Tips on How to Price Your Services?!?
Its been brought to my attention that some stylist are confused or unsure of how to price their services. After years of styling hair in multiple markets Ive gained some insight as to how to best price your services in order to be comparable and to keep your clients. Keep reading to find out how to price your beauty services.
First off, lets consider where your salon is located. This places a huge part in how you price your services. No matter where your salon is located, it places a part in how you charge for your beauty services. If you work in an upscale/posh/high-end area then most likely the prices will be higher than other areas. In these areas you will find well-to-do clients with money to blow!!! Meaning that just have money lying around and are willing to pay big bucks for beauty services. Salons that are located in these areas look fabulous, may offer coffee/wine etc,. These types of salons also have a receptionist and assistants. Its a full on company. Don't forget that since these salons are high-end they will also come with a high-end booth rental fee or high commission rate...which is why you have to charge your clients higher prices. As a result you are able to charge high end prices. Check around with the surrounding salons to see what their prices are as you want to be comparable.
When is the last time you attended a trade show or beauty class? I ask because it matters when it comes to collecting your coins from clients! The more you know the more valuable you will become. Your skill set can either help you or hinder you. Lets say you get a new certification (as any other profession) it adds to the list of your abilities which gives you leverage to increase your prices. Also if you are a specialist, you can also charge more for your services.
Timing is everything!!! But that does not mean move so fast that you're not giving your client the best quality in service. It means time is money. There are some services that will take 30 minutes while others take hours. With that being said you can charge a base price or you can set an hourly rate for your self. If you know for sure how long it will take you to complete a service then you can charge a flat rate. But if you know the service will be time consuming a differ depending on the client you can set an hourly rate. To determine your hourly rate determine what your goals are, what your current bills are and go from there. Set a rate that allows you to pay all of your monthly expenses and allows you to have left over funds to save and have fun with.
There are some stylist that charge $50 for hair extensions while others are charging $500 or more. The reasons above explain why!!! The beauty of the business is that you get to decide what you charge and what your income will be. You are in charge of your life, make the decision to live your best life both personally and professionally by positioning yourself to make the most financially. Be a bankable stylist!
Be sure to check out my youtube channel for more videos on How To Price Your Services. Also feel free to use the FREE How To Price Your Services Worksheet to assist you in determining how to best set your service prices.