Nailpro - December 2017 - 74

When it comes to setting a price, creating a
successful service is a bit of a balancing act:
You need to ensure that you're charging enough
to earn a sufficient profit, while at the same
time offering your clients a quality service at a
reasonable price. In considering your own bottom
line, you must first consider the cost you'll incur per
treatment, notes Ruth Kallens, founder and partner
at Van Court in New York City. Factor in product
expenses (right down to the orangewood sticks,
buffers, files, cuticle and polish remover), as well as the
rest of your overhead (including labor and operation costs, such as electricity,
rent, water and gas).
Some manufacturers can help with calculating your product costs. Carla
Hatler, owner and founder of Lacquer, with two locations in Austin, Texas,
looks at the cost per service (CPS) that the product manufacturer provides. If
that information isn't provided, Hatler measures how much product techs use
for each service. To further inform the CPS, Megan Richardson, cofounder of
Sand Spa based in Manhattan Beach,
California, adds up anything else that
contributes to her overhead. "We
consider marketing, labor, rent and
operating expenses," she says. It's
even important to factor in things like
employment taxes, Hatler adds. Once
you've determined these fixed costs,
you'll be able to figure out what you'll
need to charge to break even on that
service, notes Richardson. "Then, you
need to figure out what you want to
make on top of that," she adds. "If
you want to make 50 percent, which
is typical in a nail salon, mark up your
number (fixed costs) by 50 percent."
Of course, you'll need to check
that number against what you believe
your clients are willing to spend. "The local market needs to be considered,"
Kallens says. "What is the going rate for manicures [in your area], and what
type of clientele are you seeking?" Knowing the salon's demographics (what
customers buy, where they shop and their approximate income and spending
habits) helps Sand Spa price accordingly-and offering top-quality services also
allows them to charge premium prices. The pricing strategy is partially driven by
what the owners want the business to become. "We identify who our customers
are and what our competitors are charging, and we understand the relationship
between quality and time," says cofounder of Sand Spa Gretchen Tiernan. "One
of our goals is to expand, so we have to price our services so that we cover our
costs, make a profit and set aside money for expansion." After taking this all into
consideration, you back into your service menu pricing, concludes Kallens.

"We identify who our
customers are and
what our competitors
are charging, and
we understand the
relationship between
quality and time."

74

NAILPRO

DECEMBER

2017

Bonus
Points
Our savvy owners share
some extra tips for service
success.
"The main focus of our services is to
create just that: something that serves.
Our clients will always be at the center of
everything we do. When we go to break
down the costs, time and results, we
must be precise and efficient. But any
time you highlight a service, think about
what you're selling. It's less about a
10-minute massage versus a 15-minute
massage and more about an enticing
description, such as 'Seasonal Pumpkin
Spice Pedi with a sugar scrub and
10-minute foot massage for $49.'"
-Gretchen Tiernan and Megan
Richardson, cofounders, Sand Spa,
Manhattan Beach, CA

"For new services, I rely on feedback
from the staff about what customers are
requesting that we don't currently have
on the menu, or I build a service around
an amazing new product that the staff
loves and would love to promote. To
make the introduction of a new service
effective, it's important that the staff
is trained not only on the new service
protocol, but on the products used as
well. An educated service provider makes
a lasting impression on clients and
encourages the staff to feel confident in
their work." -Carla Hatler, owner and
founder, Lacquer, Austin, TX

"It's important to keep the employees
and clients happy. That's why it's a
good idea to have extras, like extended
massage, offered as an add-on option. If
a client wants a 10-minute massage, she
needs to pay; usually, $1 per minute is
fair." -Ruth Kallens, founder and partner
at Van Court in New York City

