Lash Tip: Understand your business costs, know your worth and charge accordingly to provide both value to your customers and profit for your business.
Undervaluing (and undercharging) for your skills is a mistake that can cost you big time!
Do not fall into the trap of thinking that just because of the town where you live or some other reason that people will not pay good money for quality lashes! They will and they do!
In fact, pricing your services too low will lose you the same customers that you’re actually trying to attract because they will assume that the reason you are so cheap is that you are no good.
When in your mind you thought you were doing the right thing and offering “value”.
Having a "price war" with neighbouring lash salons or stylists is about the worst thing you can do for your business and for the industry as a whole.
All this does is creates a public perception that what we do isn't a valuable service and that it doesn't require a lot of skill to do properly. (just look at the nail industry)
My Brisbane Lashes salon is surrounded by other lash stylists in my area charging half of what I charge yet they are not half as busy as I am.
Why is that?
Because when you offer something other than simply "the cheapest price" such as quality application, an amazing customer experience, and so on, the right clients will find you and happily pay you.
As we often say, if your strategy is to win clients by offering nothing but the cheapest price, be prepared to lose them the same way.
So, will you lose or turn off some clients by pricing higher than others?
Absolutely! And that’s a good thing and exactly what you want.
You will lose all the clients who “no show” on appointments because they don't respect your time.
You will turn off all the clients who only want to pay $50 for a full set of Eyelash Extensions and are not fussed about maintaining their lash health.
You will lose all the clients who will drop you in a heartbeat as soon as the salon down the street is $5 cheaper.
But in return, you will attract your ideal client.
The client who sticks to their appointment times pays a deposit on every booking and who happily pays $150 to $250 for a full set of expertly applied Eyelash Extensions and refers you, clients, just like them.
What worries me the most is when I ask stylists how did they come up with the figures for their pricing and so many have absolutely no idea. It's just a number they plucked out of the air or they based it on what others charge.
That is scary.
It is essential to factor in material costs, tax, rent, marketing, holidays, cancellations, etc otherwise you'll find you will be earning less than $10p/h.
Or not earning anything at all.
If you are fully booked that is another indicator you need to increase your prices.
You will actually earn the same money by working fewer hours if you do this and also be able to better look after each and every client. Rather than herd them through like cattle as can often be the case when we have back to back clients all day.
So my advice is don’t underestimate your worth, what we do is incredibly hard and taxing on our bodies so understand what your business expenses are and what you need to charge in order for you to be profitable whilst still (most importantly) providing value to your clients.
Don't make the mistake in thinking that because the supplies are relatively cheap that the service should be too, or that because someone down the road is doing lashes for X price so you need to do the same.
It's no different to what hairdressers or massage therapists charge, it's not based on the cost of the products used during the treatment but rather the skill of the person performing the service.
So think to yourself, what does a two-hour appointment with a quality hairdresser or day spa cost? $50? $100? I don't think so! Volume Eyelash Extensions are no different.
In summary...Treat your lash business as a BUSINESS, not a hobby.
If you're not confident to charge more, invest in improving your skills until you are.
I sincerely hope you find my advice valuable in your own quest for becoming the best Lash Stylist you can be and perhaps I'll see you at one of my upcoming events!