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How to raise your prices?

How to raise your prices?

How to raise your prices?

I honestly think in the lash industry we charge far too little for this luxury service. It’s a vicious circle, the lower you charge the more everyone thinks that’s the going rate for lash services so other lash tecs charge low prices to match you & it goes on. This makes it hard to raise your prices.

Look at the USA they are charging hundreds of dollars for a set of lashes. Lash extensions are a luxury service, and we need to start pricing as such. You need to think about what you want to make per hour. If you are charging £40 for a set of lashes & taking 2 hours that’s £20 per hour & after product cost that’s around £17 per hour & that’s just if you are working from your parents front room paying no rent & we haven’t even got to paying tax. If you pay rent and other overheads, you will be lucky to get minimum wage from this.

If you was charging £80 for a set of lashes that’s £40 per hour & after product cost that’s £37 per hour I know what id rather be taking home.

The key is starting as you mean to go on, day one set your prices, think about your product costs, training you have invested in, rent, overheads, staff cost, tax the list goes on & what do you want to be taking home as profit

Don’t try and be the cheapest in town, you will always be chasing clients who will leave you for someone £5 cheaper. Let’s get to raising prices, all clients have a budget on what they can afford & if you suddenly double prices overnight chances are you will lose a lot of the clients because they you are not within their budget anymore & you will start to attract other types of clients but a big increase will mean a the loss of some clients so you need to understand that allows you to fit other clients in who will pay your prices.

If you don’t want to be that brave having regular increases is a better option to get you to where you want, you might still lose a few clients but not straight away & this allows you to fill any spaces with new clients when you do, it really depends how big your increases are, a few pounds year on year won’t cause a problem. Remember it’s not your responsibility to be affordable to your clients, it’s your reasonability to create amazing lashes & give your clients a great service & offer value for money (this doesn’t mean being cheap)

Another way you can increase your profit is reducing your treatment time so if it is taking you 2 hours to do a set of classic lashes rather than increase the cost of service could you reduce your time, if you could get your time down to 1 hour even on a £40 set of lashes that is giving you the same profit as a £80 set. Look at both options and see what works for you

Once you have devised your plan & your new prices are set let your clients know, you might do an email, post on insta whatever works best for you. If it’s a big increase give them a bit of notice, if it’s a few pounds you can always do it with immediate effect. Remember you don’t need to explain yourself, a simple “costs have increased and to continue to offer our clients the best service we need to have a small increase” & remember to review prices every year you don’t want to wait 5 years then be forced to have a big increase.

The more prices are increased across the uk with lash services the better it will be for our industry as a whole

If you want learn more about pricing, increasing profits & hitting your goals book a 1-2-1 business mentor session with me

BOOK YOUR 1-2-1 CALL HERE

Kristina Shepherd 

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