Webinar Replay: Proven Financial and Social Media Formulas for Student Success

We loved having the opportunity to participate in this webinar with Qnity, a company that offers courses for beauty schools and beauty professionals on how to manage their finances and ultimately make a profit, whether they are working as their own boss or renting out a studio in a salon. Watch the replay or read the transcript down below.

Watch the Replay

Read the Transcript

Erin Kuhn:

All right, I’m going to just do a quick introduction. So we are here today for a two-part webinar series. I’ve heard such wonderful things about Beauty as a Business and it’s so important. We’re really excited just to be collaborating just to bring you this complimentary training and hopefully give you some quick tips that you can implement.

I know there’s been so many webinars in the age of … “Start with a joke please, Kelly.” Shoot, I didn’t start with a joke, I’m going to have to turn that to Chris, so he’ll take that. But really, hopefully give you some tangible, actionable items that you can bring to your students, bring to your school, and maybe even use for yourself.

So with that, I’m going to turn it over. Chris, you can take the screen here and we’ll go from there.

Beauty as a Business

Chris Linford:

Yes. Yes. You can go ahead and not share your screen, I’m going to use my background as my slide. So a quick intro on me, a little bit more info on me. Yeah, coming from Utah. So, Beauty as a Business was formed because of our main company, Oozle Media. We’re a marketing company–agency. Full service agency, 45 employees, we work with a lot of beauty professionals, salons, spas and beauty schools.

And, over the many years of doing digital marketing for these professionals, we realized that there was just a big gap in education for social media, so that’s why we started Beauty as a Business. And some of the things that I’ll be sharing today have been proven to work. It’s not complicated, it’s a pretty simple formula.

But yes, again, I’m coming from South Jordan, Utah, and I guess here’s my joke. So Utah, let’s see, a little bit about me, I have five kids, but I only have one wife, though. Coming from Utah. So, there’s my joke.

Erin Kuhn:

That’s a good one, Chris.

Chris Linford:

Made Erin chuckle there.

So, what we’re going to get into today is a basic formula for how to post on social media that I like to follow. But before we do that, I really want to talk about some general marketing principles that’s going to work for social media, and it really comes down to good marketing versus great marketing.

So, let’s use the chat here.

What’s the Difference Between Good Marketing and Great Marketing?

Good marketing is talking about ourselves, and this is what I’m going to get into today, is the good marketing. Maybe we can do another webinar later for what’s great marketing. But, for anybody out there in the chat, so if good marketing is talking about ourselves, what is great marketing? Any guesses in the chat? Good marketing is talking about ourselves, what is great marketing, especially as it relates to social media? Any brave people?

Okay. Briana, you nailed it.

So, good marketing is talking about ourselves, great marketing is getting other people to talk about us, because it’s so much more believable what other people say about us than what we say about ourselves.

There’s something in marketing called user-generated [content], UGC, and that’s the most believable form of marketing. So if you can be really good at getting your clients and others to talk about you on their social media, that’s the best type of marketing you could do.

Practice “Getting Awkward”

So that’s actually a skill set that I call “Getting Awkward”. The reason why I call it getting awkward is because it should involve you asking your clients to do something for you. Right? And if we ask people to do things for us, what are we afraid of happening? Any guesses in the chat?

And that’s why it could be awkward, because we’re scared. We’re scared to hear what? We’re scared to be what? We’re scared to hear, “No.” Yes. We’re scared that they’re not going to do it. Lisa, yes. We’re afraid, yes Kelly, to be rejected. Rejection is no fun, right?

If you’re really good at your craft, let’s say those hard skills, people will naturally talk about you, but you shouldn’t wait for that to happen. You need to facilitate that. You need to get awkward and ask your clients to talk about you.

The most successful beauty professionals I know, they get rejected the most because they’re just asking more people to do things for them. And we can be smart about what we ask them to do and where they’re going to post about us.

