“Make sure you don’t start seeing yourself through the eyes of those who don’t value you. Know your worth even if they don’t.” Anonymous
“Your self-worth has nothing to do with your craft or calling, and everything to do with how you treat yourself.” Kris Carr
“To double your net worth, double your self-worth. Because you will never exceed the height of your self-image.” Robin Sharma
We all have fears in our business. So many of us have doubts about sales — the fear of hearing no. The fear of rejection and the fear of telling people what our prices are. It is as if we feel bad or guilty charging clients for our services.
We paid money to go to school and spent much time learning about our craft. Do you think you are worth being paid for your time and service? Why should one client pay one price and another client pays something different. I get it! We develop a relationship with our clients. We become close to them and care for them genuinely.
I am here to tell you, though, that even though we love them that they are still choosing to do business with us, and we need to keep it professional. I think some people (possibly unintentionally) take advantage of our kindness. Being generous is one thing, and giving your time and talent away for free for NO GOOD REASON is not going to help you grow your business.
Self Worth “the sense of one’s own value or worth as a person.” …. It’s not about comparing yourself to the others around you. Inner dialogue and the story you tell yourself. Know that you are worthy to be successful and fully capable
There are many things that will help boost your self-esteem:
Experience: Life experiences, to hands-on experience, and time of experience
Education: Be a student for life. Always keep learning.
Confidence: Confidence is the result of education, experience, and time. Know you’re worthy of being paid for your services. Give yourself words of affirmations daily to build your script. Being confident isn’t about ego. Always be learning, growing, and stretching yourself. Through each action, you gain more confidence. A negative Ego is being close-minded, uncoachable, and unwilling to work together. In Latin. ego literary means “I.”
Time: It takes time to grow yourself, mature, and learn. The time, patience and quality that you spend with your guest
Pricing Strategy
You need to consider a few things when it comes to your prices. Your location, your design, your expenses, the tools and products you use will all affect your bottom line. Stop looking to see what others are charging because their costs are different from yours.
Rent + Bills
Taxes
Education money you spent
Anything you will spend money on that is for your business
Products you use: Davines verse Redken
Take into consideration what your hourly rate is versus how long it takes you to deliver a service.
An hourly fee or per minute? How about a half-day rate versus a full day?
How much time are you spending on your guest? The time, patience, and quality that you spend with your guests should matter.
What do you want to profit after your expenses?
What experience do you want to create for your guests? It may be completely different from the girl across the hallway and the salon across the street. Do you think an exceptional experience would cost more? Take into consideration the quality of your technique, your products, and the design of your environment. Your color products and styling products require money. The higher-end products you use, the higher your prices should be to offset your expenses.
Discounts
Are you discounting your services randomly or too often? When you do this, you are hurting your business today and for your potential future earnings. Here are a few thoughts I believe discounts create. There is a strategy to use them to help you grow and a time when it devalues your business.
Perception: The value of the product versus what your cost is. Amount of service versus time and Example: Conditioning treatments and eyebrow waxes at my salon are $15 and take three-to-five minutes. Offering this complimentary can add value to the service without hurting my bottom line. It also is a great way to introduce at-home products. Providing this service at a discount or complimentary is better than discounting your traditional services (Haircuts and Haircolor). Once you create a discount on your traditional services, the regular price is not worth the full amount.
Consistency: If you give her a discount, will she always expect one? What happens when she tells her friends about your low prices? or other potential clients
Hurting your Self Worth: You are essentially devaluing your time, service, and your quality: It’s not worth the FULL AMOUNT anymore!
What are your goals
Give and Receive: Don’t discount to discount. If you are going to offer a deal, do it to help add value to the service experience and grow your business. Example: If a client refers you a new paying client or a written review or if your client blasts their new look on your social media. These are all ways you can offer an incentive discount or freebie without getting burned.
If you want to hear more about this topic tune into The Beauty Business Game Changer Podcast