Lesson 25: Financial Basics (Tracking Income, Supplies & Taxes)
NT101-M06-L06
M06-L06
45
Beginner
By the end of this lesson, students will be able to:
[ ] Set up a simple money-tracking system (income, expenses, supplies, mileage/time).
[ ] Explain the difference between revenue, profit, and cash flow.
[ ] Identify common nail business expenses and what to track for taxes.
[ ] Create a weekly “money routine” (10–15 minutes) to stay organized and profitable.
Money management is a luxury skill
Luxury businesses are sustainable. Sustainability comes from knowing your numbers.
1) What to track (beginner list)
Income:
service payments
tips
retail sales
Expenses:
supplies + tools
rent/booth rent
booking software
marketing
education
2) Revenue vs profit (simple)
Revenue: what you bring in.
Profit: what you keep.
Example:
Revenue: $1,000
Expenses: $300
Profit: $700
3) Supplies tracking (stop guessing)
Track what you buy and how often.
Categorize: disposable, reusable tools, retail inventory.
Identify your “top 10” repeat purchases.
4) Taxes basics (high level)
Set aside a percentage of income for taxes (many self-employed people do—ask a tax pro for your situation).
Keep receipts and records.
Separate business and personal spending if possible.
5) Weekly money routine (10–15 minutes)
Enter income for the week.
Enter expenses/receipts.
Check supply levels.
Set aside taxes/savings.
Plan next week’s supply order.
6) Luxury standard
Luxury finances look like:
clear tracking
consistent routine
no panic at tax time
<p class="font_8">Instructor demonstrates:</p>
<ol class="font_8">
<li><p class="font_8">Simple income/expense tracker setup.</p></li>
<li><p class="font_8">Categorizing expenses.</p></li>
<li><p class="font_8">Weekly money routine example.</p></li>
</ol>
<p class="font_8">What to watch for:</p>
<ul class="font_8">
<li><p class="font_8">Keep it simple.</p></li>
<li><p class="font_8">Track weekly, not yearly.</p></li>
<li><p class="font_8">Separate categories clearly.</p></li>
</ul>
Instructor coaches students through the skill.
Guided practice flow (15–25 min)
Students list their top 10 business expenses.
Students choose categories and build a simple tracker.
Students create a weekly money routine checklist.
Coach’s checklist:
[ ] Tracker includes income + expenses
[ ] Categories are clear
[ ] Weekly routine is realistic
[ ] Tax set-aside plan exists (even if rough)
Ask AI to Build a Tracker
Create a simple income/expense tracker template for a nail tech.
Ask AI to Coach
Help me decide what percentage to set aside for taxes and savings (ask questions first).
<p class="font_8">Students perform the skill independently with a clear challenge.</p>
<ul class="font_8">
<li><p class="font_8">Challenge prompt: Build your money tracker + list your weekly routine.</p></li>
<li><p class="font_8">Success criteria:Tracks income, expenses, and supplies<br>
Has clear categories<br>
Weekly routine is 10–15 minutes<br>
</p></li>
<li><p class="font_8">Time limit (optional): 30 minutes</p></li>
<li><p class="font_8">Submission (photo/video/notes): Tracker screenshot or template</p></li>
</ul>
<p class="font_8">Workbook pages: 1 (My Money Tracker) + 1 (Weekly Money Routine)</p>
<p class="font_8">Homework:</p>
<ul class="font_8">
<li><p class="font_8">Track your income and expenses for 7 days.</p></li>
<li><p class="font_8">List 3 expenses you can reduce without lowering quality.</p></li>
</ul>
<p class="font_8">Reflection prompt: What number do you need to hit weekly to feel stable and confident?</p>
MASTER
Completion:
[ ] Theory Complete
[ ] Workbook Complete
[ ] Practical Complete
[ ] Assessment Passed
[ ] Instructor Approved