The question of worth never gets old for any hairstylist. It is something that will require regular re-evaluation, as the demands of life fluctuate, and in this world where the economic systems can be so volatile. The most common question that surfaces when assessing worth is - What is the secret equation?
Who doesn’t want that formula? Yet, the sum is relative to a person’s individual value systems and professional goals.
Professional cosmetologists get to earn a living while working in their passion. However, because stylists are in essence trading a skillset as well as time for income, it’s important that exchange is equated in a way that supplements each person’s personal definition of success.
The most obvious way to do that is with pricing. The tricky part is formulating a price scale that accrues the income desired through services clients value, so hairstylists can manifest the life they are striving for.
Now let’s break that equation down.
The easiest way professional hairstylists can calculate their numerical worth is to decide the annual income desired. To do this, divide that number by 12 months, 4 weeks, and finally the number of days you work per week.
For example:
$100,000.00 annual income / 12 months = $8,333.33 per month
$8,333.33 / 4 weeks = $2,083.33 per week
$2,083.33 / 5 days per week = $416.66 per day
To determine how to earn that daily rate, hairstylists must consider the specific nuances of their work arrangement. For example: Are you a commission or hourly wage stylist? Or are you a booth renter or suite/salon owner? The commission percentage, hourly wage, or overhead costs will determine how many clients need to be serviced, work hours to designate, and/or products that need to be sold each workday.
There you go, it’s just that simple…right? Well, I would venture to suggest that the non-numerical factors of worth may be the most important variable of the numerical constants this equation represents. I call it – “Understanding your why.” This is key in identifying the numerical worth sought, as well as the short- and long-term goals any cosmetologist wants to achieve to craft the life they are pursuing.
So, what does success mean to YOU? Societal and cultural norms tend to dictate the answers to that question as the acquisition of material and financial gains. Now let’s be clear – no hairstylist wants to be broke, however, unless their motivations are clarified, they will more than likely remain unfulfilled regardless of any financial success achieved. The key to true success is to quantify financial achievements towards a purpose-driven life.
It's all about setting intentions. Figuring out and prioritizing personal aspirations. Asking questions in the following areas is a great way to specify that.
- Career: What inspired you to become a hairstylist, beyond the money? What does success mean to you? Is your goal to maintain a work/life balance, make a lot of money fast, achieve quick career acceleration? attain industry notoriety? and/or something else?
- Personal: What is important to you? What makes your life feel special? What do you want your life to look like outside of your career?
Now that strategies to quantify worth have been identified, the next part of the equation is assessing value. Value speaks to the customer’s “why?” How do clients choose their hairstylist? To ensure that the value systems of potential patrons align with a hairstylist’s worth criterion, they must identify and understand the characteristics of their target market.
I would assume that all hairstylists desire to have a repeat clientele. The best way hairstylists can attract one that aligns with their worth standards is to understand the difference between value vs. price. Overwhelmingly, clients prefer to stay loyal to their hairstylist. Therefore, hairstylists must make sure to position themselves to accommodate that preference so that clients think of cost for service as an investment they can’t live without, vs. just another bill.
To tap into a preferred clients’ value system, hairstylists must be clear on how their services speak to those needs. How is the experience the clients receive unique? What aspects make it one-of-a-kind, in a way clients appreciate? Below are key areas to consider when analyzing this.
Reliable Quality: What type of products and tools are being used? Can clients just go and buy them from the drug store? Are clients being educated on best practices, so they understand the features and benefits of the products, tools and techniques being used? Reliable quality is why hair colorists stay connected to Product Club. Not only do we have the best hair color tools on the market, but we also have the best education. Hair colorists know that by joining The Club they will always remain up to date on the best hair color techniques, the latest hair color trends, and remain equipped with the best tools for any hair color scenario. That unbridled trust in the quality of what www.productclub.com offers on a consistent basis is why we remain the #1 resource for all things hair color. A hairstylist’s job is to make clients feel the same way about them!!!
The Experience: Client loyalty isn’t given just because a hairstylist does hair well. It’s also based on how they perceive the caliber of the experience provided. In what ways does your service tap into the following 5 senses?
Once each component of the worth X value equation is thoroughly evaluated, hairstylists can calculate their cost for service in a way that coincides with the totality of what success means. It is through this process that stylists can reassess and readjust those personal standards, at will, as life continues to unfold.
- Feel: Not only does this speak to how a client’s hair will feel once they receive a service from you. It also speaks about how they feel every time they sit in your chair. Are you personable? What do you do to make each client feel special? Do you show them ways to improve the relationship they have with their hair, or are you just upselling products and services?
- Sound: What does your atmosphere sound like? Is it peaceful? What types of conversations are clients exposed to while there? Does the background music or TV radiate positive energy that allows clients to relax?
- Sight: In addition to the finished look clients are expecting to see in the mirror, what do you look like? Are you dressed professionally? Does your style aesthetic align with your customer type?
- Smell: Are there aromatherapy elements infused in the hair care products being used? One of the top reasons clients choose retail haircare products is how they smell. Also, is aromatherapy infused into the workspace atmosphere, whether through wax warmers, candles or any other devices? Aromatherapy can make any space feel more inviting, whether due to the scientific benefits of certain smells (e.g. lavender = relaxation) or because it brings back sacred memories from their lives (e.g. pumpkin = fall).
- Taste: Are there any complimentary perks with the services provided. One of the best ways hairstylists can add additional value to the experience offered without giving service discounts is by providing basic refreshments. This can be as simple as tea and coffee, or light hors d’oeuvres, if you want to get real fancy.
Once each component of the worth X value equation is thoroughly evaluated, hairstylists can calculate their cost for service in a way that coincides with the totality of what success means. It is through this process that stylists can reassess and readjust those personal standards, at will, as life continues to unfold.