In some of our courses we’ve got courses on Instagram, online reviews, Google reviews is a huge one where we can ask our clients to talk about us.

So, I just wanted to get that out there. And if you’re that person that just is not afraid to be rejected, and that just is not a big deal to you, you’re probably killing animals in your basement, because that’s just weird.

Nobody likes to be rejected and it never gets easy, but the thing is, is that you have to. For as many “no’s” as you’re going to hear, you know you’re going to hear X amount of yes’s. So, that’s great marketing. I wanted to really get that out there in this short lesson here. It’s always really super important.

Our Proven Social Media Formula

But let’s dig into a social media formula. So the formula that I like to follow and consult our clients and any individual doing social media, is the 70 : 20 : 10 formula. So that equals 100.

So, 100% of your posts on social media should be broken up this way.

Let’s talk about 70%, the majority of your post of what you’re doing on social media. Now this formula here, this is a sales formula. So, when we get into this, keep this in mind, and I’ll ask everybody out there and put it in the chat, finish my sentence, people buy, or in your case, people will book with people they… what? Put it in the chat. People buy from people they … They like, they trust, relate to, trust, like, love, know. These are all correct. Identify with. Yes.

The typical answer is trust. But also it’s like, too. Also, here’s a sales skill is building a bonding and rapport, the best way to do that is to match the personality type of the people we’re talking to.

If you have a client that’s very direct, they want you to be direct. That’s for sales, another sales course out there. People buy or people will want to book with people they like and trust. So, think about that when it comes to social media, how can you build trust? This is a great formula.

70% of What You Post Should Be Building Trust

Now let’s talk about the 70%.

70% of all the things that you should be posting on social media should be building trust. You should be giving away something of value.

Think about who your clients are. Think about what questions they have. Are you answering their questions? Think about their concerns. And here’s an activity that I’ll just have you do on your own, get a piece of paper or on your laptop or your phone, get your notes app out and put one through seven on there. And I want you to see if you can come up with the top seven concerns that somebody might have about seeing you. See if you can do it. It’s actually pretty tough for any industry and business.

What are their top seven concerns? Let’s put it in the chat. What do you think? I’ll start, price is always a concern in any industry.

What are some other concerns? Let’s say you’re a hairstylist or you’re an esthetician, let’s say you’re a massage therapist … We’ve got quality, that’s great. Yes, customer service, what’s the experience going to be like? Where are you located? Is it safe? That’s good. Getting services done by a student? That’s a big concern for sure. How long is that going to take? Especially their experience, is it going to be safe? Is it easy to book? Availability is a concern, right.

What I would suggest is think about the content that you’ve been producing on social media, are you addressing concerns? Are you answering people’s questions? Are you providing value?

Who Do You Follow on Social Media and Why?

So here’s a fun exercise, and I want to do this in the chat if you can. How many of you are following professionals on social media, like beauty professionals? And put some of your favorite ones in the chat, their handle, their @whatever?

Maybe I’ll start. You guys are beating me. @thedallasesthetician. @behindthechair, very good. So think about all these people. We’ve got Modern Salon, yes. What about some beauty professionals, people who are in there, they’re getting awkward, they’re producing content. You have @paintedhair, @hairbymisskelly. Did you put your own self in there? Just kidding.

Think about these people that you follow, and why did you follow them? What are they doing that keeps you from not hiding them or unfollowing them?

I would bet that they’re probably teaching you things. So yes, their content is informative, it’s entertaining, that’s part of it, right? It’s providing value by being entertaining. Think about maybe some of the most basic services that your clients might struggle on. Think about educating them. They would probably just need some basic tips on, maybe it’s makeup, maybe even shampooing their hair, or how to use a certain tool, a flat iron tool, or how to maintain a look.

There’s probably some very basic things that you can be teaching and educating your clients on social media. This should be the bulk of what you’re posting on social media. And that’s going to build trust because if they’re learning from you, they think you know more, and so they’re going to stick around, and that builds trust.

