How To Price Your Services For Your Beauty BizFeb 24, 2022
The time has finally come where you’ve decided to follow your passion and launch your beauty biz. You’ve picked out the services you’re going to offer, you’ve put together a special service menu for all your future clients and you're feeling SO excited! There’s no doubt that this is a huge step toward your dreams and you should feel F’ing proud of yourself, girlfriend! It’s no secret that when you take the leap of faith to start your own biz there’s lots of ish to figure out. One of the questions you probably have is, “how do I even price the new amazing services that I’m going to be offering my future clients?”
This is an important question that you should be thinking critically about because this will be one of the key pieces to determining how much cash money you’ll be bringing in! Now, although I can’t offer up a clear cut answer to you on a silver platter, I can give you a few little tips to help guide you to setting your individual prices. Below are three steps to take while figuring out the prices that will best suit your new business based on what you offer, your experience and where you’re located.
Although I don’t recommend focusing too heavily on your “competition,” (remember: there is room in this industry for all of us!) it can be helpful to research similar businesses around your area to see what they offer. When doing your research, look around your specific town and surrounding areas to see what the prices of other company’s services are. You’ll most likely come across a range of prices. Some will be on the higher-end and some will be lower. When you’re just starting out it’s a good idea to aim in the middle of this range so that you can still draw clients in early on, but avoid building a clientele who is only trying to save a buck by booking with you.
Don’t Undervalue Yourself
Although you may be extremely pumped about your new adventure, most of the time, starting a new business comes with uncertainty, doubt and a bit of fear. This can often cause us to undervalue ourselves. Fight the urge to price your services too low. Remember that you have education under your belt, you've invested in your business and you’re worthy of getting compensated for your talent and skill! This is also when you want to think about who your ideal clientele is. What type of people do you actually want to work with and what would they be willing to pay? If your ideal clientele is the mid-30’s career woman who loves doing things to take care of herself, she’s most likely going to seek out places that she loves without making her final decision based on price, therefore you can charge at a bit more of a premium rate. It’s helpful in this situation to write down all of the things you’ve done that make you the bad azz biz owner you are now. This can include the amount of money you have invested in your education, the number of certifications you have, the years of experience you have, the qualities you will bring to the business based on customer service and your unique skills. All of these things should be kept in mind when determining how much you should charge for your services!
Think About An Hourly Wage
Typically, if you were to work for someone else in a corporate position, for example, you’d know how much you’d be making based on an hourly wage or a salary amount. When you’re a business owner, you don’t always have the steady flow of income as you would as an employee. However, this can also be seen as a positive aspect because the level of income you’re able to earn is now uncapped! You get to decide how much you’re going to make, which is a powerful thing. Therefore, it can be helpful to price your services based on how much you’d want to make on an hourly basis. This will then help you determine how many appointments a day, week and month you’ll have to strive to book in order to meet this goal. When doing these calculations, it’s also important to take into account your expenses and how that impacts your profit overall!
Starting your new beauty biz comes with a big learning curve, so don’t be hard on yourself if you’re feeling overwhelmed. If you want to learn more about how you can make the best out of your new journey, head to the Spray Tan Class Youtube Channel for more tips and tricks to becoming the Glow Boss you were meant to be!