3 Ways To Make Money Without Raising Your Prices
Here’s How To Make Money Without Raising Your Prices
To raise prices or to not raise prices…that is the question on a lot of stylists’ minds as they get ready to reopen. We know some people are trying to avoid raising their prices after a global pandemic, which is why we’re breaking down a recent post from BTC Team Member Kristen Lumiere (@kristen.lumiere) that shares three ways to make money WITHOUT raising your prices.
1. Set Service Standards
Setting service standards means charging properly for your time and extra product used. Here’s an example from Kristen:
- On average, her full balayage highlight requires 60g lightener + 90g developer + 45g toner.
- If she goes over that amount, she’ll charge $32 more for the extra color/time—about $15 for 15g and $15 for 15 minutes.
2. Take A Look At Your Budget
If you haven’t yet this quarantine, take time to iron out your budget so you know exactly where your money is going every week. Start by listing out each expense, then write down every area your money goes to from smallest to largest bill.
From there, cut back in areas where there’s overspending and remove unnecessary costs that are losing you money. “Odds are, if you aren’t following a strict budget then you are losing a lot more money than you know,” notes Kristen. Click HERE to get more budgeting tips!
3. Stop Over-Purchasing Supplies
Remember that one product on your retail shelf that hasn’t sold in months? It’s costing you money every day it sits there—and the longer it sits, the more money you lose. And trust us, it adds up: $15 x 100 products = $1,500. 😱 Same goes for color and disposable tools, which is why Kristen says to stop over-purchasing in these areas. The money you save can go toward cleaning products and PPE instead.
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