If they’re learning from another beauty professional down the street in the same area, they’re most likely going to book with them. That’s how this works. So, this is your best sales strategy on social media. A lot of the small businesses do this backwards.

Why Do People Unfollow Brands?

What do you think the number one reason is people unfollow brands on social media? Any guesses? Put it in the chat. Why do people unfollow brands on social media?

It’s boring, not relevant content, inactivity, these are all on the list but I haven’t seen the number one reason first. The number one reason people unfollow brands and people on social media, brands, businesses. Engagement. Always trying to make a sell. Kelly, again, I think you nailed it again. Too pushy about buying. Too promotional, that is it.

Being too salesy on social media will get you unfollowed.

The best way to sell, actually, is to give away good, valuable, free content. That’s called inbound marketing, inbound sales. The more information you can give and the more relevant you can become, the more trust that you can build, the more sales that you will get.

The world has changed because of the internet and social media, before we had to trust salespeople, right, we had to trust what they were saying, and now, we have information at our fingertips.

So the more information you can give, the more trust that you’ll build.

The Majority of Your Content Should Be Video

Now, here’s a pro tip on the 70%, the content that you’re producing, the majority of it should be video. Video just performs the best on social media. You’ll get in front of more eyeballs. And that’s what we want to do, we want to get impressions, we want to get in front of more people. So video. Beauty as a business has a course on photography and video.

20% of What You Post Should Be Other People’s Content

Okay, let’s talk about what the 20% is. If you’re creating all this awesome content, it’s video based mostly, 70% of what you’re posting, 20% should be you sharing other people’s good, valuable free content.

You don’t always have to be the one educating and teaching. If you see something out there and you think your followers would like it, share it. So, look at this, that’s 90% of what you’re posting out there should be free, valuable content. Now, you might think, oh, well, what if I have a special, or a deal, or a discount, is that free valuable content? No, that’s salesy. Okay, that’s promotional. That’s annoying.

10% of What You’re Posting Should Be Sales Content

Now, if 90% of what you’re doing out there is providing free valuable content, then you can ask for the sale, that should only be 10% of what you’re posting. So this is a formula that has been proven to just work over time, and it takes time, consistency is important in marketing, but this is a great formula to follow.

Now, if we’re struggling over here, like, oh, man, what do I post? I’ve gone through the concerns and answered their questions. I like this quote here,

“Good artists copy, great artists steal.”

It was said by this guy. Any guesses on who this guy is? Who is that? Put it in the chat. Who is this guy? He said, “Good artists copy, great artists steal.” Maybe some of you are googling that quote right now. Without googling it, who can take a guess on who this guy is? Who said that? In the chat, let me know. Maybe I stumped you with this.

Okay, that guy is Pablo Picasso. Yes, that is Picasso, one of the greatest and most famous artists. He said, “Good artists copy, great artists steal.”

If those professionals that we talked about that you’re following, if they’re producing really good content, you can share it but then you can also recreate it and make it your own, right.

Artists are constantly ripping each other off, right. Think about Vanilla Ice and Ice, Ice Baby, and if you’ve ever heard Queen and David Bowie – Under Pressure, right, that’s the same beat. He just took it, right? If you’ve ever listened to Hey, Jude, you’ve heard basically Aerosmith. So, it happens all the time and it’s okay.

Just don’t blatantly rip it off and it’s the exact same thing, but just recreate it and make it your own, in your own voice, in your own brand.

So, here’s what I want to do is … Judy, you’re named after the song, Hey, Jude, that’s awesome. It’s a great song. Although, Paul McCartney had some great songs. John Lennon is more of a rock and roller, I gravitate more towards John. And if I’m offending everybody on here, I’m sorry, because I know Paul is probably the most loved Beatle. But John Lennon said, “Paul’s music is granny music”, and I think there’s some truth to that. But Hey, Jude is a great song.

