What should I charge?
This is the most asked question we get. What do you charge for eyelash extension services? The biggest piece of advice I can provide is DO NOT set your prices on your clients wallets. You need to set your prices based on your needs and goals. We are addressing the elephant in the room……MONEY!
When you first start providing a service. Do not undercharge your worth or set your prices because you are new. Once you set your price it is challenging to raise them. Position yourself as an expert!! If you are new or have done the service for years; you ARE an expert. Your expert level may just be at different levels. Be confident in yourself and create the mindset that you are worth it, because you are!
Some may have the mindset that the price of our service equates to us personally. Our own self doubt creeps in and it is hard to charge for a service. Your value is not based on you as a person. Try to separate your emotions from your services. It isn’t a product that you are selling; it is your time. What is your time worth? The first thing you need to do is evaluate a few things: Calculate what your costs are, look at your surrounding market, know your customers or the type of customer you want. You include all of those things and break it down to what you need hourly.
How do you calculate your cost to apply eyelash extensions? What is your booth rent for the day? What are the costs of the products you will use? Do not forget to include all of your product costs. The way you can do this is track everything or create a list of products you will use and have an inventory list with the cost next to it. Do not forget to include all PPE that we have to use. There is a lot of overhead and it all needs to be taken into consideration when choosing what your price point will be. I would invest in quickbooks or have some sort of tracking system, because it will help you know what your overhead is and what you are making. It is amazing to me how many Service Professionals have no idea what their overhead costs are.
What does other Eyelash Extension Service Professionals charge in your area for the same service? Someone once told me to find out what everyone else charges and charge more. Don’t be average; be a ROCKSTAR. You can decide what being a rockstar looks like for you. Please do not undercharge your worth. It is super easy to find out what others charge in your area with the internet. So many Service Providers post their menus on the IG pages or simply call and ask them their starting prices. Ask your friends and acquaintances that provide services in your area what they charge.
The last thing to consider is knowing your current clientele or the clientele you want to have. Any Service Provider will attract the type of client they want. It goes back to the law of attraction. Whatever you put out is what you will get back. If you have been in the service industry you have already seen it, if you are just getting started you will see it. Be invaluable to your customers. You will have a higher value to them and will pay more for your services. Added value could simply mean enhanced customer service or an enhanced experience with you. One thing I have noticed with my time in this industry is our guests do not always just come in for their service. It's the time they get to escape their world, allowing them to pause. Help create a better ‘pause’ for your guests.
Unfortunately there is no perfect formula in creating your prices. It really comes down to what you want to make annually and break it into small achievable goals. I always recommend creating long-term and short-term goals. Where do you see yourself in 10 years, 5 years and a year from now. This will help set you up to know what your income should look like. What kind of home/apartment do you want? What kind of car do you want to have? I love dream boards. If you know exactly what you want, it makes it easier to create that vision of exactly what you want. Dream big! You create your success story.
Example of how to know what to charge.
Goal 100,000 Gross Sales Per Year.
There are 52 weeks per year, but always calculate 50 weeks per year to allow for time off. Everyone needs a break!!! Self-care can be another conversation. You are the product and you need to take care of you. How many days per week are you going to work? How many hours a day are you going to be scheduled? Even with being booth rent, plan on your ‘paycheck’ being 50% of your Gross Sales. So if you want your Gross Sales to be $100,000, your take home will be $50,000 per year. Some may look at that and say no way, but I am here to tell you IT IS achievable. Honestly, even more is achievable if you create goals, make a strategic plan and follow through.
$100,000 / 50 weeks per year = $2000 per week in Gross Sales
2000 a week in Gross Sales / 5 days per week = $400 per day
$400 per day / 8 hours per day = $50 per hour
How much time do your services take you? We are going to say Service (X) takes you an hour and a half, you should charge $150 for that service. If Service (X) takes you 30 min, then charge $25 for the service.
This is just one way to help you decide what to charge for your services. There are so many platforms and ideas that help guide you to know what to charge. There is really no wrong way to decide. Make sure you charge your worth based on your goals and what you have to offer your guests. Offer them something different and more than the next Service Provider. What can you offer guests that makes you unique. What do you want to be known for? Educate yourself and perfect your trade. Be a hustler! Be your authentic self!!