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How Pricing can Increase your Profit

So, you are a qualified lash artist equipped to take her place in the world. But how do you establish competitive pricing? Here are 3 simple tips to adhere to.

1. Competitor Analysis

First, you will want to research what others are charging in your location because your location plays a huge role in what you can charge and what is competitive in your market. There is no point in charging uptown prices in a downtown area and vice versa. Never undercut your value. Take a look at their websites, social media, and actual client photos, when you find 2-3 comparable lash artists (at the same skill level as you and somewhat close in proximity to your location) you will have a baseline for what your competitive price range will be. I say baseline very cautiously, because I believe we tend to undervalue ourselves and should charge a little bit more than the going rate. Not to say go flat out and add a couple of hundreds more, that just downright arrogant and might bite you in the butt before you know it. I'm talking about knowing in confidence that you know your worth and add tax. At the end of the day, you can charge what you see fit - it's your business. Competitor analysis is good to get general guidelines, but you know your experience and expertise best!

2. Annual Inflation

Be aware of your suppliers movements. Keep tabs on the percentage your suppliers increase their products, and the times of the year. When you know the increase amount and time your costs go up, then you know that you should most likely increase your price around the same time. If not on par with the percentages (you can increase as you wish), but definitely the same time. Every month in which you charge your old prices at your new costs, you are loosing profit. Give your clients notice in advance and stick to the dates. Clients don't like surprises especially when it comes to their pockets. Be consistent. It will pay off.

3. 80%+ Fully Booked

If your schedule is becoming tight with your bookings and you are either almost maxed out, or completely booked - now is a great time to incrementally increase your prices. There are a few reasons for this... You have clients that are continually coming back to you, meaning they are loyal and will more than likely come back even when you do increase your prices. And, if your schedule is full, with new updated prices, in the rare chance that someone does decide to leave, you have the opportunity for new openings with your new rate that you desire! Have you successfully increased your prices before? Increasing your prices is one of the best ways to save extra money to put that back into your education and up-leveling your skills with more training and courses!

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