According to Salary.com, the average US hairstylist’s income within their first 1 to 5 years of work will only increase by 3 percent.
And from 10 to 15 years, their income is virtually static! This is both alarming and shocking, because professionals in the beauty industry have more direct control over their annual revenue than many other professions.
Yet, the stats do not lie! We need to ask ourselves: Why are the majority of stylists not earning what they deserve?
Some of the many reasons (or excuses!) include:
While they may be valid, these points are simply part of being in business. Every single business faces the same or similar challenges.
What can you do to overcome these challenges and increase your revenue annually?
Work Smarter, Not Harder
The significant shift in consumer demographics is forcing businesses to adapt in order to meet very higher customer expectations. Today’s consumers want more! More expertise, more services, more extras, more of an experience, The good news is: they are willing to pay for it.
So, where is the road block in this equation? Unfortunately, it often lies with the professional’s fear of “overcharging“ their clients.
Shifting your thinking and approaching your business differently could translate to a substantial increase in your income.
Take the time to calculate your average ticket price on a monthly basis. This will enable you to set realistic goals.
Increase Your Income
Let’s do some very modest math.
If your average ticket price is $60 and you do 25 services a week = $1,500
$1,500 x 48 weeks = $72,000 gross revenue (before expenses and taxes)
If you simply increase your average ticket price by 15% to $69, you’ll earn $1,725 per week.
$1,725 x 48 weeks = $82,800 gross revenue
How can you increase your average ticket and give yourself a 15 percent raise?
It’s a no-brainer: give your customers what they need and charge them for it! Start at the backbar with add-on services, such as:
- Hydrating or Repair mask
- ChromaTech color service
- Scalp treatment
This incredibly small and easy habit will help you stay on track, and most importantly, increase your revenue annually.