Troubleshooting - Price List Processor

So now you have worked out your new prices and you might be panicking, but that's okay. Hopefully you're not. But in some cases it might mean that these numbers have gone absolutely crazy. Crazy. And you'll see here, I've just made some adjustments and it has sent these prices Builder Gel nail art for two hours. 87 pounds 61, which does not still feel like a fair exchange. It is. It is now gone the other way and we're charging way too much in order for our service and it's not fair for our clients and it's not a fair balance. So I'm just going to run you through a few things that you can check if you do feel like your prices have become absolutely extortionate and we're just going to run that through with you. But it's also worth just noting that in most cases it might feel high because it is different to what you've currently been charging. However, in most cases it will be correct and it will be the fair amount, not a high amount. It's just that we've been charging wrong for such a long time. But again, if it does come out as something absolutely extortionate, then there are a few things that I just want you to run through and check over just to make sure that everything is correct. So the first thing that we are going to do is come across back to our monthly outgoings tab and we're going to just run through and double check that all of the prices are correct that we are currently putting in. You've not accidentally put another zero on the end of something. You've not accounted for something twice. Twice. So in this case we're going to come down or we've got a mortgage, our car insurance, checking everything. And actually you can see here that we've got rent on twice, so we're accounting for an extra £500amonth that we shouldn't be because we've put it on twice so we can get rid of that. And that then is going to take down our annual income amount. Again, just double check that you've not accounted for something twice in terms of across here. So if you'd. If you doubled up on something, so if you popped your electricity in here for £100 and you've actually counted for it over here as well, and it's not a percentage off, then that means that you've doubled up on your electricity, so you're accounting for an extra hundred pounds there where you wouldn't be. So just double check that you've not accounted for things twice across both sections. The next thing I would say is just having a look at what you have accounted for and have a look to see if you can remove anything that is non essential without compromising the lifestyle that you want to live or the quality of your service. So have a good look through that. Is there any direct debits that actually you don't use that membership anymore? So you could get rid of it. Anything like that that you can get rid of. The next thing I would say to check is your working hours. So then you'd come across to your personal info tab and make sure that you've imported all of this data correctly. So you have actually put the amount of hours that you are available with clients per week here rather than the average treatment time. So for example, you might have put, actually I spend one and a half hours with each of my clients, which 10 sends everything absolutely wacky because it doesn't know what to do with it because it can't work out how much it thinks you've only got eight one and a half hours per week to fit in 18 clients. So it's going to send everything wacky. So just check that you've definitely put the correct amounts in here and definitely the correct amounts in here. Is it the case that you need to actually, you've only actually got four clients a month, a week, even though you've got 30 hours. So it's sending your percentage book down to 20% which is sending your hourly rate way up above the average because actually you just need to gain more clients. So can you look at messing around with this number and see actually how many clients you need to get at a minimum before you can start earning. And again, it's building blocks. So whilst we do want to be pricing correctly, it is still about being fair with our clients. And whilst you are still building your business, yes, you might not be hitting those targets, but that might be because you don't have enough clients, not because your prices are incorrect, if that makes sense. So just check that your average services per week is up above that 75 percentage booked just there. And finally just have a look at what your average treatment time is. So it's saying that currently we're at one and a half hours, but can we reduce this treatment time any? Can we make it any quicker? If it is that this is sitting up in the 3, 4 hour mark, which in some cases it might be, and if you want to work to that time scale, then of course charge, charge your worth for it and charge for that. But can you shave any time off that? Can you speed up without compromising the quality of the work? You should aim to find a balance on not feeling rushed, but also being in good time. So. So can you put that down in any way? Can you train up in different things? Can you do E file training? That might speed you up, but also consider your experience level as well. So if you are new to doing nails, it might be that it's taking you longer because you're new to it, which then means it is unfair to charge the clients a massive amount of extra because you're taking longer, because you're still new, you still finding your fit and you're still gaining your skills. Whilst it's important that you still charge the correct amount and a fair amount, it does need to be fair. So make sure that your. Your treatment time is coming down as well. And you can adjust your treatment time in your current income calculator by messing around with these figures here and it will change your average climb time just there. So that is that. Then. Another thing that you can do if none of those things are happening is come back across your monthly outgoings tab and actually have a look at the amount of money that you want to make. So after your deductions, or actually including them, any of these figures over here, are you. Is it a realistic amount? Be realistic with yourself. Is it a realistic amount? Are you trying to earn 50k? But actually you only want to want to be working 16 hours a week, are you? So let's say we put this hourly rate down. We're actually, we only want to work, we want to do four clients and we want to work 10 hours a week, which again will throw our hourly rate up. Because now we need to earn this amount of money in 10 hours instead of the 30 hours that it was previously. And we can see here that it will change that amount. The final thing that I would say that you can look at is your savings goals. So whilst it is important to be saving and saving for things that you want to make and want to achieve, can you stretch those goals out over a longer amount of time? So say you're saving for a cabin in your garden or to have a renovation done or something like that, you've actually said that you want to be saving £500amonth towards renovations. So let's put an extra £500 towards renovations in there. Actually, the. Because you want to achieve that within the next six months. But is it realistic that you can, you can save another 500 pounds a month over the next six months, with it being fair, could you stretch that out over a longer period of time and actually save £250amonth instead and have, have it completed in a year instead? So have a look at your savings goals and the amount of time that you've given yourself to achieve them, and play around with those, as well as the final thing that you can look at in terms of changing what your hourly rate comes out at just here. If it is that you've gone through all of this and all of those things are correct, it is highly likely that what the calculator is showing you is the correct amount based on what you said you want to work. So the next thing would be for you to look at your client experience and see if you can bring that up and see if you can improve that in order to make it feel like a fair balance on that side, so that your clients are really getting the value that they want. But I hope this has helped in terms of troubleshooting, settling your mind, or if you've got any issues with the spreadsheet, if you do have any problems, come across any issues at all as you're working your way through the spreadsheet, then please, please do pop us a message. The team are always here to support you and to work through any issues that you have and help you out with filling this in, because it is super important you do get it right. But if not, thank you so much. I hope you've enjoyed it. And if you now continue making your way through the rest of the course, we're going to work through how you will announce these increases and changes to your clients in order to start earning the living that you would like.