IMAGE Studios® Chief Operating Officer, Taylor Lamont, has been included in the Top 15 Influencers in 1851 Franchise’s 2022 list of its 175 most influential people in franchising. Whether franchising a business, buying a franchise, or growing a franchise, tapping into the franchise world’s thriving community of collaborative influencers is vital to a brand’s success.
Founder and CEO, Jason Olsen celebrated, “We are very proud of the amazing team we have established at IMAGE. Taylor is a powerful leader and this recognition is the result of his ability to find the right talent, execute in all areas of the business, and positively influence others to do the same. The IMAGE Studios® team crushed it again in 2021, opening stores across Colorado, Florida, Texas, North Carolina, Tennessee, Oregon, and Utah. We’re on track to open 40 new stores and award another 120 locations in 2022!”
Taylor Lamont commented, “I’m honored by the recognition and share this with my team nationwide. Their hard work and dedication to our people, our company, and the industries we serve drive our company’s culture and ultimately our success. I’m thrilled to work alongside our talented team and entrepreneur collective at IMAGE as well as the leaders in franchising throughout the country.”
Taylor joined IMAGE Studios® in 2019 and assembled their high-caliber leadership team to support the company’s 171 locations in development. He has been pivotal in the brand’s transformative growth, awarding 67 locations in 2021 alone. In recent social media posts, Taylor boasted about the company’s culture and people-centric approach, stating after IMAGE Studios® implemented five additional annual holidays for team members to enjoy 3-day weekends every 3-4 weeks, IMAGE Studios now ranks in the top 10% of US companies for employee benefits.
IMAGE Studios® is an exclusive salon suite franchise that creates modern, high-end salon spaces at affordable rates for salon professionals, making it possible for professionals to become successful entrepreneurs. IMAGE Studios® provides a unique opportunity by bringing together like-minded professionals and the guidance of mentors invested in the success of their business owners.
There’s a lot of news out there right now, and it can be overwhelming during these uncertain times. IMAGE Studios is sorting through the noise to help you understand what it means for you & your business.
More PPP funding expected: Apply to be first in line
The government is expected to pass a new stimulus package this week which includes an additional $310 billion for the Paycheck Protection Program (PPP), providing more sole proprietors, independent contractors, self-employed, and small businesses with the opportunity to receive the forgivable loan. With a high demand for PPP funds, it is likely that the additional funds will be distributed quickly. Many applications are already lined up to receive the next round of funding, so it is recommended that you apply as soon as possible to get your application in line. It’s highly recommended that you apply through your bank, as people with accounts get preferential treatment during this process.
What is the PPP?
PPP loans are part of the COVID-19 government stimulus program (CARES Act) and are made to help sole proprietors, independent contractors, self-employed, and small businesses cover payroll and other business expenses like rent and utilities. The original funds were quickly exhausted, and more are expected to be distributed soon. This includes payroll for yourself, even if you have 0 employees. When used for qualifying expenses, you may be eligible for a 100% forgiveness grant, meaning you wouldn’t need to pay it back if you meet their criteria (find more info here).
Am I eligible for the PPP if I don’t have any employees?
Yes, you can still apply for the PPP. Even if you’re a sole proprietor, independent contractor, or self-employed, and have no employees, you can apply. Your own net earnings count as qualifying payroll costs, which you can find on your 2019 Form 1040-C.
How do I prove my payroll costs?
Depending on your type of business, you can use your 2019 Form 940/941, 1040-C, K-1, tax returns or W-2 statements (if you issue them).
What To Do Now
Step 1: Gather Your Info
Here’s our complete list of business info you’ll need when it’s time to file the PPP application. When you access the application below, you’ll be walked through how to submit it.
Payroll records: you will need payroll tax forms (i.e. Forms 940 and/or 941) from January 1, 2019, to the most current filing. Note: You will need to be able to identify any employees paid over $100K. Sole proprietor or independent contractor? Get your 2019 1040 Schedule C too.
