This has been such a struggle for me as a new hairstylist . I went straight into freelance work and I have struggled to calculate my pricing to reflect my work and actually get me paid! Thank you so much for helping break this down !
Let me say… Pricing has been a struggle for me not wanting to charge too much or too less… Thank u for this.. Never thought to factor in ANYTHING but the hair style
Thank you so much that's so true even on holidays I still feel like I need to work I'm a single mom making ends meet so I' was definitely doing holiday for extra cash so I can take care of my family I love what I do ao I'll be alright pratice makes perfect and never give up
Haha thanks Lani! ❤️ It’s great to have you on the channel! It gets a bit tricky with sprays, so just make sure you’re counting the number of spray pumps to be consistent.
This is wonderful and fantastic information @TheHairCeo! But if I may make one small suggestion: when starting a video like this, please advise which pricing plan method this applies to. I would have really appreciated that because I'm looking to do fixed pricing and am not planning on charging by the hour. It would have been great to know, this is a wonderful application to utilize when considering to charge by the hour as opposed to fixed pricing. However, I do thank you immensely for all this wonderful information and I wish you well!
@@TheHairCEO Thank you so much. I really was not expecting that response. I think that would be wonderful and I am excited to see it. Would you be able to let me know when it comes out?🤩
Hi great info! Can you explain what all went into your overhead annual expenses, was that like business operating expenses plus the salary that you want to bring home? Also, if each service has a product cost factored into a service, do we not take our monthly product cost from the beauty supply and add it into the overall annual expenses? Hope this makes sense what I’m asking basically I just wanna make sure I don’t charge for product twice.
Hi Audrey! Great questions!! As far as the overhead annual expenses...yes, this includes labor costs, but not profit - it's really important to distinguish that. I think I need to redo this video because I used a pretty high owner's pay which isn't your typical annual labor costs according to statistics. As far as double counting product...there are supplies that added to the annual overhead costs that don't get used in each service that I would make sure you're adding into that number. I hope this helps!
Hey there this is great information, I have a question about the annual expenses. What should be added to that list, all I have is rent, Booking sites, phone bill
It varies for everyone but track EVERYTHING you spend related to your business. Shoot me a private message here or through IG. I recently put together a training that I haven’t released yet that has over 200 deductible expenses specifically for hair professionals. My name on IG is @thehairceo_
Hello thank you for to the video I had a question; For my expenses they may vary as a braider I understand the set expenses rent internet streaming services But for supplies such as hair needed & products used that may vary and I wanted too know how do I determine my cost per month ? I have a range of cost I spend per month but its not a set number
Hey hun! The way I understood what she said is for you to tally up your monthly living expenses (rent, car note, insurance,etc.) the goal is for your business to be your main source of income so that you don’t have to work for anyone else. You have to ensure that your living expenses are covered. Then, as far as your product costs, that’s added into the overall service costs. 1 piece of advice I can give you is not to buy more product than you actually need. For example, if you’re doing braids and you’re promoting a specific service that requires a specific product, don’t go buying tons of other products that you don’t need at that time. Hope this helps
Why are they charging you 20.00 cause you long hair. This is insane 🙄 and does not have the right rollers for your hair. 110.00 just for a roller set and style. I might just youtube MICHAEL KEATON
So, if I'm a restaurant owner, and I decide I want to make $100k per year selling only 12 piece wings... and I dont want to serve more than three customers per day working four days per week... then using your logic, I can charge $160 per 12 piece wing meal. The problem is 12 chicken wings isn't worth $160, and neither is a silk press. It wasn't worth that 10 years ago and it's not worth that today. You stylists act as though you have M.D. behind your name. The tide will turn when the Instagram craze is over or when Chinese people start opening up natural hair salons for a third of the price. I can't wait.
You're right, the consumer will always put a value on what you're offering and decide whether to buy or not depending on your price...but what I explained, wasn't "my" logic. It's math and a proven pricing method. That's how you were able to use the formula to come up with your example. If you prefer to find a Chinese stylist who does natural hair for a price that fits your budget, then by all means...you do that.
This has been such a struggle for me as a new hairstylist . I went straight into freelance work and I have struggled to calculate my pricing to reflect my work and actually get me paid! Thank you so much for helping break this down !
Let me say… Pricing has been a struggle for me not wanting to charge too much or too less… Thank u for this.. Never thought to factor in ANYTHING but the hair style
So glad this was helpful!
Thank you so much that's so true even on holidays I still feel like I need to work I'm a single mom making ends meet so I' was definitely doing holiday for extra cash so I can take care of my family I love what I do ao I'll be alright pratice makes perfect and never give up
Thank you I needed this. I didn't think about factoring in product cost in my pricing, Thank you let me get started on my numbers.
can you make a video about how to determine a good profit margin after you finish step 7? thanks for the video, very informative!! ❤️
Amazing. Redoing everything now.
I subbed in the first 30 seconds!!! So I know u gold! Lol how do I determine how much product I use if I just spritz it?😆😳
Haha thanks Lani! ❤️
It’s great to have you on the channel! It gets a bit tricky with sprays, so just make sure you’re counting the number of spray pumps to be consistent.
Thank you for the information I did not have that had me struggling for 30 years in the hair business.
You are so welcome!
Wow ...Thank you for this clear explanation. I am offering services from my home Salone and this helps. thank you.
Great info.
