread? Unicorns
25:20
and rainbows over away, right? Rainbows, unicorns
25:25
on a rainbow far, far away. It goes away, right? So,
25:29
just do those things. Allocate your net income
25:33
and reclaim your financial power. Your future
25:36
self will fucking thank you. You will be rich,
25:40
banked, wealthy, wise, and you will feel so worthy
25:43
of all of that money. Because guess what? You are worthy
25:47
of having a beautiful wealth structure that's
25:51
simple. Because believe me, once you start doing this, it
25:54
becomes so fucking simple that you literally are
25:58
like, oh my gosh, all that mental stress goes
26:01
away with organization. Yep, your
26:04
mental stress just is gone because
26:09
your finances are allocated perfectly for
26:12
the life that you actually want to live. So make
26:16
sure that you take that first step today, open up separate bank accounts and
26:20
start your wealth strategy. And if
26:23
it all feels like too much, that's what I'm here for. I
26:27
am an amazing business mentor that can help you set up
26:30
your buckets for your salon, but then also set
26:33
up your own buckets for the life that you actually want to live and
26:38
everything that you desire in your life. So give me a
26:41
call, reach out, let's go and start to
26:44
create a completely different structure for your wealth. If
26:48
this episode spoke to your soul, I would love your support with a
26:51
five star review on Apple podcasts and Spotify. And
26:54
don't forget, please subscribe on your favorite platform too. Don't let your
26:58
journey end here. Connect with me and my like-minded community of
27:01
beautiful souls at Vlad Blankford on all social platforms.
27:05
I look forward to diving with you deeper on your journey.