Charging what you are worth I feel is one of the most difficult decisions of our careers. If we meet down the street pricing we might not be profitable and have a short lived career. With proper accounting we know our overhead costs, product costs and hidden table costs, but what are we worth?
You are worth your mindset.
If you believe in yourself so will your clients. Sometimes they believe in us more than we believe in ourselves.
Here are 3 guidelines to Charging What You Are Worth.
1. What's your level/skill of education as a tech? Are you qualified or licensed? How many years have you been a tech? What ongoing trainings have to attended? Our goal as techs is to make more than minimum wage, however I have researched and discovered most make less than minimum wage and don't know where to begin to know their salon costs.
2. How is your timing? Can you achieve a basic fill in adequate time and offer additional add ons for art and extra refined decorated nails? It's difficult to charge for art as it's more time than actual product costs.
3. Do you give your best you? Do you listen and make the appt about your client? To some clients that is priceless and the difference of choosing you over anyone else.
I teach Keeping Profits in your Pockets an online workshop for techs.
Getting into great detail of your costs is vital for your longevity in any business. We get your real #'s and create new services and menus to set you up for long term success and profits.
Here is a formula until you know your exact #'s...
If licensed $10 per hour every additional year in business add $1.
Average product cost is $8-$16 depending on full set, fill, pedicure etc.
Average Table costs is $5 per service. this includes efile, lamps, brushes, extra tools and implements etc.
Average overhead is $8 for a booth renter tech.
All figures may vary.
Art varies in time and costs.
Average service is 1-3 hours.
Lets play!!
Average fill service,
10 years in industry 10+10= $20 per hour.
Fill product costs average $8,
Table costs $5,
Overhead cost $8,
No art.
Timing of 1 hour.
Totaling should be charging $41. But guess what....most charge 30.
Earning them $9 per hour as a wage. Less than the average minimum wage and that's if booked every hour.
Did you have an "Aw Ha" moment?
It's okay!! That is why we long timers are here to help!! We want you to be successful.
Once you know your fixed expenses then the rest is the mindset of what your worth.
Attending ongoing education helps not only build your confidence and mindset but also proves to your clients that you are up to date with latest trends and techniques.
Are you Charging what you're worth?
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Created by Amy Masters