Pricing your lash services is a tricky one that needs a blend of market understanding, self-value assessment, and a business strategy. In the competitive lash industry where trends and demands are always changing, you need to have flexible pricing strategies that reflect your skill level but also keep profitability. In this blog post, we'll explore the key things to think about and various pricing models to help you, as a lash artist, set the right prices for your services.
Have a look at pricing in your area:
Taking a look at lash artist pricing around your local area is so important for setting competitive but sustainable prices. Research the pricing strategies of other lash artists in your area, considering factors such as experience, location, and clientele. By knowing the standards in your area, you can position your services appropriately, making sure that your prices are attractive to potential clients while still reflecting your skill and expertise.
Think about your time and your value:
Your time is valuable, and your pricing should reflect the skill and effort you put into each lash application. Consider your level of lashing and the time it takes to complete different lash style sets. A fair pricing structure builds trust with clients and sets the stage for a sustainable business.
Look at the costs of your supplies and overheads:
Calculating and keeping track of the cost of your lash supplies and overhead expenses is essential to finding your break-even point and profitability. Factor in the cost of lashes, adhesives, disposable tools, and any other materials used. Also, don't forget to include costs such as rent, utilities, and insurance. By covering all bases, you are making sure that your pricing covers all expenses. This will allow you to keep a healthy profit margin and not put yourself out of pocket!
Don't set it and forget it:
Pricing should not be a static element of your business. Regularly check and adjust your prices to align with changes in the industry, your skills and the costs of doing business. Regular checks will keep your prices competitive and ensure that they accurately reflect the value you provide to your clients.
Adjust prices to fit your business as and when you need:
Businesses are always changing and evolving, and so should your pricing strategy. If you introduce new services to your lash menu, better your skills, or notice that you’re getting a lot more enquiries and bookings, adjust your prices! Be transparent with your existing clients about any changes, and emphasise the added value they will get.
Pricing Models for Lash Treatments
Flat Rate Model:
Probably the most popular model in the lashing world - the flat-rate model involves charging a fixed price for a specific service, regardless of the time spent. This straightforward approach simplifies the decision-making process for clients (a must for sales!) and provides clarity in pricing. As mentioned previously, Make sure that your flat rate covers your time, expertise, and material costs.
Charging by the hour is a pricing model that accurately reflects the time and effort invested in each client. This model works well for complicated lash designs or customised services. Clearly communicate your hourly rate to clients and provide estimates based on the expected duration of the service.
Package deals bundle multiple services together at a discounted rate, encouraging clients to opt for the ‘full’ lash experience. This could include lash set enhancements such as decals, spikes and coloured lashes. This could also include mini facials etc. if you are trained in other treatments and services. This strategy promotes customer loyalty and increases the overall transaction value. Design packages that cater to different client needs and preferences.
Pricing your lash artistry services is a strategic process that takes a lot of thought and consideration. By taking a look at all the above, you can create a pricing strategy that not only attracts clients but also makes sure that your lash business succeeds. Remember, the key to pricing success is finding the balance between competitiveness, profitability, and client satisfaction.