TimelyFit: Charging what you’re really worth ✨
Not charging what your services are worth can not only have big financial consequences for your business; it can also affect your personal life and mental health and wellbeing. Join us as we chat to educator and hair and beauty business mentor, Maddi Cook, about how and why to charge what you’re really worth! ✨
Maddi Cook is the creator of Boss Your Salon – a successful salon & training academy helping salon owners build the business of their dreams – and she’s on a mission to help people in the industry charge what they’re worth, and back themselves to do it!
“We’re constantly told we are ‘only’ – ‘only a hairdresser’, ‘only a beauty therapist’, ‘only a nail tech’ from those in the safety of a 9 – 5 job. These people aren’t the risk-takers, the jugglers, the visionaries, or the grafters – they don’t get to experience the overwhelming feeling of pride that only comes from starting with nothing and growing it into an empire, YOUR empire.” – Maddi Cook
How damaging can undercharging be to your business?
Incorrect pricing doesn’t just impact your day to day income; it means having to work more, sacrificing time with friends and family, and even falling out of love with our wonderful industry. At its worst – it can result in sleepless nights and have a very real impact on your mental health, especially if you’re struggling to pay the bills and stay afloat.
Why the price needs to be right!
No one ever really teaches business owners how to price correctly. In fact, many educators teach people to look at what others are charging, or give vague suggestions or suggested RRPs which can do more harm than good.
“Over the past 11 years I’ve trained seven different times in hairdressing and extensions, but I’ve never been taught how to properly work out my prices.” Maddi Cook
New business owners then join the industry not knowing how to calculate their prices, and look to industry groups and forums for advice, which isn’t always that helpful.
“This combination has led to what I believe to be the biggest crisis in our industry, with over 80% of hair and beauty business owners copying or guessing prices.” Maddi Cook
This can then be compounded by feelings of guilt, low self-worth, and anxiety over increasing prices down the line.
Limiting beliefs people need to stop listening to
“You’ll lose clients if you increase prices”, “You have to remain competitive in your area”, and “You can’t charge high prices when you’re mobile/work from home/in a lower income area” are just some of the limiting beliefs we’ve heard from the industry.
So, how do you switch off these unhelpful voices? Maddi says you should never ask for pricing advice from often unqualified people in a Facebook group. You need to start with the end in mind and reverse engineer it – what do you need to charge in order to live the life you want? Remember that you don’t work every minute of the day, and you also deserve at least the same amount of time off that an employee would get.
Learn how to smash your pricing with Maddi
Boss Your Profits is Maddi’s signature pricing education course, covering everything you could possibly need to know about pricing. You get a pricing calculator which works out the correct price of every single service you do, 12 modules of theory, pricing strategy and motivation, and access to an exclusive members’ group for added support.
Watch the LIVE to learn more!
Keen to learn more from Maddi about charging what you’re really worth, and any extra advice she has? Watch the live above!✨