Did you hear the news!? We launched our first ever WELLNESS RETREAT! The Love Retreat will be March 4-8th, and there are only a few spots left! This retreat is unlike anything we have done before.
https://elizabeth-faye.mykajabi.com/love-retreat
Elizabeth Faye is here to talk all about one of her biggest passions… PRICING! This episode is part 1 of The Perfect Pricing Method. This is so important because it your vehicle to your wealth!
She talks about what the Perfect Pricing Method is, and how it is different! To get the FREE Perfect Pricing Method, click here.
This has helped thousands of hairstylists know how to be the CFO of their own business!
The Perfect Pricing Method is going to help you understand what you’re bringing in, where that money is going, and specific percentages you need to know in your business. You are essentially reverse engineering your income! Then you can know how to manage the money in your bank account.
In a nutshell, it will change your life!
If you want to get on the Workshop in a box waitlist, Click here.
Our spreadsheets will help to allow you play with your numbers and see what specific targets you need hit in order to make your wealth goals!
We also talk about your pricing menu, and how to make it easy and simple to understand.
4:47 WHERE DO YOU START?
5:10 Elizabeth suggests letting go all of the things you were told about pricing! Let go of the idea of package pricing, and putting a cap on what you can earn.
We start by tracking the RIGHT numbers in your business. Once you understand the numbers, you can be more confident in your business.
Think of your business as a house! Let’s say you want to add onto your house, but your foundation is terrible. Would you want to build more? OR would you want to start with the foundation?
The foundation is the MOST IMPORTANT PART! You cannot skip this!!
Our spreadsheet will help you track all of your numbers! It will calculate everything for you and give you percentages and totals. We recommend tracking for about 6-8 weeks.
You’ll be tracking your services, tips, time, etc.
We recommend using SalonScale! SalonScale tracks all of your color costs to the CENT! It takes the guessing game out product costs!
Many stylists are making 6 figures but are STILL BROKE! And a lot of reasoning behind this is because they don’t know their numbers! That is why we break down everything.
The very first changes you make are finding the “potholes” in your business, and make sure your foundation is smooth.
Once you do this, you find your “hourly rate”.
You then know the “why” behind your pricing.
Don’t forget! All your clients want to know is how much it costs and what it’s going to look like.
From here, you can start to play around with the “6 Figure Stylist Calculator”.
This will show you exactly what you need to do to make your dream income.
15:00 BUILDING YOUR BEAUTY BUDGET
The next part of the perfect pricing method will teach you everything you need to know about your budget. You will learn about your fixed and variable costs, color costs, taxes, and all of your expenses.
We partnered with Profit 1st to help you build your budget, and be your own CFO!
17:00 LET’S WRAP IT UP
TOP 5 TAKEAWAYS:
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Pricing is the vehicle to your 6 figure business
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Let the numbers do the talking in your business. Once you start tracking you can smooth out your foundation, and THEN raise your prices.
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Reverse engineer your dream life. Take some time to think about everything you want, and what your dreams look like, and how you’re going to hit your goals!
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With your service menu, it doesn’t matter how you charge, all that matters is that your client is being delivered the information they care about, and then on the back end you understand all of those numbers.
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Go back to Elizabeth’s Money Meditation- Episode 135, and LISTEN!
Thank you for listening. We Hair Love You!