Okay, for everybody on here, we have a free sampler Beauty as a Business course. So you can get in there and you can get a taste of this content. And, I’m going to share the link with everybody.

You can get in and enroll for free, and get a taste of some of our popular Beauty as a Business courses. This is for a limited time. There’s the link there.

And you can get in and check out our stuff. We’ve got an Instagram lesson in there, I think it’s on hashtags. We have photography and video, we’ve got how to handle negative reviews.

Negative reviews can actually help businesses make more money, but it depends on how you respond to it. We’ve got some fun courses in there.

So, if anybody wants to take advantage of that, do that. But let me also say, “Hey, if you’re on here and you’re looking for more marketing tips and tricks, best place is to go to our Instagram. Give us a follow, @beautyasabiz, B-I-Z, on Instagram.

If you want almost daily marketing tips and tricks for beauty pros … Thank you, Aaron, @beautyasabiz, give us a follow. So that’s all that I have. I don’t have any more jokes, Erin. I’ll turn it over to you.

Qnity

Erin Kuhn:

Awesome. Well, thank you so much. I wrote that down. And I love that you formulatized social media, because it’s so challenging to think about, what do I post? Is this right? You could be posting anything. So we’re going to use that. So, thank you so much. And I hope for all of those of you, whether you’re a student, whether you’re instructor, hopefully you’ll be using that as well.

Now, I’m going to go in, and I’m going to share my screen, and we’re going to talk about a little mini-financial formula for financial success. For those of you, just go ahead and type in the chat if you’re new to Qnity or new to Qnity for Schools. Just type in the chat if this is your first time experiencing us.

What we do is we’ve been working in the professional space for the past, my business partner, 30 years. Lots of new people, nice to meet you everyone. And for the past 10 years or so, and I grew up working in salons and spas, and my business partner was a finance guy turned multi-location salon owner, and really saw the gap in financial literacy.

And it’s not just in this industry, in the beauty and wellness space, it’s in many industries, especially industries where someone is very strong at a craft.

What I’m going to be giving you today is pulling from one of our courses, our financial literacy program called, Money. And we have other courses in the professional space and we’ve been working there for years, but this is going to give you a little bit of a taste on how you can experience greater financial success and also how you can educate your students on how to experience greater financial success now and preparing them for once they enter their career.

So how many of you have heard this phrase, “I just want to do hair,” or to add to that, nails, massage, esthetics, my craft? Right. Whatever the craft is, how many of you have heard that from students? Every day, Kayleigh, that’s what we see as well too. And maybe many of you guys can relate.

For those of you who are really strong at teaching, are really strong as instructors, right, at the end of the day, we all have to make a living, though at the same time.

One of the things that we’ve found, when it comes to numbers and when it comes to math and money, there’s a lot of anxiety and there’s a lot of confusion when it comes to the numbers. So what we’re trying to do is create simplicity around that and to try to provide a little bit of structure to the noise.

The Majority of People Feel Unprepared to Deal With Financial Challenges After Graduation

The problem is, and probably many of you on this call have experienced this depending on your roles, but the majority of people, both students and parents, feel unprepared on how to deal with the financial challenges that await them after graduation.

We know and we love this quote that for the majority of people in beauty and wellness careers and trades, and for the majority of those pursuing careers, doing something they love or excelling at a craft, “Money might not be the most important thing to them.”

We use this quote to illustrate that, hey, it may not be the most important thing, but it is a little bit like oxygen on the “got to have it” scale. So that’s just a fun quote that we like to tell students.

So, a couple more statistics before I get into the formula. These are from various studies, one is called the National Financial Educator Council. So I’m going to share these statistics with you. But these are very widely referenced.

