![How to plan and track the budget of your online styling service [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-4_26fac558-e77e-49c5-a6c8-3c40ff733c44.png?v=1715856554&width=1100)
If you don’t plan and track your styling business budget properly, you're setting yourself up for failure.
When we developed our strategy pack for online stylists, we saw a lot of stylists struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial client bookings.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your styling business's finances around and set you on the path to success!
Get the budget tracker tailored for online stylists
Most online stylists don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for online stylists
Here is an example of a (very) detailed budget for an online stylist business, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Office Rent | Lease for office space | $1,500 | $18,000 |
| Electricity | Power consumption for office equipment | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $150 | $1,800 |
| Software Subscriptions | Styling software, cloud storage, etc. | $200 | $2,400 |
| Insurance | Business liability insurance | $100 | $1,200 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Lead Stylist | 1 | $4,000 | $4,000 | $48,000 |
| Assistant Stylists | 2 | $2,500 | $5,000 | $60,000 |
| Customer Service | 1 | $2,000 | $2,000 | $24,000 |
| Marketing Specialist | 1 | $3,000 | $3,000 | $36,000 |
| IT Support | 1 | $2,500 | $2,500 | $30,000 |
3. Styling Inventory
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Clothing Samples | Sample pieces for client fittings | $1,000 | $12,000 |
| Accessories | Jewelry, bags, shoes, etc. | $500 | $6,000 |
| Styling Tools | Mannequins, hangers, racks, etc. | $200 | $2,400 |
| Packaging | Boxes, tissue paper, etc. | $100 | $1,200 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Influencer Collaborations | Partnerships with fashion influencers | $400 | $4,800 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Promotional Events | Virtual styling events and promotions | $200 | $2,400 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of office equipment | $100 | $1,200 |
| Office Supplies | Stationery, pens, printer ink, etc. | $50 | $600 |
| Licenses & Permits | Business licenses and permits | $50 | $600 |
| Contingency Fund | Emergency repairs and unexpected costs | $200 | $2,400 |
| Staff Training | Training programs and materials | $100 | $1,200 |
Some online stylists make 5x more profit than you!
We have studied the strategies of the best online stylists in the world. Replicate them now!
What are the biggest expenses for an online stylist?
Be mindful of these pitfalls. Here are five major costs every online stylist needs to consider, along with some tips on how to manage them effectively.
- Clothing and accessory inventoryThese can take up a significant portion of your budget. You're dealing with fashion trends that change rapidly, and prices can vary based on seasonality, brand, and quality. To keep these costs in check, focus on buying versatile pieces, negotiate better prices with suppliers, and minimize unsold inventory. It's easy to overspend by purchasing too much or opting for high-end items that don’t add enough value.
- Your team of stylistsYour team is your backbone, but paying for their wages, benefits, and training can be costly. This expense is always high because you need a certain number of skilled stylists to provide excellent service and keep operations running smoothly. You can optimize labor costs by scheduling efficiently, cross-training your team, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor service.
- Website and technology costsYour online presence is crucial, but maintaining a professional website and the necessary technology can be expensive. This includes hosting fees, software subscriptions, and cybersecurity measures. To optimize these costs, invest in a reliable but cost-effective platform and regularly update your technology to avoid costly issues. Overspending often happens when you choose overly complex or high-end solutions that don't match your needs.
- MarketingYou need to get the word out about your styling services, but advertising can be pricey, whether it's online ads, social media campaigns, or influencer partnerships. Optimize this expense by focusing on cost-effective methods like the ones we recommend in our guide. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Styling tools and softwareThis includes everything from virtual fitting room software to styling tools and apps. These are expensive because quality tools and software are crucial for providing a seamless customer experience. Optimize by investing in durable, user-friendly tools and maintaining them regularly to avoid costly issues. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your online styling service?