Tax returns: for the last two years. If you haven’t been in business that long, all tax returns you have.
1099-Misc (if applicable): If you have filed form 1099-Misc and are counting contractor compensation as part of your average payroll, you will need to provide this form.
Copies of driver licenses: for business owners with ownership stakes of 20% or more
Voided check: from the account where the loan will be deposited.
6months of bank statements: from your business accounts for the most recent six months of business.
PPP Worksheet: Download and fill out the PPP worksheet here. Watch this video for a step-by-step on how to fill it out.
Step 2: File Now
Apply now directly with your bank. Don’t delay. Even though funds have run out for PPP, it’s expected more money will continue to open up so it’s important to get your application in now to secure your position in the queue. If you do not have a banking relationship that you prefer to use, we recommend Cross River Bank.
Our partner, GlossGenius, is working with SBA approved Cross River Bank and they are continuing to accept applications ahead of the anticipated funding (even if you’ve never banked with them before). While they can’t commit to providing loans until the government approves the additional funding, it’s best to apply now so you’re first in line. Watch this video if you want help walking through the application and this video that will show you how to fill out the spreadsheet that is part of the application.
Please note: As of April 20, Cross River is still reviewing and accepting PPP applications, however, the funds allocated by the government for the PPP have run out. If additional funding is authorized, it may be helpful to apply now and get in line.
There’s a lot going on, but thankfully there’s a lot of help. If you know other business owners struggling, pleasesend this page to anyone you think should be applying for PPP.
The Small Business Association Paycheck Protection Program (PPP) is a program in response to the COVID-19 pandemic. The PPP program provides 100% federally guaranteed loans to small businesses, independent contractors and sole proprietors who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
This information is very important to our IMAGE Pros because as a sole proprietor or self-employed individual you can use these funds to continue to pay yourself during this crisis. To apply be sure to follow the steps outlined below. It’s important to apply as soon as possible if you think this program may be right for you because funds are limited.
Program Highlights
No collateral or personal guarantees required
No fees
No need to make loan payments for the first six months
All small businesses including sole proprietors and the self-employed are eligible
The loan has a maturity date of 2 years and an interest rate of 1%
The loan covers expenses dating back to February 15, to June 30, 2020
The loan can be forgiven
How much can I borrow?
The law says that your maximum loan amount is 2.5 times your average monthly “Payroll Costs” for 2019. If your business did not exist before June 30, 2019, your bank will look at your costs in January and February 2020. Payroll costs under the PPP program include:
For a sole proprietor or self-employed person: your monthly draw (take home profit), wages, commissions, income, or net earnings from self-employment, (capped at $100,000 annually).
For example, if your average monthly payroll is $7,000, you would multiply that by 2.5X, and your total loan amount would be $17,500 that you can use towards payroll, rent, and utilities for your business.
Remember: No more than 25% of your PPP loan may be used for rent or utilities; if you use more than 25% for non-payroll expenses it will affect the amount of loan forgiveness that you are eligible for after June 30, 2020.
Your “employment benefit costs” including costs for paid-vacation, parental, family, medical, or sick leave allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
State and local taxes assessed on compensation Not covered under “Payroll Costs” are:
Payments made to independent contractors
Payroll taxes, railroad retirement taxes and income taxes
If you do not have a local banking relationship you can fill out an application through Boefly here. Boefly will help you find a bank.
FAQ
What does the SBA PPP stand for? The Small Business Association Paycheck Protection Program.
Who is eligible? A small business with fewer than 500 employees, an individual who operates as a sole proprietor or independent contractor or an individual who is self- employed who regularly carries on any trade or business is eligible to apply. Sole proprietorships will need to submit schedules from their tax return filed (or to be filed) showing income and expenses from the sole proprietorship. Self-employed individuals will need to submit payroll tax filings reported to the Internal Revenue Service.
