Beauty

Setting the Right Prices for Your Beauty Services in 2024

One of the biggest mistakes beauty professionals make is pricing based on what their competitors charge. If you do this, you are assuming your competitor's business is healthy—which is often not the case.

To price correctly, you must know your numbers. Calculate the cost of the products used per service (hair extensions, lash glue, nail acrylic). Then, calculate your overhead: rent, electricity, water, and the depreciation of your equipment. Finally, assign a value to your time.

If a service takes 4 hours, and you want to earn ₦5,000 per hour, your labor cost is ₦20,000. Add product costs (say, ₦10,000) and a percentage for overhead (₦3,000). The baseline cost is ₦33,000. Your price must be above this to survive.

Do not be afraid to price premium. Clients who pay more are generally more respectful of your time and show up for appointments. Consider offering tiered pricing—a basic package for budget clients and a VIP package with premium products for those willing to pay more.

Ready to grow your business?

Stop the DM cycle. Get your professional storefront on Five9 today.

Get Started for ₦500