Introduction to pricing

In this module, you're going to discover exactly how to calculate prices that work for your unique business. No more guessing, no more copying others, no more undercharging. By the end of this module, you'll have complete clarity on exactly what you need to charge for every single one of your services. Backed by solid calculations and business understanding. You'll feel confident in your pricing decisions because they'll actually be based on your specific business costs and your specific business goals, not just what everyone else is charging and doing. Now, understanding pricing is one of the most crucial elements to building and growing a successful nail business. So I'm just so excited to be here and to be guiding you through this stage of your journey and helping you to create a pricing structure that not only covers your costs, but also helps you to achieve your business dreams. So whether that's creating a comfortable income for yourself and your family, saving for your own salon, building a luxury brand, this module works. Whether you are just starting out or whether you've been doing nails for years, it is going to help you. Now. If you are new, then you're going to learn how to set your prices with confidence from day one, understanding exactly what you need to charge to build a sustainable business and also to then attract your ideal client. And if you're experienced, then we are going to review your existing treatment menu, your existing current profits, and you might discover that there are areas where you can make changes or you can structure things slightly differently in order to increase your profitability. Now, I also want you to know that the impact of pricing correctly goes far beyond just your own business. So by you being here today and you completing this training, you are a part of a bigger mission. You're actually protecting the industry by doing this. And I want you to think about it like this. Every nail business is different. It's got its own costs, its own circumstances and its own goals. So. So, for example, a nail tech who is working from home may have different costs than someone who is renting in a salon space. Someone based in London might have different expenses than someone based in Liverpool. Or a tech focusing on quicker services has got different overheads than someone who's offering luxury longer appointments. So your pricing needs to reflect your unique situation. Now, I know that many nail technicians haven't actually had access to the resources or the education needed to to understand their true business costs and prices. Just like what you're getting here right now. Now, if you have been in business for a while, maybe you started out by looking at other nail tech prices and setting yours A little bit lower to attract clients. Or maybe you even just kept the same prices as what your training salon did because you were unsure how to calculate your own. But what's the scary reality of that? When many of us actually sit down and calculate our hourly rate, factoring all our costs, prep time, admin time, all of the things, we can realize that we're actually earning so much less than what we thought we were some scarily in the uk earning less than minimum wage. And here's a real example. So imagine a nail tech is charging £35 for a full set that takes up to two hours. Sounds okay, right? But if you divide that by two to get the hourly rate, then it's £17.50. Then when you factor in the business costs, the equipment, the insurance, the marketing, the admin time, the time spent cleaning between clients, all of those things and then you deduct the crucial things like saving for tax, you're likely earning less than 10 pounds per hour. And that's not sustainable for building a long term business. And this is the worst thing. If that price was originally based on another nail tech who also didn't calculate their costs properly, then you are both trapped in a cycle of undercharging. It becomes a race to get to the bottom. And this is why understanding your own unique business costs is so crucial. Think about all the elements that make your business unique. Maybe you've invested in certain premium products that create better results. Maybe you offer a luxury experience with high end refreshments, branded aftercare products, a longer treatment time. Maybe you might have even chosen a prime location with a higher end so that you can be more accessible for your ideal clients. Every single one of these decisions is impact your costs and therefore should and needs to impact your pricing. So in this module we're going to take a deep dive into understanding exactly what goes into running your business. We'll look at the obvious costs, things like your products, your rent, your insurance. But we're also going to uncover those hidden costs that so many nail techs forget to factor in. The time spent doing admin or social media, the products used when you remove an old set, the hours spent on on marketing, even the cost of those cups of coffee that you're offering your clients. I'm going to guide you through understanding your true business costs. We will look at everything from big expenses like rent and equipment, right down to the small things that add up like cotton pads and tea bags. We will calculate exactly what you need to earn to meet your goals, whether that is Supporting your family, saving for a salon, or creating your dream income. But before we get to the numbers, we need to address something equally as important, and that is your mindset around pricing. Those thoughts that creep in, like my clients can't afford higher prices or nobody else charges that much in my area, or I'm not experienced enough yet to charge more. We're going to work through all of these things together because I promise you, when your prices reflect your true worth and your business costs, the right clients will value your service. Think about it this way. When you go to the supermarket, for example, you don't negotiate the price of bread based on what you think it should cost. The price is calculated based on that supermarket's costs, overheads, necessary profit margins. Well, your nail business deserves that exact same professional approach to pricing. Remember at the beginning of these videos, the beginning of the this business program, when I told you I was going to make sure that you became just as successful as a business owner as you are as an ltch? This is exactly what I meant. Every calculation you make, every decision you reach will be based on your individual business analysis. One nail tech might need to charge £50 for a full set to meet their costs and goals, while another might need to charge £70. And both could be perfectly correct for their individual businesses. What matters is that your prices reflect your specific situation, your costs, and your goals. So throughout this module we will work through a number of short masterclasses and tools and spreadsheets and all of the things that are going to help you understand exactly what you need to charge. We will look at your service menu, we'll look at your time management, your business costs, and your income goals. You will learn how to truly structure your prices in a way that is sustainable for your business while also providing value to your clients. And you're going to leave with your own pricing calculator that works everything out for you based on facts. We have made this super easy for you to follow, but the most important thing is that you follow what I say right now. This module will only work for you if you complete every lesson and task in the order it is laid out. You need to watch every single video and complete every single section step by step for the calculations to work correctly. If there is something you don't understand, it is likely because you have missed something out. First of all, you're going to see included in this module is a workbook. You will need this in order to complete the tasks in the course. Then you will notice that you are provided with the current income calculator and the pricing calculator. These tools are there for you as you move through the course at the relevant times. We know you are keen and excited, but it is so important that you do not jump ahead and you don't complete a page in the workbook or on the worksheet or the spreadsheet until you are instructed to do so for this task. Now, as you move through the course, you will also come across a video for each stage. These videos will explain everything that you need to do. If you don't move through it in order without watching the videos and all of the instructions, then you will find yourself confused, overwhelmed and the calculator might not even work correctly. Now that's the important bit over with. Aside from that, we have got all the tools, all the guidance, all the support to help you right now. So I am incredibly proud to bring you this and incredibly proud of you that you are taking this step to understand your business at a deeper level. Now, whether this process leads to keeping your prices the same, recalculating, adjusting them up or down, or completely structuring your service menu from scratch, what matters is that your decisions will be based on solid business understanding rather than the guesswork. Proud of you.