How to correctly price your services.

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Do a little research on the web and you will see a wide range of prices for particular services. Where should you price yourself? At the bottom, middle, or the top of the price range? As an independent stylist and an entrepreneur, it is truly up to you. What I can offer you is a guide to help you figure out what is the most comfortable for you.
For purposes of this exercise, I have chosen a color touch up with a toner and blowdry. There are a number of factors that apply to all services to consider:
1. Product Cost: What are the product costs involved in the service? For instance, a color touch up is going to typically involve 30 grams of permanent color, 30 grams of semi-permanent color, and 120 grams of developer. Then you have the value of a few clean towels (the cleaning of the towels, not the purchase of the towels.) Add these costs together.
2. Time to complete service: Start using a timer on your color touchups. Not just for processing, but for the entire service. A good timer to use is the one on your cell phone, that can record more than 60 minutes. Start timing your client service from when they sit down in your chair until they leave the chair on their way out. Get some averages. Write them down. Take notes of why some services took longer than others.
3. Value of your time: It is useful to develop a goal for yourself of how much you want to be earning per hour. What is your number? $30/hour, $60/hour, $100/hour…
4. Competitive factors: You may consider researching what a color touch up goes for in your area.
5. Your expertise: If you are new stylist and you are unsure of formulations and are slow, you may want to consider pricing yourself at the lower range in your area. On the other hand, if you are a formulation expert and you can do a formulation and application in less than 20 minutes, consider pricing yourself at the higher end.

Becoming A Master of Your Money

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“Money, Money, Money makes the world go round.” This quote from the play “Cabaret” says it all for the world we live in today. As artists, we don’t want to believe that we are in it for the money. Each of us start with the fantasy that if I just do great hair, then clients will bang down my door and I will be rich!

Well, you probably understand now that it doesn’t quite work that way. So how do we get you to a place that will be like that? My answer is that first you need to gain a basic understanding of money as it relates to your business. Know where your stand. Then take the action to arm yourself with the tools to build system around your money so you can focus on what you are good at and you don’t need to worry about the money.

Please, don’t beat yourself up if you are not savvy on anything in finance. We are artists and for most of us this it does not come easy. For me, it’s like a “sin,” meaning I hate it. Hence the motto!!!!

Most hairstylists I work with have a passion for hair and… finances, not so much. Just know it is something that is learned. And there are some simple systems you can put into place so you too can become “a master of your money.” You just have to be willing to take that first step and see your money for what it is.