• Only 33% of parents actually talk to their kids about money.
• 33% of adults rate themselves as a C, D or F on their knowledge of personal finance.
• Seven out of 10 Americans live paycheck to paycheck
• 63% of millennials are anxious about their current financial situation
• Less than one in five US adults are confident that they’re saving enough for retirement
• Six out of 10 adults have credit card debt in the past 12 months

So do any of these statistics, and I think COVID really brought this to life, some of the financial realities, but do any of these statistics surprise you? Any of these statistics surprise you? And do any of these statistics, do you have concerns for your students entering the workforce knowing that this is the lack of financial literacy that we’re dealing with?

Why this is so important is, we’ve been working with salons and spas for years, and this lack of financial literacy really starts early on in careers. We’ve seen salon and spa owners that are really great in their craft, but the reality is, because of their lack of financial acumen, that creates, oftentimes, major financial challenges not only for the business, but also for the staff within the business.

We really wanted to provide and bring some of the elements that we’ve been teaching in the professional space to students, because just imagine if you change these statistics while your students are in school. How much more successful they’re going to be as practitioners, how much more successful they’re going to be if they want to open their own business or if they want to go solo, right?

It’s giving them the tools that can really set them up for success for a truly long and prosperous career in their craft of choice.

What I’m going to be taking you through today is just a little nugget out of our MoneyIn module from our financial literacy curriculum called, Money, which is about 40 hours of financial literacy training and curriculum, all made simple and visual. So, this simple formula that I’m pulling from is from module two called, MoneyIn.

So tell me if you guys have seen this before or if you feel like maybe you can relate. Someone graduates, they’re super pumped, they’re excited to do their craft, but then wait,

How do they actually make a living?

Oftentimes, it’s amazing once students are so skilled technically, but when it comes to actually making a living, it’s scary and they don’t have the tools and formula on actually how to do so.

What I’m going to give you today is just a simple way that you can reframe and help set your students up for success with a two-part way to actually help them make money when they get out in the field.

So, sales, what do you think of when I say the word sales? Just type in the chat box. What’s the first word that comes to mind? Is it exciting? Is it fun? Is it boring? Is it gross? Get awkward. Used car salesman. Money. Absolutely. Wow, lots of people on here, money. What are you selling? Okay, I love it.

Students Need To Know How To Do Sales

So the reality is, when your students enter the workforce, they’re going to need to know how to do sales. And we need to demystify this word because the reality is, sales is just a KPI. Yes, Chris, a great career, I love that.

Anyone familiar with the term KPI? Type in the chat box. But, really sales, and if we educate a little bit differently around sales, sales is just what’s called a key performance indicator, which is a very common term used in business to really measure specific performance.

Sales, really at the end of the day, just like excelling at a balayage, just like doing a great cut or trying a new color, sales is really just a metric of how you’re growing as a professional. If we can start to educate students on this earlier, they’re going to be much better prepared for once they get out into the field.

So here’s a more blunt reality, right, no sales, if you’re not good at selling or if you don’t want to sell, no money, right? The same with marketing, what Chris was talking about, it’s really making sure that students are relevant, showing up on social media, marketing themselves, whether it may or may not feel awkward to them, but also they have to be able to sell themselves.

What we’re going to talk about today is a way to drive sales. And we’ve really boiled it down to two very specific numbers. And another thing to think about, before I get into those two specific numbers, is how many of your students do you think actually fear math, actually fear it? Meaning they have a visceral reaction when you talk about money, when you show numbers, some form of math anxiety. Maybe you on this call have a form of math anxiety. I’d love just to hear in the chat, does any …

90% of students have some form of math or numbers anxiety.

That is crazy when you think about that, right?

Yet we’re producing these talented professionals, but they have no understanding and they don’t even like math. So, imagine they’re really strong in their craft, then they go into a salon or spa, but they’re fearful of math. Then maybe their salon owner is showing them spreadsheets and they’re going to completely shut down, right? I know naturally, for me, I don’t naturally like numbers, right. Majority of people don’t naturally like numbers, especially those that enter this career.

What Are the Two Most Important Numbers for Businesses To Grow?

