{Pro Talk} Increasing Your Income

Increasing Your Income

We all want to increase our income while doing what we love. Let’s be real – who doesn’t want a raise?! I recently was reading some comments in a group of beauty professionals on Facebook asking if they were making a certain amount of money. Not surprisingly, a good majority of the people in the group are not. It made me super sad because I personally know how hard many beauty professionals work. As a bridal artist, I know that there have been many times that I’ve woken up at 2:30m to be on the road by 4am, and starting a bridal party by 5:30am, just as the sun is coming up. I know what its like to have to spend long hours on my feet doing physical work. I know that many beauty professionals suffer from carpel tunnel, tendinitis, shoulder, neck and back problems. We really take a physical beating on our bodies in the beauty industry.

 

4 Ways to Increase Your Income

After reading the comments in the post, I began to think about ways for beauty professionals to increase their income. There were only a few ways that I came up with – 4 ways, to be exact – but these are the most viable and immediate ways that a person in the beauty industry could give themselves a raise. Read on to learn about the 4 strategies for increasing your income as a beauty professional.

 

Strategy #1:  Offer More Services

So, this wouldn’t exactly be my top choice, but in order to increase income, you definitely could begin to offer more services to your clients. By expanding the types of services that you offer, you can  appeal to your clients in other ways. For example, if you only do hair, you may need to learn to do makeup, or vice versa. If you are a hairstylist, you could learn different color techniques, how to provide smoothing services, or how to do hair extensions. If you are an esthetician or makeup artist, you could add lashes, microblading, or spray tanning to your list of services. Basically, in order to increase your income this way, you’d need to gain more skill, which is done by investing in yourself and taking classes. One thing to keep in mind, though, is that more services = more time…so basically, if you are adding more services to your menu, then you will spend more time providing these services.

 

Strategy #2:  Increase The Number of Services You Do

This option probably wouldn’t be my top choice either, in all honesty, but you can increase the number of services that you do either by yourself, or with a team of people. This would look like starting out doing 5 haircuts, and increasing to 8 haircuts, for example. You can either do those additional services yourself, or you can hire people to take on additional services on your behalf by hiring people either as employees or independent contractors. This method allows you to serve a higher number of people, but again, physically doing more services still requires more time, unless you are leveraging yourself through hiring people to do the services.

 

Strategy #3:  Increase Your Rates

This is more my speed! Increasing rates, in my opinion, is a great way to work smarter and not harder. At the end of the day, we all want a raise for the work that we do, so periodically, taking a look at your rates and giving yourself a raise is definitely reasonable. One good reason to do this is because the cost of doing business is always increasing, and its definitely necessary to make adjustments. Another reason to do this is because you might want to earn more income without overworking yourself. In my own personal business, we increased our rates a few years ago and cut the amount of weddings that we did in half, but still made about the same amount of money. In order to do this, though, we definitely took a look at our services and began to add more value. Adding value is key – you cannot just raise your rates because you feel like it. You MUST take a look at your services, skill and experience, and adjust according to the value that you offer.

 

Strategy #4:  Retail Products

Last, but not least, you can retail products in order to increase your income. To me, this is actually the smartest option. Retailing products allows you to do the same amount of services you’ve been doing without having to bring on additional people, like employees or contractors, to work for you. Essentially, your products become your employees. If you find a good brand of products to retail to your clients, you can create a residual stream of income. People will purchase products from you and when they need to repurchase, they will come back. This also helps you to become the expert – because you are recommending products to fill your client’s needs – and it creates loyalty.

 

In a nutshell, these are basically the only ways to increase your income as a beauty professional. You can definitely get creative with how you implement one or more of these methods, but these are the basics.

Will you be implementing one of these strategies for increasing your income into your business?