ShearShare Cuts Down the Difficulty With Its New Finance Tool

The DFW-headquartered "beautytech" startup wants to trim financial obstacles out of its clients' lives with a new finance module.

ShearShare’s app works like an Airbnb for barbers and cosmetologists—instead of renting houses, they’re renting salon and barbershop stations. Now, the company is going one step further by not only helping their clients with rentals, but also with finances.

ShearShare connects “soloprenuer” barbers and cosmetologists with studios renting salon and barbershop space. It was launched in 2012 by power couple Tye and Courtney Caldwell after a stylist asked to rent a chair in their salon, Plano’s 74 by Tye, on a part-time basis. The goal is to bring resources to independent business people through the convenience of a mobile app, which aims to be fast, flexible, and financially beneficial. 

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The company has partnered with Track, a service that tracks taxes, and Elite Beauty Society, a company that provides liability coverage to cosmetologists, to remove some of the difficulties that come with being a one-person business.

When every aspect of a company falls on you, tasks such as taxes and insurance can be daunting. Dr. Tye Caldwell, co-founder & CEO of ShearShare, found it disheartening that their proprietary data showed that 59 percent of entrepreneurs don’t feel confident handling their own financial matters. That’s why he created resources to help. 

The financial tools on the app can automatically set aside money to pay debts, count mileage and business expenses to help apply for deductions, and provides discounts on liability insurance wherever they may travel. They can even send you a gentle reminder to get those forms to the IRS on time. 

“We asked ourselves, ‘How can we create an accountant in your pocket and provide mobile insurance coverage?,'” Caldwell said in a statement. “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.” 

The finance tools are available now on their updated mobile app for iOS and Android. 

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