Lash services are in great demand, so there's a lot of money to be made in this industry! Unfortunately, many lash techs are not well-versed in financial management. Moreover, they overlook the small but effective ways to increase their earnings.
As an aspiring lash artist, you don't want to miss out on a huge potential income. But how exactly will you do that? Fortunately, you won't have to spend a luxury. There are simple but effective ways to manage and make money from lash extensions.
In this article, let's discuss the financial aspect of eyelash extension services. How much can you earn? What are some effective ways to track your income? What are some additional services that can grow your revenue? Let's find out!
A hardworking and talented lash technician like you deserves good pay. Naturally, it also applies to your clients who place their lash investments in your hands. Hence, keeping track of your earnings and properly handling them is essential.
We can help you make the most of your lash knowledge and skills! So here are some moneymaking and management tips for aspiring and newbie lash technicians.
First things first, know your numbers. It's your responsibility to find out how much money you're making. This way, you can determine whether you're underpaid or overcharged for your services.
To get started, let's break down some financial monitoring and management tasks below.
Do you have an idea how much money lash artists make? Perhaps you already know it, and it's one of the reasons you want to pursue the job. If you work on one or two clients daily, you may earn $100 and get $24000 of annual revenue!
Statistics also say 80% of lash techs are satisfied with their career. They find this job creative and rewarding. Of course, it's not only rainbows and unicorns here, but you can still be your own boss! What more could you ask for?
You can't keep or make more money if you have no clue where it goes. So make it a habit to track every single expense. These include your rent, card payments, supplies, utilities, payroll, taxes, and marketing.
Keep detailed and organized records of these expenses, and be sure to have the receipts. This way, you're aware of how much you spend on lash products and other related business costs.
Of course, you should also track the money you make from your lash services. Knowing where they came from is important because you can use that knowledge to generate more revenue.
It could be anything from a top-selling lash service or product. Maybe your excellent customer service is a great moneymaker—you never know until you look into it!
Pay attention to your lash products and tools in stock. After all, you can't perform a lash service if you miss any of them. Plus, you need to ensure they're still usable. We can't risk the client's health with an expired lash glue or a used disposable wand.
This is where inventory management comes in. Find a good inventory tracking tool or seek help from bookkeepers or accountants. By doing this, you can avoid an unfinished lash business and get a good look at your product expenses.
After knowing your numbers, your next challenge will be pricing. It can be daunting to set a price tag for your lash services. Covering your expenses, making a good profit, and appealing to your clients—it can be tough to tick these boxes!
We got your back with the following tips to make this process easier.
Research is the first and fastest way to know about lash service pricing. Find some local lash businesses you know of and get an idea from their price ranges. You can also check their business websites and social media platforms.
What do you think of a newbie lash tech (with a few services) who charges more than a seasoned lash expert in the same region? It doesn't sound fair! Be sure to consider your skills when setting the price for your services. The service quality should reflect a reasonable price.
Business expenses play an important role in price setting. Ensure you're earning more than enough to cover these costs. So take note of your supplies, calculate their prices, and make a good profit.
We understand if you want to make a good profit. However, creating a balance in your prices is essential to avoid overpricing or undercharging. For example, never set your prices too low to retain a clientele. Instead, start with mid-range prices, even if you're still a newbie lash stylist.
Another tip is to increase your prices annually. You might lose some clients for it, but don't worry. You will earn new customers who love your services and are more than happy to pay you. If that's how much you're worth, charge for it!
Finally, let's look beyond primary lash services and find more moneymaking opportunities. If you want to make the most of your lash business, here are additional tips to help you earn more!
Gift certificates make great moneymakers because they offer deals encouraging clients to try extra services or products. It's a fast, creative, and incredible way to grow your lash business.
You can get them interested in a $200 gift card that comes with another one for free. Perhaps, you can offer a $20 gift certificate for purchasing lash products or service upgrades for a certain amount. And if they loved the experience, they'll keep coming back or bring more clients!
Many lash artists neglect this potentially huge moneymaker; don't be one of them! Do your clients a favour by recommending lash-friendly products to help maintain their lavish lashes. It will surely increase retention and boost their confidence in your skills.
When selling a product, tell your client how it can benefit or solve an issue for them. Here's an example: why should they purchase a moisturizer with shea butter? They probably have little to zero knowledge about this ingredient. But if you say it makes their skin smoother and hydrated, maybe they'll have one!
Social media is a free way to earn more money. Nowadays, it's important to be actively present on social platforms like Instagram and Facebook. Lash techs can showcase their work, advertise their lash business, and attract new clients.
It's not entirely free, but you can always start with plenty of free options. For example, creating an account and posting content won't cost you anything. You can also do Instagram draws or contests and offer lash incentives to the winners.
Planning to make a living out of your lash passion? You're in for a treat! The demand for lash stylists is rising, so there's more money to make. Furthermore, it's a creative and rewarding job that helps people feel more self-confident.
However, like any other business, financial management can be challenging. Knowing your numbers, setting the prices, and finding more marketing opportunities can be daunting for newbie lash technicians. So we've provided these tips in the hopes that they will be helpful!
Are you ready to become a lash boss? Join BBA today and enroll in one of our lash training courses! We provide aspiring and seasoned lash artists with everything they need to know about lashing, from volume or classic lash extensions to lash business tips.
Here's a quick preview of our programs.
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