How to Price Your Services
Your skills are valuable and your time even more so. How do you price your services in a way that reflects your expertise as a permanent makeup artist? There are many factors that go into pricing so we’ve gathered a few to keep in mind as you set your menu for the new year. The great thing about being an entrepreneur is that you set the prices and can be flexible!
Talk with your colleagues.
There is no better way to price your services than to find the market rate by talking with your colleagues. We are a huge fan of transparency because honestly, it is just a good business practice. Open communication keeps you in the loop so you are not over or undercharging AND everyone can set a fair market rate!
Consider all aspects of your finances.
When deciding on pricing, you are not simply charging for the price of your services. Consider the cost of equipment, materials, training, overhead and the service itself. Create an excel sheet with all of your expenses -- we mean everything that you spend for your business -- and figure out exactly how much you need to make each month after taxes.
Consider your location.
Service prices also depend on where you are living. Although the job is similar, the market is drastically different depending on the location. You may be one of three PMU artists in town, or one of hundreds. Potential clients will be shopping around for an artist that not only fits their aesthetic, but is also in their price range. Be sure you consider your own cost of living as well and adjust accordingly so you are paying yourself fairly.
Consider your expertise.
Believe in your value. You have the training and experience to bring to the table. The price you set literally communicates the value of your work. Do not underestimate the value of your services. A higher price communicates quality, care, and confidence in the procedure. However, also keep in mind a pricing system that works for you and your client. At the end of the day, like we always say, relationships guide us through every business decision.
How do you price your services? Let us know in the comments below!