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30 September 2022

The Price Is Right - How Much Can You Charge?

The Price Is Right - How Much Can You Charge?

Lash artistry is one thing… But operating a lash BUSINESS can be a whole new challenge. From establishing biz boundaries to learning how to profit you’re probably burning with questions on how to make it all work… and work is exactly what it feels like!

So for this blog we are putting our business bonnets on and breaking down exactly what you need to know about profit and pricing!

 

Calculating Your Expenses.

Let’s actually start this conversation in reverse… To determine profitable pricing, you need to identify all your expenses! Resist the urge to slap a price on your services at random. To profit and build a successful business you have to identify your cost vs sell price point.  For example… you need to calculate:

  1. Overhead: How much are you spending on your studio rent + expenses like insurance, utilities, etc.  This is the first expense to configure into your financial planning.
  2. Supplies + Misc. Expenses: Per service what does it cost you.  Your disposable supplies such as gel pads, tape, wands, adhesive, and lashes. And additional expenses such as credit card processing fees, website hosting, and marketing expenses. As an industry average supply costs per service can range between $6-$12 per service. 
  3. Time: What is your base hourly rate (of profit) you would expect to see from each of your services. Does your lifestyle dictate $50 an hour or more like $75+

After you’ve really established all of these factors you can start looking at what quantity of your services are required based on your profit point. The biz lingo starts with revenue. Revenue  is the total amount of money your business brings in. Whereas profit is the amount of money left AFTER expenses are deducted.  You always want to understand the relationship between both in your business.


For example, say you bring in $300 in revenue minus $75 in expenses. You’re then only left with $225, which you can reasonably say $50 of that figure needs to be reinvested back into your business. So now you’re left is $175. If it took you 6 hours to generate your original $300 this indicates that your price is simply not high enough to be a sustainable, profitable business. 


You’ll want to screenshot this next part because this pricing chart is based on industry standards. 

Pricing Your Full Sets.

From classic to volume you have to remember that as you get booked + busy you’ll see fewer and fewer full sets, as a majority of your time will be spent on fills + touchups. Always set your full set prices slightly higher to accommodate a technique called, price fixing! Price fixing means setting the “retail value” price point higher to instill value, then you are able to offer strategic specials or discounts.  This is a psychological trigger that encourages consumers to engage. 


Classic Full Sets price points can range from $150-275+. Remember being the lowest price in your area doesn’t guarantee you’ll attract committed, loyal clients.  It just means you’ll be the first stop for the most price conscious consumers. 


Hybrid/Volume Full Sets should range from $250-400+.  These sets require intentional design, advanced skills, significantly more product, and in general more time if needs to be reflected in the price. 

Pricing Your Fills.

Fills for any style should range in price from $75-200+.  The majority of your business will rely on fills so pricing them to ensure you’ll profit is key! We suggest always pricing for at least a $50 per hour revenue for optimal earning opportunity.


Adding on faster, less time consuming services like lash lifts/laminations and brow services can increase your revenue exponentially! Don’t be afraid to ask your clients what other services they would love to see.  Being a one-stop shop is a solid strategy to grow your business. 

 

Should I Retail Products?

And last but not least don’t forget about retail! From skincare to aftercare products leverage the trust and relationships you’ve curated with your clients.  Starting small with your fave beauty must-haves retail products can be a quick and easy upsell. Give your clients access to all the things they will need to care for their lash investment. 


Want to know more about the biz side of the lash industry? Drop us a comment below and let us know what you want to set. From one lash nerd to another, happy (profitable) lashing! 🤗 We’ll see you in our next Blog… ✌🏻Until then make sure you're following us on:

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