That $5 discount you give your client may seem innocent enough, until you start to do the math. We have so many excuses for why we discount our clients... 'Your clients are nice, you don’t want to shock them with the 'real' price, or you want to try to make sure that they will come back, so you just knock a little bit off.' It’s pretty harmless right?
Well, not really! What if I told you that little $5 discount could be costing you $7500 a year! What?!? I know, it doesn’t seem possible. But if you have 6 clients a day, and you just give each of them a $5 discount off the regular price, or you throw in an 'extra' conditioner or color touch up, did you know, that’s costing you $30 a day? Now, that still doesn’t sound like a lot. And maybe it isn’t.
But if you do that every day and you work 5 days a week, that’s $150! Hmm, that’s quite a little chunk of money. It could go towards your rent for your suite or booth, or toward a car payment, or any number of business or household expenses.
What if you do that week in and week out, because you’re not really comfortable with your prices. You don’t want to seem pushy or arrogant, so next week, you again give your clients, 'just a little discount'. Before you know it, a whole month has gone by and that $150 a week now adds up to $600 in a month! Are you kidding me? $600? That’s a lot of dollars! For some, it could mean the difference between staying in this business or having to leave the industry and get ‘a real job’.
Now it doesn’t stop there, if we don’t build up the confidence to charge our full price to every single client, we look up and a whole year has passed. Now that $150 a week has to be multiplied by 50 weeks (assuming 2 weeks vacation), and if you want, pull out your calculator and do it with me, that adds up to a whopping $7,500! Oh my goodness! You had no idea that your giving nature and lack of confidence in charging your full prices could cost that much, did you?
What if you have a salon and 2 or 3 of your Hairstylists are guilty of being ‘too nice’? That could easily mean $20,000 - $30,000 or more, walking right out your door!
What would you say if I told you I want to give you your money back? Well I can’t replace it, but I can help you make sure that you NEVER lose that much money again!
In fact, I want to help you make even more! What if you didn’t lose that $7,500? AND, what if we could add another $7500 on top of that? That’s $15,000. It’s a lot to some, and not much to others.
No matter where you are, if you’re ready to STOP discounting, increase your prices or revamp the way you do business, you won’t want to miss my FREE Webinar, Level Up! The Salon Pricing Webinar; Pricing Strategies for Dope Hairstylists!
It’s on Tuesday, June 20th at 7pm ET/4pm PT and I’ll uncover 3 secrets that MOST Hairstylists don’t know about pricing their services, that are costing them $1,000’s of dollars. (And, yes there is potentially even more money leaking out of your business!)
Spaces are limited, so sign up today at https://beautysuperstars.com/levelup
Miki Wright, founder of www.BeautySuperStars.com and host of the Beauty SuperStars Talk Podcast, is respected as a leader in the Beauty Industry. Wright, a Salon Pricing Strategist, has been a long time Educator at many of the top Hair Shows in the country. She continues to share her knowledge to help Beauty Pros create the clientele, income and lifestyle they desire with her FREE Webinar, Level Up! The Salon Pricing Masterclass; Pricing Strategies for Dope Hairstylists and other online classes.
Beauty SuperStars Talk offers weekly interviews that celebrate Black Beauty Bosses who are excelling in the Beauty Industry and gives beauty enthusiasts a backstage pass to ‘Experts in Beauty’.
Wright is the former Owner of Fabulous Finishes Salon and Day Spa, which was one of the first African-American owned spa facilities in the country! In addition, her salon was selected by Salon Today Magazine as one of the “200 Fastest Growing Salons” in the country, for three consecutive years!
P.S.S. Ready to get out of panic and get your money straight after the pandemic? To receive Miki's FREE "Top 5 Secrets to Salon Suite Success," click here and look for the guide on the home page!