HOW TO DETERMINE THE PRICES OF YOUR LASH SERVICES
Setting your lash prices can feel overwhelming, especially when you're just starting out. While it may be tempting to charge less to attract clients, pricing too low can make it difficult to cover your costs and grow your business. The goal is to find a price that reflects your skill, experience, and the value you provide!
Calculating Cost and Time
Before you set your prices, you should factor in the costs of expenses from an appointment. Consider the costs of your products, salon rent/fees, licensing and insurance, and lash tools. Knowing your costs to perform your services helps ensure every appointment is profitable.
Aside from expenses, know that your time is valuable too. Think about how long each service takes, including setup, application, cleanup, and client consultations. As your speed and experience improve, your pricing should reflect the quality and efficiency you provide.
Process of Determining Pricing
If you don’t know where to start, you can walk through four steps.
Step 1 - Calculate your monthly overhead: Add up the fixed and variable costs to perform your services each month. Include rent, insurance, and other software used. Think about supplies that go towards each client (extensions, eye pads, and sanitization items).
Step 2 - Set your desired income and working hours: Determine a pay goal for each month and estimate how many hours you ideally want to work on clients each week. Multiply weekly hours by four to find your total monthly service hours.
Step 3 - Set an hourly base rate: Find your break-even hourly rate that ensures you receive valuable profit by adding up your total costs to your desired monthly profit and dividing the sum by your ideal monthly work hours.
Step 4 - Think about specific service pricing: Each lash service has different rates of labor that may want you to consider specific pricing. Calculate how long a service depends on styles, a full set, or a fill. Multiple the time needed by your hourly base rate.
Adjusting Prices to the Market
Take a look at what other licensed lash artists in your area charge. You don't have to be the cheapest or the most expensive, but understanding the local market can help you price your services competitively while staying true to your brand.
As demand increases and your skills continue to improve, don't be afraid to raise your prices. Many successful lash artists review their pricing annually to ensure it keeps up with their experience and business expenses.
Finding the Right Price
There isn't one perfect price for every lash artist. The right pricing strategy balances your business costs, local market, and the value you provide. Charging fairly allows you to build a sustainable business while continuing to invest in your education, products, and client experience!