Here’s a little quiz for you. If I had to tell you the two most important numbers, if you’re driving a car to get from Philadelphia to Utah, where Chris lives, and Philadelphia is where I live, by the way, what are the two things on your dashboard that you would never lose sight of? Just type in the two numbers or metrics, so to speak, that you would always have an eye on where they were on the dashboard. Go ahead and take a couple guesses. Two numbers. Kayleigh, bravo, speed and gas, right? So the two numbers, I love it, everyone’s getting this right, this is fantastic. So, these two numbers are really the speed and gas of your business.

Two number growth are the two universal numbers, and they’re the only two numbers, when multiplied together, equal sales, okay?

It’s client count, which is how many clients you’re seeing on a weekly basis or monthly, but we typically measure in a weekly basis, you could go down to daily basis as well. And, your average ticket, how much your average client spends with you. So, there you go. That’s your simple formula.

If you want to help a student grow their business and bring more money in and grow their sales, you need to see more clients and you need to have them spend more with you.

So that’s how you’re going to grow your sales.

So again, these numbers work for really any business, right. It’s the same for hotels, it’s the same for an airline, right, they need to fill their plane, and if their plane is full, then they need to bump up the average ticket, which is why you get offerings to upgrade to first class, to buy liquor, to buy movies, now they’re selling headphones, right?

So it’s a really simple formula. Same with hotels, same with really just about any business, restaurants, etc. So if you want to grow your money in, number one, you need to focus on total sales and growing that number. How you do that is by seeing more clients and increasing the average spend.

Now, how many of you feels like this is pushy? Or how many of you feel like students would find this pushy?

Yes, this is very simple math, but it is selling. At the end of the day though we have to look at, how can this be a way that students can do more of what they love and more of their craft?

What Is Client Count?

To give you a few specific definitions, client count is just the number of clients that come into a business and spend money, it’s also known as the number of transactions. For example, if Marchais is a service provider, Marchais is a stylist, she sees 25 clients per week, that is her current client count.

What Is an Average Ticket?

The average ticket is actually broken down between retail and service. By the way, if you guys also have a service floor where you’re having students practice, this is a great activity to put into practice with them to help them perform on the floor better as they start to practice their craft.

Average ticket is the amount of money a client spends when they come into the business, both on retail and on service.

So let’s look at Marchais, for example, let’s say her service dollar amount is $75 on average, her average retail is $15, her total average ticket would be $90. If you multiply this together, on a weekly basis, here’s Marchais’ weekly sales, okay.

What if Marchais wants to grow that money? Marchais is trying to buy a house. So, there’s a couple different ways that Marchais can grow that, she can either increase her client count, she can increase her average ticket, or she could do a little bit of both.

What’s nice about this formula, as students and when we work on the professional space with this, this can be highly personalized. If you have a veteran and their client count is completely full, all right, well the only way to grow is to grow the average ticket.

However, for most students, when they graduate, what do you think the number one number that they need to focus on growing us? Go ahead and type it in the chat? If they had to pick one of these that was of more importance, which do you think they’d focused on?

Client count, absolutely, because they need to build their business.

So really, their focus once they get out into the workforce is, how are they going to build their client count? And really, the benefit of going to work as an intrapreneur, which is another thing we talk about at Qnity which I’ll talk about later, is to go to a place where they can build a client count and really work within the safety and structure of an existing business.

How many people would recommend that their students begin their career going solo or going independent? How many of you would truly recommend that to your students? Say, yes or no.

Students Should Aim To Include Client Count, Then Average Ticket

I’ll give you a moment. No. So, yes, I’ve seen a couple of no’s, because they have to build a client count, how are they possibly going to do that with no experience, right? That is the different ways that you can grow the client count.

So, client count is getting more clients into your chair, or into your treatment room, or into whatever craft that you’re doing. Let’s say if Marchais wants to increase her client count by three new clients a week, that would be over over $270 a week by increasing their client count. So that’s one way they could increase it.