Will the PPP loan be forgiven? A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan: Payroll costs (using the same definition of payroll costs used to determine loan eligibility), Interest on the mortgage obligation incurred in the ordinary course of business, Rent on a leasing agreement, Payments on utilities (electricity, gas, water, transportation, telephone, or internet) For borrowers with tipped employees, additional wages paid to those employees. The loan forgiveness cannot exceed the principal. Also, because this program is intended to replace “Payroll,” only 25% of the forgiven amount may be business expenses not related to Payroll Costs.
How could the forgiveness be reduced? The amount of loan forgiveness calculated above is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in “Payroll Costs” paid during the 8-week period after you receive the loan.
What can I use the PPP funds for? Payroll Costs, business related rent and lease payments, business related utilities, Interest on any other business-related debt obligations that were incurred before the covered period.
Can I use the PPP funds to pay myself? Yes. For Sole Proprietors, Independent Contractors, and Self-Employed Individuals you can use the loan to pay yourself your typical draw or salary.
Can I use the PPP funds to pay my studio rent? Yes. The funds are available to pay yourself AND pay your rent. That’s why the amount is 2.5 times your pay. Part to you, part to overhead like rent.
When can I apply? Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
Is this a loan or a grant? This is a loan. The loan could be be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. This loan has a maturity of 2 years and an interest rate of 1%.
Who makes this loan? This loan is available through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. We suggest that if you have a bank you normally work with, then you apply with your local bank. If you do not have a bank, then you can apply through a company that will match you up with a bank such as Boefly.
Will I automatically get the loan? No. There will be an approval process, which will be based on your credit score and ability to repay the loan. How will anyone know how I used the money? The rules on this have not been written yet. You should anticipate that at some point in the future the SBA will ask you to show them how you used the money.
Can I still get the PPP loan if I am receiving unemployment benefits? This is a tricky question. While you should not be prohibited from getting PPP if you are also getting unemployment payments, this may negatively impact your ability to get loan forgiveness under the PPP because this forgiveness depends on your continuing your payroll during the crisis. If you are not paying yourself and, instead, are collecting unemployment, then you cannot claim those payments toward your forgiveness amount.
Will this loan hurt my credit? Any loan that you take will impact your credit and especially so if you do not pay the loan back. On the other side, this loan has generous repayment terms, a relatively low interest rate and repayment may be deferred for a year.
Do I apply as a sole proprietor or a business? If you have an EIN number (Employer Identification Number), you will use that number to apply as a small business. An EIN number is a nine-digit number assigned by the IRS. You would have received this number if you created a separate business entity for your studio. If you do not have an EIN number, you will apply as a sole proprietor and use your social security number.
If my credit isn’t good, should I still apply? Yes. The SBA has said that they will be flexible with these loans. Additionally, there are no fees to apply, so there’s no harm in applying.
Meet Mathew Landis – salon owner, entrepreneur, coach, interview by April Benincosa, Utah franchisee for Image Studios 360. April has four locations under her management in Utah, serving over 130 salon professionals. Image Studios 360 provides modern, luxurious salon studios at affordable rates. We believe in our core values of CREATIVITY FREEDOM & SUCCESS and our goal is to elevate the beauty industry to new heights with our education, support, and platform that enables people to easily open their own salon without the risk or investment it takes to open a traditional salon. We’re a beauty incubator that helps people reach new heights through salon ownership. Find out more at www.imagestudios360.com.ccess.
IMAGE Studios® empowers people like you to take the leap into salon ownership – realize your dreams by joining the IMAGE team today!
Enjoy the Success You Deserve
Let’s face it – we’ve all worked our asses off in this industry for many years, and now it’s time to enjoy the success you deserve by enjoying the freedom of owning your own salon. The traditional salon business model is a dying breed (and a difficult one to survive with), while the Image Studios 360 business model paves an affordable and safe way to open your own salon without all the risk. Isn’t it time?
