Dear Stylists, You’ve Been Under-Charging
Inflation Education: What It Is & How It Affects Your Pricing
51 percent of hairdressers are making less money than they did before the pandemic, according to a BTC survey. There’s one major reason: Inflation. It’s not just a buzzword—inflation is already affecting hairdressers every day (here’s a hint: the rising cost of foils).
In an exclusive business class from BTC Founder Mary Rector (@marybehindthechair) and BTC University, Mary and stylist and salon owner Gina Bianca (@iamginabianca) share the strategies you need to increase your revenue, creating a lucrative service menu and build your business in the salon. Keep scrolling for some need-to-know inflation facts and click here to become a BTC-U Member for exclusive access to this course and learn everything you need to know about raising your prices.
What is inflation?
In basic terms, inflation is the decrease in the purchasing value of money over time. Meaning, a dollar will not go as far today as it did yesterday. Depending on where you live, inflation could be more than 20 percent right now!
So what does that mean for stylists? Say the price of foils has doubled from last year—if you haven’t raised your prices to accommodate the higher cost, your services are (unintentionally) discounted. So, you’re losing money without even noticing because let’s face it, who doesn’t need foils?
Foils aren’t just the only cost on the rise. During her course, Mary shared other expenses that have increased due to inflation.
Related: Venmo + Taxes: Everything You Need To Know
4 ways to manage inflation + make more money
If you have been hustling to build your clientele, learn the latest techniques and enhance your presence on social media, you may have missed the economic factors that are working against you. “Sometimes you have to slow down to speed up,” explains Mary. So, she shared four key ways to make more money:
- Work more hours. An extra day in the salon not only opens your books to new clients but can also allow you to fill your schedule with higher-ticket services.
- Focus your menu on high-priced services. Thinking about ditching haircuts and only offering blonding services? Mary and Gina break down the math behind the benefits of a specialized menu.
- Sell more retail. Talk up the shampoo and conditioner! Sending clients home with retail is a win-win, not only for your ticket price but also for their hair health.
- Raise your prices. We’ll say it forever: If you are over 90 percent booked, it’s time to raise your prices.
Related: Foilayage Pricing: How To Charge For Foils & Balayage
Does Raising Your Prices Make You Anxious?
Don’t stress, Mary and Gina share everything you need to know about pricing, including how to determine which services to increase and how to communicate new prices with clients. Become a BTC-U Member for unlimited access to this course AND upcoming business courses from Mary and guests.