8 minute read
As a lash artist, pricing your lash extension sets can be a challenging task, especially when you're just starting out. It's essential to strike the right balance between pricing that reflects your effort, operating costs, supplies, and all other fees involved while remaining competitive among other local lash salons. In this article, we will provide a step-by-step guide on how to properly price your lash extension sets to help you maximise your earnings while delivering value to your clients.
If you have just finished a course and haven't had a chance to work on real clients, it's important to take some time to practice and build your skills before setting up your prices. Here's a plan you can follow:
- Offer the first five treatments for free to gain experience and build your portfolio. Ask your friends or family to be your lash models to reduce pressure. You'll gain some confidence after completing the first few sets. Then, join local Facebook groups and look for 'free lash models.' Take as many photos and videos as you can and use a photo editing program to make them look cleaner and more professional. Upload them to your lash business Instagram account. We recommend creating a separate business account that doesn't mix your private posts. Check out these five tips to grow your lash business with Instagram!
- For the following five sets, charge only the cost of supplies.
- For the next five sets, set up your lash prices and run 'opening promotions' with 30-50% reduced prices until you are confident and ready to charge the full prices. By following these steps, you should have enough portfolio material and have some clients coming back for infills, starting to become regulars.
But on what basis do you set up 'full prices'? Read on!
How to price lash extensions
1. Calculate your costs
It's crucial to evaluate all costs associated with running your business, including the initial salon setup, along with daily expenses. Here's a list of costs you should consider:
- Rent or lease for the lash room
- Utilities such as electricity, water and internet
- Salon equipment and furniture
- Lash supplies
- Employee wages (if applicable)
- Marketing and advertising expenses
- Insurance coverage
- Maintenance and repairs
- Software subscriptions (online booking, accounting, website domain and hosting, etc.)
Understanding your costs will help you determine the minimum price you need to charge to cover your expenses and make a profit.
2. Research the market
Identify your local competitors to analyse the lash styles or services they offer and their pricing strategies. To do this, simply Google 'eyelash extensions near me' or search hashtags like '#(Your area name)lashes' on Instagram. Focus on those that have a similar target audience, level of experience, and quality. This will give you an idea of the prevailing rates in your locality and help you position your prices effectively.
3. Decide on which lash extension styles you'll offer
After gaining insights from your competitors, it's time to decide which styles you'll offer. We suggest starting with simpler options such as classic sets and volume sets, followed by infills of 2 to 4 weeks. Once you find a style and schedule that works for you and your clients, you can start offering more various options such as hybrid sets or service add-ons (such as, coloured lashes or wispy spikes)
Be careful not to set your price too low or too high compared to others. Setting a price that is too low may result in no profit, leading to burnout and giving up. Setting a price that is too high may prevent new clients from coming through the door. Even if you attract clients, if they don't perceive the value or skills they expected, they simply won't come back.
4. Value your loyal clients and identify red flags for clients you should let go
Building a clientele takes time. For some, it may take a few years with slow growth, while for others, it may be quicker, becoming fully booked within the first few months of starting the business. It's important to be patient and put your best effort into every set you offer. The result is the most important factor, rather than how quickly you finish a set. Avoid rushing, as speed will improve over time, allowing you to complete sets more quickly and become more profitable.
When you do acquire regular clients, take extra care of them. You want to find someone who comes back for infills regularly, appreciates your work, respects your skills and expertise, and values the convenience of your salon.
However, there may be clients who are not worth keeping. These clients constantly complain about your prices, ask for discounts, change or cancel appointments frequently, or treat you in an inappropriate manner, causing you stress. In such cases, consider letting these clients go in a professional way.
5. Review your lash prices regularly
Setting the price is just the beginning. It's important to regularly review your profit and pricing strategy. When your costs increase, such as supplies and utility bills, you may need to make adjustments to stay profitable.
Another sign that you need to review your prices is when you are consistently fully booked even for the next few months, preventing you from taking in new clients because you are too busy attending to existing clients. In such cases, consider increasing your prices by at least 10 to 20%. You may lose some clients, but you'll end up working less while earning the same or even more income.
On the other hand, if your client base is not growing as expected, you may want to run some promotions. If you notice that you attract more clients during sales, it could indicate that your price is too high for your current skill level and the value you offer. Decreasing the price is not normally recommended, but it might be something worth considering carefully.
Before we finish, our final advice is to focus on delivering value to your clients while covering your costs, and don't be afraid to make changes as your business evolves. You’ve got this!