Pricing Tips for Independent Beauty Professionals

One of the most important decisions you will make as an independent beauty professional is how you will price your services. You may worry that if you set them too high, your clients will go elsewhere but if you set them too low, you won’t make enough profit. It’s most important to not underestimate what your time is worth. Every client you lose due to a price increase opens up a spot for someone who values your skills and can afford your prices. Consider these tips and guidelines when deciding how to price your services:

• Consider the average income in the area you work
  You can find out what the average income in your area is by doing a quick Google search. If you are in a higher end area, you can most likely charge more than what you would charge in a lower income area. This is definitely something to consider when you are deciding where to start your business.

• How much product are you using for each service?
  When setting your prices for specific services, take into consideration how much product you are using on your client. For example, if you are a hair stylist, you may want to charge more for highlights for someone with long, thick hair as they will require more product. It is always a good idea to list you process as “starting at” and encourage new clients to come in for a consultation so that you can five them an accurate price quote.

• Utilize add-on services to increase your average ticket price
  Be transparent with your clients about the cost of add-on services but always make sure you are suggesting them! Some ideas of add-on services are brow waxes, conditioning treatments or haircuts.

• Consider what other professionals who provide similar services are charging
  Do your research on what other professionals in your area are charging. If you are just starting out building your clientele, you may not be able to charge as someone who has a full clientele and a waitlist but it’s always a good idea to make sure you are not drastically higher or lower than your competition.

• Account for every penny that goes into running your business
  Running a business is not cheap so you need to make sure you are accounting for every expense you put into your business. After all, you did start this business to make money right? Your pricing should be able to cover the cost of all of your business expenses (rent, product, insurance, tools, credit card fees, etc.) and still leave you with more than enough to cover your living expenses. While you can write a lot of the business expenses off when it comes to be tax time, it is still important to take all of these expenses into consideration.