Getting your pricing right from the start is crucial. The right prices will attract the right clients - The type of clients who appreciate your artistry and will happily fill your bank account in exchange for it.
After all, your work isn’t just another set of extensions – it’s a masterpiece!
And correcting a bad pricing strategy is like trying to fix a horribly botched lash job. You’ll get it right eventually, but not without a whole lotta pain along the way.
To help you nail your pricing from the get-go, we’ve got all the tips and tricks that successful salons use to get their pricing just right.
We’ll show you:
The 3 steps to create a winning price strategy
What other lash artists are currently charging in Australia
How much to charge while you’re training
One BIG mistake other lash artists make when setting prices
Let's dive in and get your pricing on fleek!
HOW MUCH SHOULD I CHARGE MY LASH CLIENTS?
Before you start blindly throwing prices out there like a crazy person, let's do some homework (and a little stalking)...
1. CHECK OUT THE COMPETITION IN YOUR AREA
Visit the website and social pages of what similar businesses in your suburb and surrounds to see what they're charging (it's kinda like stalking, but professional😂 - Let's call it competitor research). Pay special attention to businesses that have good reviews and some traction on Google or social channels.
Check as many as you can and write down their prices for all the services you provide.
The key phrase here is ‘similar businesses’. If you’re running a small business in a quiet street then checking out what the huge salon on a main street is charging probably won’t help.
It can still be valuable data to have, but you’ll only want to set your prices based on the businesses that are similar to your own.
To give you a general idea of the current market we’ve stalked analysed businesses in both capital cities and regional areas around Australia to work out what they’re charging (as of 2023).
*Based on research into 60 Australian Salons
As you can see, the floor and ceiling of these prices vary hugely because of the unique differences from location to location, and business to business, so drilling down into your surrounding area will be necessary.
To keep it concise we left out data on refills but we found most salons charged 50-70% of the full set price for a 2 week infill and went upwards from there.
Once you’ve researched businesses in your area you’ll have a general idea of where to start with your pricing, but you also need to make sure you have enough income to cover your costs, which brings us to the next step…
2. KNOW THE COST OF RUNNING YOUR BUSINESS
You don't want to go broke before you've even started, do you?
No, I didn't think so. Then let's make sure you know exactly what your costs are each month. Both your fixed costs like rent, utilities, insurance etc and your variable costs like supplies. (If you need help with this, we have a blog post covering it here)
From here work out the average cost of each service you provide and how long it takes (If you’re just starting out, then obviously you’ll take a little longer so it may take some guesswork). Now work out an hourly profit you’d like to make on each service to ensure that your prices will cover it.
3. KNOW THE EXTRA VALUE YOUR BUSINESS OFFERS
What makes your business unique? What sets you apart from the competition?
Every business has value propositions that they offer their clients over and above their competition. And these value propositions are often things customers are willing to pay a little more for.
A few examples are…
A relaxing spa-like experience
Exceptional customer service
A great loyalty or VIP program
Convenient booking & flexible scheduling
A convenient, easy-to-reach location
A high-end, luxury salon
A high level of skill in a particular service
Your competitors will offer many of these as well, so don’t just assume you’re the only business giving your customers a cup of tea while they wait or providing soothing music, aromatherapy candles, and a super comfortable salon bed.
Again, do a little research and check out competitor reviews and socials and find out if you could be charging a little more due to the extra value you provide.
Better yet, get out and visit some local salons if you can (please book an appointment though, we don't want any actual stalking going on 😂). This will give you insights into your pricing strategy as well as some great ideas to improve your business.
You should now have an idea of what to charge your clients, but here’s one final piece of advice…
AVOID THIS PRICING MISTAKE
It’s tempting to undercut your competitors just to attract more customers, but it's usually a bad move. Not only can it erode your profit margins, but it can attract customers who only care about getting the cheapest deal. And let's be real, do you really want to attract those kinds of customers?
According to a study in the Journal of Consumer Research, customers also often assume that higher prices mean better quality, even if the products or services are similar to their competitors. So don't be afraid to set your prices a little higher. If you need to adjust later on, it's much easier to lower them than to raise them.
HOW MUCH SHOULD I CHARGE FOR LASHES WHEN TRAINING?
We recommend doing at least 10 sets of lashes before charging full price. But you should still be charging something while training (unless you're practising on family or your bestie, which we recommend doing for your first few sets)
It's best to charge a percentage (25% minimum) of what your services will eventually cost until those training wheels come off. Otherwise, customers might perceive your services as low value.
But make it clear to your customers what your prices will eventually be when you've finished training.
This will avoid any awkward situations when they're charged $150 instead of $50 on their next visit. Plus, it will give your services a higher value in your clients' minds, even if they're temporarily paying a lower price.
And don't worry if you're still not comfortable charging full price after your training. Just charge a percentage you're comfortable with and call it a salon launch promotion or limited introductory offer until you get your skills where you want them.
A good pricing strategy will cover all your costs while also attracting loyal clients who will help your business thrive.
On the other hand, a poorly designed pricing strategy can attract price-sensitive clients who are more likely to leave for cheaper options elsewhere.
So remember to research similar businesses in your area, work out your costs, and highlight your unique qualities. And most importantly, don't be tempted to lower your prices just to attract more customers.
And don’t stress, It's completely natural to feel uncertain about pricing even after doing your homework, but if you’ve followed the steps in this post you’ll be as prepared as you possibly could be.
Now go forth and conquer the lash world with your perfectly priced services!