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103 Let’s talk about the pricing of salon services.
About this Episode
The 3 P’s ‘Pricing, Productivity and Pay’ are always interlinked and hot topics of interest no matter what size salon or where you live.
Last month I hosted a room on Clubhouse with my guest Michael Cole, and the topic of conversation centred around the ‘pricing of salon services’.
I think that it’s an interesting episode that salon owners everywhere will enjoy.
In this Episode:
[0:00:43] An introduction to today’s topic, pricing, and guest, Michael Cole.
[0:02:18] A quote from Michael which sums up the business side of hairdressing.
[0:03:04] Extremes on both ends of the salon pricing scale.
[0:05:05] Debunking the misconception that hairdressers who charge the most generate the most revenue.
[0:07:29] The model that Michael has developed to help hairdressers deal with the awkward issue of pricing.
[0:09:08] Where you can access the chart that Michael created which will help you with your pricing issues.
[0:11:28] How hairdressing pricing systems have changed over the years.
[0:12:30] Michael explains how his pricing chart works.
[0:15:00] The ease at which you can figure out average household income, and the algorithm that will tell you what hairdressers should charge in that area.
[0:16:35] Metrics that Michael looks at to determine if a salon is using the right pricing structure.
[0:18:38] Elements, other than the dollar value of your time, that are vital to take into account when structuring your prices.
[0:20:22] The rapidly emerging salon trends being driven by Generation Z.
[0:22:41] Examples of the amounts of money that Gen Z hairdressers are bringing in.
[0:23:52] Why Michael loves Gen Z’s.
[0:26:44] A recap of the metrics that Michael thinks are most important for salons to track.
[0:30:25] A phenomenon that Michael has noticed amongst Gen Z’s.
[0:32:42] Two of the major issues that older, more traditional salon owners are experiencing.
[0:32:20] How Gen Z’s interview their potential employers.
[0:35:07] Michael’s desire to help salon owners, and some of the feedback that he has received.
[0:36:44] Michael’s opinion of a peak demand system for salons.
[0:37:55] Why the internet is the most relevant business element in today’s world.
[0:40:36] What Michael feels about hairdressers separating the cost of the product and the cost of the labour.
[0:42:53] One of the biggest challenges that hairdressers face when working out what to charge clients.
[0:45:51] Charging for time versus charging for service; Michael weighs in.
[0:48:32] Why hairdressers need to let go of the traditional ways of running a salon.
[0:49:08] Where you can hear more about the charging-for-time model.
[0:50:19] The shared opinion that Michael and I have on the best way to let clients know about price adjustments.
[0:55:12] What Michael has learned from interviewing young salon owners.
[0:57:36] New consciousness that exists in the hairdressing industry.
[01:02:10] Final thoughts from Michael and I about the importance of keeping an open mind.
Links and Resources:
Club House @antonywhitaker
Michael Cole
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No transcript available for this episode.
