Maximize Your Business Potential: Know Your Worth
If you’re considering making the transition to business ownership, you may be wondering how to maximize your salon studio business potential. A luxury Boulder studio salon business lease in a convenient location is a great first step, but to supercharge your earnings, you’ll need to know your worth and charge accordingly. Many professionals in the beauty industry (especially those who are just starting their journey as a business owner) are hesitant to charge prices that reflect their value. When you’re looking for ways to boost your earning potential and make the most of your investment in a private studio, we’re here to help. Below, we share tips that help our Indies succeed in showcasing their expertise to clients.
Evaluate Your Boulder Studio Salon Business Experience
Determining your base pricing depends on many factors, and experience is one of the most important aspects to consider. Think beyond the time you’ve been in business and factor in additional experience, such as advanced education, certifications, and training. If you’ve participated in continuing education opportunities to hone your craft, your pricing in your Boulder studio salon business should reflect your expertise. Keep in mind that clients want to invest in premium services, so showcasing your value through pricing is a savvy business move.
Review Your Services
Your time is valuable, so it’s crucial to determine pricing that reflects this. The prices you set should cover the costs associated with each service and allow you to make a profit. Prices should be based upon the time it takes you to perform the service and the costs of products and supplies that you need to complete the service or treatment. If you use premium products or spend extra time on your services, you should feel confident in setting prices to match. You want to charge your worth, but don’t want to alienate your current clients, so factor that into the timing and amount of your price changes.
Show Your Value Via Multiple Platforms
Even if your studio proudly displays proof of the mastery of your craft (i.e. licenses and certificates of continuing education), you should consider showcasing your value through other platforms, as well. Your website is an important method of communication with your clients, so a user-friendly and aesthetically appealing site is a must. Additionally, your social media accounts can play a vital role in showing your worth to your client base. Social media platforms are a great place to post photos of your work (with client permission), share testimonials, and offer insight into the products you use.
Revisit Prices Annually
It’s smart business to evaluate your pricing once a year and determine whether you need to reset certain pricing. Changing your base pricing to account for new skills is just part of why we recommend re-visiting your prices each year. To ensure that you’re maximizing your business potential, carefully keep track of your cost of operations and productivity. When you keep close tabs on your business operations, you’ll be able to determine when changes in price are necessary.
As part of the Indie community, there’s no limit to what you can achieve. In addition to our gorgeous studios, our team is here to help you every step of the way. We regularly host opportunities to advance your education in both beauty and business, and our Indies love being part of our uniquely supportive network. When you’re ready to learn more about the benefits of a private (or shared) salon studio lease in Boulder, Denver or Lone Tree, please contact our Market Manager, Kandice Martinez. Kandice is happy to meet with you for a complimentary budget analysis and chat with you about all the perks that come with being an Indie. You can reach Kandice via call or text at 303-792-8222.