Here are practical tips to help you, as an online stylist, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Software Subscriptions | Utilize free or low-cost styling software and tools to manage client profiles and appointments. |
| Marketing | Run social media campaigns and collaborate with fashion influencers for organic reach. |
| Website Hosting | Choose a reliable yet affordable hosting service and regularly review your plan to ensure it meets your needs. |
| Client Management | Implement a CRM system to streamline client communications and follow-ups. |
| Professional Development | Take advantage of free online courses and webinars to stay updated on the latest fashion trends and styling techniques. |
| Office Supplies | Go paperless where possible and use digital tools for scheduling and note-taking. |
| Styling Tools | Invest in high-quality, multi-functional styling tools that can be used for various tasks. |
| Client Gifts | Offer personalized, cost-effective gifts such as digital lookbooks or styling guides. |
| Insurance | Regularly review your business insurance policies to ensure they meet your current needs and compare rates annually. |
| Workspace | Consider a home office setup to save on rental costs or use co-working spaces as needed. |
| Technology | Invest in a reliable computer and smartphone, and use free or low-cost apps for video consultations and virtual styling sessions. |
| Networking | Join online fashion communities and attend virtual events to build your network without the need for travel expenses. |
| Client Acquisition | Offer free initial consultations or styling tips to attract new clients and build your portfolio. |
| Content Creation | Create your own content for social media and your website using free design tools and stock photos. |
| Subscriptions | Regularly review and cancel any unused subscriptions to styling magazines or online services. |
| Travel | Plan client visits efficiently to minimize travel time and costs, or offer virtual consultations as an alternative. |
| Wardrobe Inventory | Use inventory management software to keep track of your styling pieces and reduce unnecessary purchases. |
| Client Feedback | Implement a feedback system to continuously improve your services and retain clients. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Professional Memberships | Join professional organizations that offer valuable resources and networking opportunities at a reasonable cost. |
Copy the tactics of the best online stylists in the world!
There are online stylists that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for an online stylist
Yes, some expenses for your online styling business are just unnecessary. They don't contribute to increasing revenue or improving client satisfaction.
| Styling Business Expense | Reason It's Useless |
|---|---|
| High-End Office Space | Luxurious office spaces don't necessarily attract more clients and can be a drain on the budget. |
| Premium Software Subscriptions | Unless you use all the features, high-end software can be an unnecessary expense. |
| Excessive Wardrobe Inventory | Maintaining a large inventory increases costs and can lead to more unsold items. |
| Expensive Marketing Campaigns | High-cost marketing doesn't always yield better results. Focus on cost-effective strategies. |
| Printed Lookbooks | Traditional printed lookbooks often have a lower return on investment. Consider digital alternatives. |
| Multiple Website Designs | Constantly redesigning your website can be costly and doesn't necessarily improve user experience. |
| Overstaffing | Having more staff than needed increases labor costs without necessarily improving service quality. |
| Premium Brand Partnerships | Expensive brand partnerships often go unnoticed by clients. Focus on meaningful collaborations. |
| Exclusive Fabric Choices | Using rare fabrics can inflate costs and complicate supply chains. |
| Costly Office Furniture | High-end office furniture is not always appreciated by clients and can be a significant expense. |
| Custom Printed Materials | Personalized materials are a minor detail that most clients overlook, and they can be expensive. |
| Unnecessary Software Features | Paying for software with features you don’t use is a waste of resources. |
| Premium Packaging | Most clients are content with simple, elegant packaging, making expensive options unnecessary. |
| Extra Delivery Services | Maintaining more delivery options than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Website Updates | Constantly updating your website can be costly and disrupt operations. |
| Expensive Photo Shoots | Elaborate photo shoots are often ignored by clients and add to the cost. |
| High-End Styling Tools | Luxury styling tools are prone to damage and expensive to replace, often going unnoticed by clients. |
| Excessive Team Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Branding Materials | Frequently redesigning branding materials is costly and often unnecessary. |
| Unused Promotional Items | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Styling Equipment | Specialized styling equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your online styling service!
Managing a budget for your wardrobe when funds are tight can feel overwhelming. It's like being trapped where any unexpected expense can throw your entire plan off balance.
This constant pressure makes it nearly impossible to invest in new pieces or update your style, leaving you always feeling behind on trends. It's a life filled with stress and indecision.
Yes, you can continue down this path, scraping together pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on maximizing the value of your existing wardrobe. More versatility means more outfit options and less money spent on new clothes.
And no, you don't necessarily have to spend a lot to elevate your style. There are plenty of zero-cost tips and strategies that can help you refresh your look by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of wardrobes just like yours. Get them now!
Make your online styling service more profitable
We have studied the strategies of the best online stylists in the world. All their tactics are explained in our pack!