Average ticket, if Marchais increased her average ticket by $5 per client, that would continue to increase her average ticket by $125 per week if she increased every client by $5. If she were to do both of those and increase both of those, she would increase her sales by $20,000 per year, okay.

That is a very, very simple way to drive MoneyIn and to really educate your students by increasing client count and increasing average ticket to help them grow their sales and performance. That is a great example, just looking at Marchais, on how she could build her business.

For client count, for example, depending on what your role is or if you’re educating your students on this, ask them to figure out what their client count is. Chances are, if they’re a student, it might be zero right now, right?

What does their client count need to be in order to make the earnings that they want in their first year out of school?

So that’s just another example to bring this to life for students. Same with average ticket, what is your average ticket? Well, if they’re not seeing clients right now it’s probably zero. But really, you want to start getting your students into this mindset of really looking at these numbers, so they can start to drive money in doing their craft of choice.

That is just a quick, simple formula to drive your money in, and that is pulled from our MoneyIn module and a way that you can educate your students on this.

So, in many of our programs we provide these calculators to help students and new professionals really understand that this can be simple, right? We want students to start to get in the habit and young professionals to start to look at doing the math so they can take some accountability over this and really start to build their financial confidence.

What we also want to illustrate is that this can be really easy. So if someone is seeing 10 clients a week, a 17% increase would only be two more clients per week, a 34% increase would be only three more clients a week, right. It can really start to build and you can use this as a resource to help students really see how and to have a small step plan of building their money in and building their business.

As we go deeper into the content, I don’t have time for it today, but we’ll teach you each of the drivers for each of these. How to actually drive client count, what are the specific actions that need to happen to drive client count, and what are the specific actions that need to happen to drive average ticket.

It’s also not just about what you make, it’s about what you keep. So, I’m going to go through a couple quick things from module three, MoneyOut, which is just a formula to help manage your money out, because, yes, it’s one thing if you’re growing your income and your students are growing their income once they get out in the field, but it’s also about what they spend and making sure that they’re effectively managing spending.

Learn Profit & Loss Statements

So one of the things that we think is incredibly important that we teach in the money curriculum, is a P&L, a profit and loss statement. So a lot of times I’ll ask this to students and instructors, and the majority of people actually don’t know what a profit and loss statement is, which is okay, because it’s just something they’re not taught.

But, if students can actually understand what that means for their employer, what that means as a personal individual, they can really start to understand, with confidence, how to manage money out and really what it also takes to run a business.

So, a P&L is just what’s called a profit and loss statement, and it’s just simply, in the most simple sense, the difference between money in and money out. Money that comes in through revenue and money that goes out for expenses.

That is a very simple formula to look at the difference between money in and money out, and the difference is what’s called profit. So, there’s a really simple formula. Even if you’re helping students, if you find students needing support as they’re starting to grow and plan their own money, it’s just help them to understand the difference between their money in and money out.

So what I did, really quick version of this, was just a quick simple formula for money in, a quick simple formula for money out. Again, this is pulled from our financial literacy course called Money, which is available now as a supplementary curriculum add-on.

If you’ve got questions, I’m going to actually type in the chat box, if you want to see the full curriculum, if you want to experience it, if you want to try it, just send me a quick note via the chat. And, I’m going to skim through this. And, if you also want to stay connected with us on social media, just to get a feel for the curriculum, you can follow us @qnityforschools. We post quite a bit of content there, but we would love to stay connected with you.

And hopefully, this provided you a quick little formula to help your students with their money in and educating them on their money out.

Learn More About Beauty as a Business

If you liked what you heard about the social media formula, you can learn more about our various courses, including Instagram and online reviews. If you need what we covered for your school, get in touch for a free demo to learn more about how you can implement Beauty as a Business into your current curriculum and what benefits you can expect to see for your school.