ShearShare Releases New Finance Tool for Freelance Cosmetologists & Barbers

ShearShare, the largest provider of on-demand salon and barbershop space rentals worldwide, today announced that it has introduced a new finances module as part of the ShearShare app. In a continued effort to meet independent cosmetologists and barbers where they are—on their mobile devices and on the go—ShearShare has partnered with industry leaders Track and Elite Beauty Society to remove costly financial hurdles experienced when operating as a solopreneur.

The new ShearShare finances module 

• instantly detects when a stylist gets paid and gives them the option to set aside taxes they owe with just one click
• helps stylists pay the correct amount in taxes by turning their business expenses and mileage into deductions
• gives the stylist freedom to prepare taxes the way he/she likes
• helps stylists avoid fines by submitting tax withholdings on time to the IRS
• provides a discount for comprehensive liability insurance that follows the stylist wherever they practice

“In the United States alone, beauty and barbering account for a growing percentage of the small business employment share,” says Dr. Tye Caldwell, Cofounder & CEO of ShearShare. “As we continue to outpace the traditional sector for jobs growth, it is unnerving to see our proprietary data show only a 59% confidence level when it comes to taxes and insurance. We asked ourselves, ‘how can we create an accountant in your pocket and provide mobile insurance coverage?’: two items that are perceived financial strongholds. With this new release, we are doing our part to meet freelance professionals where they are and educate them on the benefits of mitigating risks while organizing business finances. As the largest provider of jobs and wealth creation for beauty and barbering professionals, the ShearShare team strives to contribute to a more socially and financially inclusive world.”

“It’s clear to us that ShearShare truly cares about their members. Our teams have been working closely together to make tax surprises a thing of the past,” said Trent Bigelow, Cofounder & CEO of Track Technologies, Inc. “This marks the first-of-its-kind tax automation benefit for beauty and barbering professionals.”

“Elite Beauty Society is thrilled to partner with ShearShare in our ongoing effort to bring the newest, most innovative technology and products to our customers,” said Joe Fagan, Director of Strategic Partnerships for The Doyle Group. “They deeply understand the shift happening in the industry. The partnership, which brings together two of the industry’s top brands, provides beauty professionals opportunities to increase their revenue while remaining protected with the most comprehensive liability coverage in the business.”

To access the new finances module, freelancers can download the free ShearShare app for either iOS or Android, or simply update the ShearShare app on their mobile devices. For more information, please visit https://shearshare.com/tax/ and https://shearshare.com/liabilityinsurance/.

About Track
Track is the API for those who serve or pay independent workers to give them access to portable benefits in a compliant, affordable, on-demand way that works for everyone.  For more, visit https://www.track.tax/.

About Elite Beauty Society
Elite Beauty Society began in 2015 as Beauty Insurance Plus, a resource to protect cosmetologists with professional liability coverage. Since then, we have evolved and expanded to offer valuable content to inspire beauty professionals through every stage of their career. Visit www.elitebeautysociety.com for more information.

About ShearShare, Inc.

ShearShare is the first global marketplace that allows salon and barbershop owners to rent their suites and booths to licensed cosmetologists and barbers by the day. The ShearShare mobile platform gives owners a chance to make efficient use of their excess space by providing independent stylists short-term access based on a time and price that’s convenient for them. ShearShare currently serves industry professionals in more than 480 cities and 11 countries. For more information, visit ShearShare.com. To join the ShearShare community on Instagram or Twitter, follow @ShearShare.