The Price is Right… But Is It? When you’re starting out in the beauty industry for the first time it can be difficult to know where to start when it comes to setting your prices. Knowing how to set your rates can often be unfamiliar territory – so we’re here with the beauty industry pricing guide to make sure it’s not!
When you’re starting out, or even when you’re established, setting your prices can be a minefield.
What’s a good price? What are other people charging? Am I worth this? Will anyone hire me at this rate?
Mastering the art of pricing is tricky without a framework. You can’t pluck pricing out of the sky, you need guidelines that you set for yourself to follow.
Here are some important aspects in our beauty industry pricing guide to consider when it comes to setting your prices:
How experienced are you?
High prices when your starting out are a no-go. Experience is best and being affordable to start helps to build client attraction.
Do your research & check your competition
Price yourself too high and potential clients may dismiss you, Too low and people may wonder why you’re so low. See if you can check out how much your fellow MUAs and/or hairstylists are charging and go a tiny bit lower. Don’t forget, at this stage, it’s better to under-price and over-deliver.
Offer package deals
The easiest way to bump up your income is to showcase your talents and combine your services. Try to think about different package deals or offers you can use to get those clients through the door. The key here isn’t to de-value your price list, it’s to give your clients value for money, so that they will give your business a try… and then keep coming back!
You might consider:
Offering service bundles at a lower price point
Offering discounts for friends or family who book back-to-back appointments (or larger discounts for larger groups)
Starting a loyalty program for returning clients
The sky’s the limit!
When it comes to setting your prices, it’s also important to consider how much you can expect to earn.
At KLMA we’ve put together a spreadsheet of expected earnings within the beauty industry to give you more of an insight into your potential.
Offering multiple services has the potential to increase your income dramatically. Making the opportunity to train for additional skillsets is an obvious choice to secure your future.
Are you ready to harness your full potential?
If you’re interested in training to become a makeup artist in 2021 and getting paid to do what you love, check out our Makeup Masterclass course. We have daytime and evening options running in September ready to take you from beginner to professional.
If you’re looking for more help with your finances, our online business coaching programme could be a good option for you. Glambitious is designed for beauty-preneurs like you, to help you scale up your business.