These 3 Factors Determine How Much You Should Charge (And It’s More Than Just Location)
When determining your prices, the last thing you want to do is sell your skills, and yourself, short. So what factors do you need to consider? If you ask Lo Wheeler Davis (@lo_wheelerdavis), owner of Wheeler Davis Salon in Orange County, Calif., it’s more than just location, location, location. Find out what three factors you should consider before pricing your services!
You know the phrase time is money, and it couldn’t be more true for stylists. Adjust final prices based on hair length, the density of her hair, how long the appointment takes and the amount of product you use.
This factor goes hand-in-hand with time, meaning you should adjust the final price she pays based on the same things. Thicker, denser hair will take longer to lift and will eat up more product, so don’t cheat yourself out!
Lo says execution is determined by three things:
- Skill—Do your efforts bear measurable and quality results? Does your portfolio reflect that?
- Experience—Are you in control of the entire process? Do you deliver a consistent result and experience for the client each time?
- Demand—Are you booked more than 3 weeks in advance?
So how does your location factor in?
“If you have high demand, experience and advanced skills, you should be priced according to your industry peers,” shares Lo. “If one or more of those areas needs to be developed, I would price your services according to the average of the salons in or around my city.”
What if you relocate to a city with a much different price point?
“If you are a seasoned stylist that has relocated, I’d consider price matching until you have a measure of financial security. Then, start raising your prices once you have a small clientele established in your new area,” advises Lo. “Tell your new clients your regular rate and ask them to spread the word. Starting over in a new area is expensive and requires planning, and ego doesn’t pay the bills!”