Image Studios 360 is proud to announce the opening of its seventh Utah salon in Holladay, Utah. This salon opened in December 2017 and is located 20 minutes east of the Salt Lake City International Airport off of Holladay Boulevard. This new franchise location is home to 26 salon studios that are custom built for hair stylists, nail techs, estheticians, lash technicians, massage therapists, and makeup artists.
Our franchisee Jodie Jorgensen is available to assist with leasing inquiries and can be reached (801) 896-7172. Click here for more photos and information about this location.
Image Studios 360 2233 East Murray Blvd Holladay, UT 84117
Image Studios 360 Founder Jason Olsen with Lenka Ginsburg
Image Studios 360 is proud to announce the opening of its first Florida salon in Royal Palm Beach, Florida. This salon opened in November 2017 and is located in the Southern Palm Crossing retail center which is 55 minutes north of Fort Lauderdale and just a few minutes from Mara Lago resort in Palm Beach, Florida. This new franchise location is home to 24 salon studios that are custom built for hair stylists, nail techs, estheticians, lash technicians, massage therapists, and makeup artists.
Our franchisee Lenka Ginsburg is available to assist with leasing inquiries and can be reached (561) 515-4364. Click here for more photos and information about this location.
Image Studios 360 11041 Southern Blvd Royal Palm Beach, FL 33411
Image Studios 360 Owner April Benincosa and Becky Pratt, Robert Moody, and Jessie Matchjace believe in community and paying it forward. It can be so easy to just donate money and be disconnected to the issues, but when you give of your time and talents, you can remember that real beauty is within.
Image Studios 360 is kicking off quarterly events to help their community with a cut-a-thon at the Road Home today, April 26 from 10am-3pm. You can stop by the Road Home and donate clothing, beauty products or feminine hygiene products.
Their next project is for an inner city school where they will go give little ones a hair cut and style for picture day. If you want to donate or come join, follow them on Facebook or Instagram for updates.
The spreadsheet below is an active document that you can edit yourself. If you make a mistake or want to start over just refresh this webpage. NOTE: All cells shaded in red in columns B, C & D are cells that you input with your own information – everything else will automatically calculate for you.
To get started, input the name of your service in column B, as well as the current price that you charge in column c. Under “Avg # Services/Mo” in column D you will input the number of these services you do on average each month. The row below it is to input your anticipated additional # of services you will be doing in the future. If you do not see yourself increase the # of this service in the future just leave it the same as your current monthly # of services.
The differences that are displayed under “Monthly Revenue” & “Yearly Revenue” tell you what kind of additional money you would earn as a result of the price increase you put in. Play around with this handy spreadsheet to see what kind of money you could be making by increasing the price of some of your more popular services. You’ll be surprised at how small increases in just a few of your services will equate to thousands of dollars of additional income at the end of the year.
To download an Excel Spreadsheet with these formulas CLICK HERE.
Be sure to visit our other blog post titled “10 Steps to Raising Prices” that gives you helpful resources and best practices, as well as a sample letter for clients indicating your upcoming price increases.
Instagram offers a great social platform, particularly for hair stylists, to showcase their work to their followers. Here are a few tips on how to use Instagram
Follow, and be followed. Before you can start making an impression you’re going to need followers. Spend some time following as many people as you can (especially people who fit your demographic), and a lot of users typically “follow back” those who follow them. It’s the circle of reciprocity on Instagram. Be patient though, it takes a few months to build a solid network of followers, but once you do you will be glad you did.
Take it slow. Nothing is worse than following a stylist that decides to post 25 photos in 5 minutes. You may be excited and want the world to know, but keep it limited and share only your best photos. It enriches your followers experience and benefits you. If you’d like to combine photos, apps like Diptic and Fuzel can create a collage. You can export them straight to Instagram to make photos even more attractive by telling people a story.
Pump the stock brakes. No one wants to see that stock photo you took a screen shot of on your iPhone, pretending it’s your own. They’ll quickly unfollow you if you ever post photos that are stock images. Just don’t do it. Ever.
