Setting prices can be a challenge. Before landing on a random number, or trying to calculate the cost of doing business against your revenue goals, consider this:
What is your worth?
Never set a price that undermines your worth.
Look at yourself in the mirror
Tell yourself that you believe in your abilities as a lash technician
Imagine your ideal price-point
Now, consider taking less just because you feel you should
Did the feeling of taking less align with what you believe you’re worth?
If the answer is no, then you’re undervaluing yourself
Knowing your worth and refusing to accept less is an abstract (but important) component in pricing. But there are also practical considerations.
Operating Costs
You’ll need to know your monthly operating costs to set prices that allow you to keep the lights on, pay your rent, and run your water.
Materials Costs
The lash extensions, glue, tissues, and lash wands all cost money. This needs to be reflected in your pricing.
Insurance
You absolutely cannot run a lashing business without adequate insurance. Ensure that your pricing covers the cost of the premium.
Advertising and Marketing
Most business pricing tries to allow for a small annual marketing budget. But remember, the best marketing is by word of mouth, and referrals are the best gifts!
Profit
Your pricing needs to have built-in margins for profit and revenue that meet your goals.
The Market
If your prices are too low compared to going rates, it may cause clients to question the quality of the products or your work. Too high prices may drive clients away. Your pricing should reflect market pricing for similar services in your area. That isn’t to say that you can’t charge more or less than the market average. It just means that your pricing should be in close approximation unless there’s a justifiable reason for a bigger difference.
Adjusting or Increasing Prices
If after you consider your worth and the costs of doing business you find that you may not be charging enough, it’s time for an adjustment or an increase. Don’t be nervous. Be sure to give existing clients notice. You don’t owe anyone an explanation, but if you choose, you can share that you’re increasing your prices to reflect the current market.
If after some consideration you feel your prices are in line with the market and your worth, that’s great. But don’t forget to review your pricing at least annually, or more often. A great time to introduce new pricing is when you introduce new products or services.
Become a Brand Ambassador
Becoming a brand ambassador gives you access to products from a recognizable and reputable industry brand. When you’re a brand ambassador, your clients can trust the quality of the products you use. InfinitiLash has a brand ambassador program, and not only do you get access to our top-of-the-line Cashmere lashes and other products, but you’ll also enjoy a 10% kickback in our online store!
InfinitiLash - Where Beauty Meets the Eye
If you want to learn more about setting prices or starting up your own lash application business, contact us to discuss our training programs, or to ask questions about our products, services, or the InfinitiLash Method. Visit us on the web 24/7 at infinitilash.com
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