So, you’re an extension artist, and you just finished installing a stunning set of Polished Mane hair extensions on your client. Now comes the dreaded task of pricing. Do you charge by the hour or per bundle? How much do you charge for cut and styling? Pricing can be a hair-raising challenge for many extension artists, and your pricing strategy can make or break your business. Today, we will explore different pricing strategies that will help you price your Polished Mane Extension services for maximum profits!
Really analyze your specific business demographic, and take into account other local stylists who are also offering extensions. Are you new to the extension world? Do you use different methods? Do you specialize in hair extensions and have advanced education and experience? Do you have a strong online presence? One of the biggest mistakes that extension artists make is undercharging or "emotional charging" for their services. Believe me, I still find myself weighing it out, the struggle is real- but don’t undervalue your work. Consider your level of experience, your overheads (the costs of everything that goes into an install), and the time it takes to complete the service. By becoming clear on each of these issues, you can ensure that you are never undercharging, overcharging or emotionally charging for your services. Be sure to inform your clients that the final price may vary depending on their specific hair type and desired style. All of this should be discussed before the service, as we always recommend a full consult that goes over every detail. You can download a template from our website to go off of, or make it your own! Here are a few examples that may influence your pricing, and your decision on how to price going forward:
Hourly pricing: This is where you charge an hourly rate for the work going into their service. (This is not including the cost of hair in a new install.) If you’re new and it takes you a little longer, maybe charging an hourly rate isn’t the best option. This would be a time to charge less than a stylist that has time and advance education under their belt.
Don’t Underestimate the Power of Bundling: Bundling your services can be an effective way to increase your revenue. Consider offering a package deal that includes a set number of bundles, styling, and any additional services such as maintenance and conditioning treatments. This not only offers your client a complete package, but it also increases your sales revenue. This is a good option for the first installation. We suggest creating a take-home kit with all the essentials for your guest to properly maintain their new hair which is calculated into your bundle price.
Offer Different Tiers of Services: Offering different tiers of services can attract a wider range of customers. Consider offering a tiered pricing structure for different levels of services, from entry-level to luxury-level. By providing various options for your clients, you can cater to all budgets and still maintain profitability. Make sure to highlight the differences between tiers, such as the quality of the hair and the level of service provided.
Continuously Evaluate Your Pricing Strategy: Your pricing strategy should never be set in stone. It’s important to continuously evaluate your pricing strategy to ensure that it remains profitable for your business. Keep an eye on your expenses, as the hair extensions prices do change regularly and adjust your pricing accordingly.
Consider Your Competitors: Competitive pricing is key to any successful business. It’s important to research your competition to understand their pricing and services. Check out their website and social media pages to see how they market their services and what their pricing structure looks like. This can give you insight into how to position yourself in the market and how to price your services competitively.
Pricing your Polished Mane Luxury Hair Extension services for maximum profits can be a challenge, but it’s not impossible. By setting a minimum and maximum price range, considering your competitors, bundling your services, offering different tiers of services, and continuously evaluating your pricing strategy, you can price your services competitively and maximize your profits. Remember to always value your work and never underestimate your worth as an extension artist!
xx,
RaChelle Daniels, CEO