Choose your hashtags wisely. Please, please, PLEASE! Understand that hashtags are not bullet points to your photo or post, but are ways to search what’s trending online. Use hashtags as keywords to what your photo is about, and have 2-3 hashtags that you use as your own, and use them every time you post a photo. For more info on how hashtags works, see our blog post on it.
Involve your followers. Brands such as Red Bull and Audi have mastered creating communities on Instagram using hashtags and Instagram contests that get users to interact with their products and brand by connecting to their lifestyle and emotions. You could give away a gift card to clients who post photos of their new cut or color. Make sure your clients use one of your hashtags so you can track it, too.
Comment back. It’s important to interact with people in Instagram. It’s a network largely based on the emotions that a photo provides, and that emotions includes conversation (in the form of comments) made regarding your photos. Try to make communication a two way street and people will be excited not just to follow you, but to interact with you. Most importantly, look for comments that may show interest in booking an appointment with you. There is gold hidden in Instagram comments!
A lot of salon professionals who are new to Instagram (or social media in general) are a sometimes gun-shy when it comes to posting photos of their work. All I will say on that is this:
Take pride in how far you’ve come, have faith in how far you can go.
Don’t underestimate your abilities. Your clients love you for a reason.
Unfortunately, most people using hashtags don’t realize what they are used for. Using them correctly can boost the reach of your posts & photos quite a bit. Hashtags are used as keywords for your photos, enabling people on Facebook, Instagram and Twitter to search hashtags listed on content they like to find more photos.
A REAL EXAMPLE OF HOW THEY WORK: Lets meet Jane. She is an avid Instagram user and loves following people who post beauty related photos. She’s always looking for the latest look and style, and Instagram is a great way for her to do that in her spare time. She also has money to spend. In this example she just stumbled upon a photo of a blowout at Dry Bar called the “Cosmo Tai”. She just gasped for breath thinking how great that style would look on her. Now lets follow the process of how she finds out more:
By using a consistent hashtag (#cosmotai) Dry Bar has 626 related photos using that hashtag. Now Jane has hours of photos to browse if she chooses. Most likely she will look at a couple that appeal to her the most, and then attempt to find out who she can go to for this look.
Now lets take a look at a hashtag fail. Jane has been browsing Instagram and comes across the same photo, this time with an irrelevant hashtag #cosmotaiplease. Now see how her efforts pan out as she tries to find out more:
From this example you can see how hashtags are meant to be used, and how using them poorly can cost you an opportunity to pick up a new client. Choose your hashtags wisely, and be sure to choose a hashtag for yourself so people can find out who you are. You don’t need to be too explicit in your hashtags. For a reminder, just look at the search results for #costmotai (626 results) vs. the results for similar hashtags (#cosmotaiplease, #cosmotaicurls, #cosmotaiblowout, etc.) which all produced just 1 post.
Let Justin Timberlake show you how not to use hashtags.
Here are some more details on using hashtags:
SO, HOW DO YOU USE A HASHTAG CORRECTLY? The answer is easy: Is your hashtag something that other people are using? Is it based on a currently trending topic on Instagram? Is it part of a niche following for like-minded users to talk to each other? Are you or your salon using it to brand yourself or organize content? If the answer to any of those questions is yes, then go ahead and use the hashtag. Let’s examine each of those scenarios a little deeper.
IS IT SOMETHING OTHER PEOPLE ARE USING? Two great example of this are the hashtags #ff and #fml. #FF stands for Follow Friday. It’s a weekly trend on Twitter and Instagram where users tag their friends with hashtag #ff to encourage other users to follow them. It’s a great way to gain new followers and give props to your friends who tweet about interesting things. Hashtag #fml is a little more vulgar, but it’s used all the time. It stands for F*** My Life. People use it when something bad happens to them – usually out of their control. Come home to find your basement flooded? Hashtag #fml. Out on a blind date with a guy who turns out to be a major creeper? Hashtag #fml.
