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Pricing Your Services as a Freelancer in 2023

Setting your prices can be a challenging decision, but it's a crucial step in your freelance journey. In 2023, we're here to help you navigate this process with some updated tips to make it less daunting.

Establishing a Fair Price

Pricing your services requires a balance between what's fair for your clients and what covers your expenses and ensures a sustainable income. To make this process smoother, take an analytical approach.

  • Competitor Analysis: Research local hair and beauty professionals you know. Examine their service offerings, charges, and the products they use. Understanding your competition's pricing will provide a valuable benchmark.
  • Time and Costs: Consider the time each service takes and correlate it with the associated costs. Keep in mind that location, expertise, and clientele can impact pricing.
  • COVID Considerations: In the post-pandemic landscape, safety is paramount. Allocate time for COVID safety measures such as PPE and enhanced cleaning. If you need to reduce the number of clients you can serve in a day, think about bundling services or upselling add-ons like hydrating treatments to maximize your time with each client.

Top Tip: Create a list of the services you intend to offer, including the products needed. Calculate costs, factoring in time, travel (if mobile), and clean-down (if operating a home salon).

Choosing the Right Brands

Selecting the right brands is a critical decision that significantly influences your pricing. When deciding on a brand, consider these factors:

  • Budget: Determine your budget for product investment.
  • Competitor Choices: Research what brands your competitors use. Decide whether you want to follow suit or offer something distinctive.
  • Price per Usage: Consult with Capital store staff or manufacturers to understand the number of uses you can get from each product.
  • ROI: Assess how quickly you'll recoup your costs.
  • Reordering Frequency: Evaluate how often you'll need to replenish your supplies.
  • Vegan-Friendly Options: Consider whether you want to cater to vegan clients.
  • Brand Reputation: Think about whether you want to align your brand with well-regarded, popular choices or more niche, cult-like brands.
  • Peer Recommendations: Don't hesitate to seek advice from fellow hair and beauty professionals in your area. They've been where you are and can offer valuable insights.

Our Capital store staff are not only knowledgeable about the brands we sell but many of them also have experience as hair and beauty professionals. They can provide advice on product selection and price per usage.

Additional Resources

For further financial insights and guidance, check out our blog on how to manage your finances. Also, if you choose to source your products through Capital, take advantage of our Click & Collect and next-day delivery services for your convenience.

We understand that pricing can be a complex decision, but remember, you're not alone on this journey. Don't hesitate to reach out to your peers or our expert staff for support and advice. Everyone starts somewhere, and your freelance career holds immense potential for success.