Your prices are going to vary based off your location and competition, so giving you an exact price for what your services should be is impossible. However, it’s quite simple to figure out how much you should be charging someone. These helpful tips will allow you to determine the rate at which you will want to charge your customers, taking into consideration several determining factors.
Time And Product
The first thing that you should consider when determining your prices is how much time it will take for you to perform the hair cut. You want to come out with a good hourly wage, and so if a quick haircut takes you an hour, you want to make sure you charge whatever you expect to make that hour.
It should also be noted that you won’t be able to go from haircut to haircut instantly. There is at least five minutes between each haircut that you need to take some time out to clean up the hair and wash off some of your tools.
You need to take into consideration the product that you’ll be using in a person’s hair as well. This product costs your business money, and it often isn’t cheap. Although you won’t see immediate cuts if you don’t charge for the product used as well, you’ll notice the loss in profit once you’re buying more supplies.
Experience
Experience is a huge factor in the price that you should charge. Often, this will affect your quality of work. If you don’t have as much experience as your competition and can’t deliver as high of quality, you shouldn’t be trying to charge as much as they are.
By lowering your prices based off your experience, you’ll make your business a more tempting offer. A person may receive a slightly lower quality haircut here, but they will also pay a lot less as well.
If you’re just starting out then you may even want to offer some haircuts for free just to build a little experience. This may also drive more traffic to your business once your name gets out there.
Competition
When you have gained experience, you can offer competitive pricing. This is when you make your prices slightly lower than your competitors so that your business will seem like the more appealing choice because people will have to spend less money. If you’re having trouble getting constant business, this should drive up your business traffic.
Promotions
Promotions can be a great way to bring in more people, so it’s an optimal pricing choice, even if you don’t make as much money as you typically do for a haircut. Offering half off a child’s haircut with every adult haircut could get you more business, even if this promotion is just temporary.
Conclusion
Pricing your services has several variables that you should consider. You can alter your rate a little to see if it balances out profit with business traffic until you come across a suitable rate. Often, you’ll get tips as well, which allows you to charge less.