PHOTO: GETTYIMAGES/MALERAPASO/E+

MONEY
MATTERS



Table of Contents for the Digital Edition of Nailpro - December 2017

Contents
Nailpro - December 2017 - Intro
Nailpro - December 2017 - Cover1
Nailpro - December 2017 - Cover1a
Nailpro - December 2017 - Cover1b
Nailpro - December 2017 - Cover2
Nailpro - December 2017 - 1
Nailpro - December 2017 - 2
Nailpro - December 2017 - 3
Nailpro - December 2017 - 4
Nailpro - December 2017 - 5
Nailpro - December 2017 - 6
Nailpro - December 2017 - 7
Nailpro - December 2017 - 8
Nailpro - December 2017 - 9
Nailpro - December 2017 - 10
Nailpro - December 2017 - 11
Nailpro - December 2017 - 12
Nailpro - December 2017 - 13
Nailpro - December 2017 - 14
Nailpro - December 2017 - 15
Nailpro - December 2017 - Contents
Nailpro - December 2017 - 17
Nailpro - December 2017 - 18
Nailpro - December 2017 - 19
Nailpro - December 2017 - 20
Nailpro - December 2017 - 21
Nailpro - December 2017 - 22
Nailpro - December 2017 - 23
Nailpro - December 2017 - 24
Nailpro - December 2017 - 25
Nailpro - December 2017 - 26
Nailpro - December 2017 - 27
Nailpro - December 2017 - 28
Nailpro - December 2017 - 29
Nailpro - December 2017 - 30
Nailpro - December 2017 - 31
Nailpro - December 2017 - 32
Nailpro - December 2017 - 33
Nailpro - December 2017 - 34
Nailpro - December 2017 - 35
Nailpro - December 2017 - 36
Nailpro - December 2017 - 37
Nailpro - December 2017 - 38
Nailpro - December 2017 - 39
Nailpro - December 2017 - 40
Nailpro - December 2017 - 41
Nailpro - December 2017 - 42
Nailpro - December 2017 - 43
Nailpro - December 2017 - 44
Nailpro - December 2017 - 45
Nailpro - December 2017 - 46
Nailpro - December 2017 - 47
Nailpro - December 2017 - 48
Nailpro - December 2017 - 49
Nailpro - December 2017 - 50
Nailpro - December 2017 - 51
Nailpro - December 2017 - 52
Nailpro - December 2017 - 53
Nailpro - December 2017 - 54
Nailpro - December 2017 - 55
Nailpro - December 2017 - 56
Nailpro - December 2017 - 57
Nailpro - December 2017 - 58
Nailpro - December 2017 - 59
Nailpro - December 2017 - 60
Nailpro - December 2017 - 61
Nailpro - December 2017 - 62
Nailpro - December 2017 - 63
Nailpro - December 2017 - 64
Nailpro - December 2017 - 65
Nailpro - December 2017 - 66
Nailpro - December 2017 - 67
Nailpro - December 2017 - 68
Nailpro - December 2017 - 69
Nailpro - December 2017 - 70
Nailpro - December 2017 - 71
Nailpro - December 2017 - 72
Nailpro - December 2017 - 73
Nailpro - December 2017 - 74
Nailpro - December 2017 - 75
Nailpro - December 2017 - 76
Nailpro - December 2017 - 77
Nailpro - December 2017 - 78
Nailpro - December 2017 - 79
Nailpro - December 2017 - 80
Nailpro - December 2017 - 81
Nailpro - December 2017 - 82
Nailpro - December 2017 - 83
Nailpro - December 2017 - 84
Nailpro - December 2017 - 85
Nailpro - December 2017 - 86
Nailpro - December 2017 - 87
Nailpro - December 2017 - 88
Nailpro - December 2017 - 89
Nailpro - December 2017 - 90
Nailpro - December 2017 - 91
Nailpro - December 2017 - 92
Nailpro - December 2017 - 93
Nailpro - December 2017 - 94
Nailpro - December 2017 - 95
Nailpro - December 2017 - 96
Nailpro - December 2017 - 97
Nailpro - December 2017 - 98
Nailpro - December 2017 - 99
Nailpro - December 2017 - 100
Nailpro - December 2017 - 101
Nailpro - December 2017 - 102
Nailpro - December 2017 - 103
Nailpro - December 2017 - 104
Nailpro - December 2017 - 105
Nailpro - December 2017 - 106
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Nailpro - December 2017 - 108
Nailpro - December 2017 - 109
Nailpro - December 2017 - 110
Nailpro - December 2017 - 111
Nailpro - December 2017 - 112
Nailpro - December 2017 - 113
Nailpro - December 2017 - 114
Nailpro - December 2017 - 115
Nailpro - December 2017 - 116
Nailpro - December 2017 - 117
Nailpro - December 2017 - 118
Nailpro - December 2017 - 119
Nailpro - December 2017 - 120
Nailpro - December 2017 - Cover3
Nailpro - December 2017 - Cover4
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