IS IT A CURRENTLY TRENDING TOPIC? A hashtag is great for being timely and immediate. It lets users know what is going on right now. Broadcast television has done a great job of creating relevant hashtags. For example, during the Emmy Awards a few nights ago, #emmys was a trending topic across Facebook, Instagram and Twitter. If you wanted to see what other people were saying about the Emmy awards, all you had to do was search for hashtag #emmys. You’ll see the same thing during the Super Bowl or the season premiere of The Walking Dead. It’s a way for people across the world to share in the same moment together.
IS IT PART OF A NICHE FOLLOWING FOR LIKE-MINDED USERS? This is usually where I use hashtags the most. For Image Studios, we use #imagestudios and #lovewhereyouwork quite a bit. People who search and use those tags themselves are able to see things that I post and I can do the same. Hashtags help the salon community stay connected, and in this case, the salon professionals at Image Studios. We share reviews and photos. We offer tips when we find a great article or blog post. It creates community.
ARE YOU OR YOUR SALON USING IT TO BRAND YOURSELF OR ORGANIZE CONTENT? This one is similar to the previous example about like-minded users. It’s okay to create your own hastag – as long as you have purpose behind it! Like I mentioned above, we use #imagestudios and #lovewhereyouwork as our official salon hashtags. Notice that these custom hashtags aren’t too long or obnoxious or unrelated to anything. There is a purpose behind them – and they’re great for organizing our content, too.
DON’T ABUSE HASHTAGS. Use them for what they were meant to do. People who make hashtags for every silly little thing are like that girl at the party who never shuts up and everyone wants to punch her in the nose. Don’t be that person.
Meet Mandi Black – master stylist and instructor located in studio 102 at Image Studios Salt Lake City. She began her career in the beauty industry in 1999 and has been working professionally for almost 16 years. We asked Mandi a few questions below so we could learn a little more about herself and her salon:
What do you love about the beauty industry? What I love the most about choosing a career within the beauty industry is the confidence gained by my guests with a great service. It’s pretty awesome that I can have a such a positive affect on their attitude and self image. Empowering a guest with proper hairstyling tips and makeup techniques is a great experience. The way we portray ourselves to the world is a big part of how we feel about ourselves. If we look good, we feel good.
What are your specialties? My specialties include Haircolor, Haircutting, Bridal/Specialty Styles, Hair Extensions, Makeup and Brow Shaping.
What are you passionate about?Continuing education in this very progressive industry has always been a passion of mine. I began as an In-Salon Color Coach where I brought back the latest information and techniques to my fellow stylists. I worked my way up to Education Director where I coordinated all the education for the salon and stylists. I was then promoted to Salon Manager where I learned many skills to help me in my transition to salon owner.
What are you proud of? I am very proud to say I hit my 3 year anniversary as salon owner last December.
In February of last year I was a Featured Artist for a RAW: Natural Born Artists production. At the end of the year I made it to the Semi-Finals (Top 3) for RAW: Hairstylist of the year. I am very thankful for the opportunity I was given to showcase my work and see other talented artists do the same.
What do you feel your clients love best about your services?The Stress-Relieving Scalp and Shoulder Massage for sure. I worked for an Aveda day spa for many years. There I learned the value of massage, essential oils and relaxation. I strive to create a comfortable and relaxing environment and love to pamper my guests.
What’s the best way for clients to book an appointment with you? Clients can easily book with me online at Schedulicity.com.
Jason and Shaun Olsen founded their business, Image Studios 360, with one overriding concept in mind. Most hair stylists and other beauty professionals are great and creative artists, but few have the needed business knowledge to be as successful as they can be in their work.
If you haven’t had the chance to see the beautiful Image Studios South Jordan, you can now take a virtual tour from the comfort of your own computer or smartphone. In these virtual tours you can see the setup of several single studios, double studios, as well as our entryway, client lounge, and hallways.
Nadia Crow from ABC4 interviews Image Studios 360 co-owner Jason Olsen and hair stylist Timothy Muir at Image Studios 360 South Jordan. To view the original article click here.