Glad it was helpful!
This is a great video. I love how you laid everything out. Thanks so much for sharing this information.
I’m subscribed, and paying attention, I PROMISE! But, your hair is GORGEOUS!!
Hahahaha - thanks love!
This is what I needed!!! Great info! Thank you 🙏🏾 ❤😊
Glad it helped!!
This is wonderful and fantastic information @TheHairCeo! But if I may make one small suggestion: when starting a video like this, please advise which pricing plan method this applies to. I would have really appreciated that because I'm looking to do fixed pricing and am not planning on charging by the hour. It would have been great to know, this is a wonderful application to utilize when considering to charge by the hour as opposed to fixed pricing. However, I do thank you immensely for all this wonderful information and I wish you well!
Great suggestion Neil, and I appreciate that feedback 🙏🏽 I’ll do another video for fixed pricing.
@@TheHairCEO Thank you so much. I really was not expecting that response. I think that would be wonderful and I am excited to see it. Would you be able to let me know when it comes out?🤩
This videos is a game changer. Thank you so much.
His name is Micheal Keaton! This is so true. Currently is this method when selling gels to my customers. Thanks for this class. 💎💎💎💎💎
That’s awesome!! Thanks for watching 🙏🏽❤️
Thank you that was very informative. Truly appreciated
Hi great info! Can you explain what all went into your overhead annual expenses, was that like business operating expenses plus the salary that you want to bring home? Also, if each service has a product cost factored into a service, do we not take our monthly product cost from the beauty supply and add it into the overall annual expenses? Hope this makes sense what I’m asking basically I just wanna make sure I don’t charge for product twice.
Hi Audrey! Great questions!! As far as the overhead annual expenses...yes, this includes labor costs, but not profit - it's really important to distinguish that. I think I need to redo this video because I used a pretty high owner's pay which isn't your typical annual labor costs according to statistics. As far as double counting product...there are supplies that added to the annual overhead costs that don't get used in each service that I would make sure you're adding into that number. I hope this helps!
thank you soooooooooo much for taking your time to explain this!
You are so welcome!
Extremely helpful. Thank you🙏🏿
Awesome! Glad you found it helpful :)
Love your video, thank you for sharing… cool to see another Jenn such as myself spelling their name with the 2 N’s.😂
Heyyy Jenn! Thank you for watching!
Thank you so much , it was really helpful, God bless 🙏
This is amazing information. In the past I also set my prices by what nearby salons were charging. Thanks for sharing
Thank you so much for this information. I needed to know this. ❤
You did a great job on this video, thank you 😊
I love your content! I have watched all of your videos so I’m definitely going to do my due diligence before I schedule my clarity call 😊
Thanks so much, that means a lot! Looking forward to talking to you when the time comes! :)
Great information thanks for sharing.
This is so good. thanks you so much
This is amazing! Thank you!
You’re welcome! Glad you enjoyed it!
Thanks for sharing this
Thank you ❤
Hey there this is great information, I have a question about the annual expenses. What should be added to that list, all I have is rent, Booking sites, phone bill
It varies for everyone but track EVERYTHING you spend related to your business. Shoot me a private message here or through IG. I recently put together a training that I haven’t released yet that has over 200 deductible expenses specifically for hair professionals. My name on IG is @thehairceo_
How do you determine your overhead/annual expenses if your new into being solo
Hello thank you for to the video I had a question;
For my expenses they may vary as a braider
I understand the set expenses rent internet streaming services
But for supplies such as hair needed & products used that may vary and I wanted too know how do I determine my cost per month ? I have a range of cost I spend per month but its not a set number
Hey hun! The way I understood what she said is for you to tally up your monthly living expenses (rent, car note, insurance,etc.) the goal is for your business to be your main source of income so that you don’t have to work for anyone else. You have to ensure that your living expenses are covered.
Then, as far as your product costs, that’s added into the overall service costs. 1 piece of advice I can give you is not to buy more product than you actually need. For example, if you’re doing braids and you’re promoting a specific service that requires a specific product, don’t go buying tons of other products that you don’t need at that time. Hope this helps
Why are they charging you 20.00 cause you long hair.
This is insane 🙄 and does not have the right rollers for your hair. 110.00 just for a roller set and style. I might just youtube MICHAEL KEATON
It’s the pricing wrong. Made no profit. Overworked and underpaid.
So, if I'm a restaurant owner, and I decide I want to make $100k per year selling only 12 piece wings... and I dont want to serve more than three customers per day working four days per week... then using your logic, I can charge $160 per 12 piece wing meal. The problem is 12 chicken wings isn't worth $160, and neither is a silk press. It wasn't worth that 10 years ago and it's not worth that today. You stylists act as though you have M.D. behind your name. The tide will turn when the Instagram craze is over or when Chinese people start opening up natural hair salons for a third of the price. I can't wait.
You're right, the consumer will always put a value on what you're offering and decide whether to buy or not depending on your price...but what I explained, wasn't "my" logic. It's math and a proven pricing method. That's how you were able to use the formula to come up with your example. If you prefer to find a Chinese stylist who does natural hair for a price that fits your budget, then by all means...you do that.
Then they will complain when the Chinese stylist treat them funny
You just helped me soooooo much! I have been doing this wrong and I needed help so bad! Thank youuu
Wow! I love hearing comments like this!! So glad you found it helpful!