Setting the right waxing prices for your services is essential for your salon’s lasting success. Your costs should reflect your skill level and treatment quality while remaining competitive in a saturated market. In this guide, we’ll help you determine how to set waxing prices to ensure profitability.
Importance of setting profitable waxing prices
Your salon’s waxing prices are a critical element of your business model and your overall success. Here’s why:
Ensures your profitability
In order to achieve long-term profitability and support future growth, your prices must cover your overhead costs, and then some. If you struggle to pay your bills each month, you may have a problem with your pricing structure.
Better client perception and satisfaction
Most clients would rather pay a little more for high-quality waxing than bargain basement prices and mediocre treatment. When your fees reflect your value and expertise, it helps your customers feel like they’re in good hands.
Business reputation and positioning
Your waxing prices signal your business’s position in the local market and suggest where your priorities lie. Salons offering services for low rates may value volume over quality and client care.
More business sustainability
The right waxing prices can help you survive seasonal fluctuations, give you the flexibility to hire and train a great staff, and allow you to invest in improvements over time.
Related: What’s Your Wax Worth? A Look at Industry Waxing Prices
How to set your waxing prices for a successful business
Now that you know why it’s so important to set the right waxing prices, let’s talk about how to find the sweet spot for your price list.
1. Calculate all your business costs
Start by adding up all the expenses associated with running your business, including:
-
Direct service costs: Hard and soft wax, applicators, strips, gloves, bed liners,
pre- and post-wax products, and other necessary supplies. - Labor: What you pay your estheticians.
- Overhead: Rent, utilities, insurance, laundry, software, marketing materials, etc.
- Time per service: Knowing how long each service takes will help you gauge your turnover potential each day.
Use this data to calculate your cost per service and ensure you’re not losing money on any treatments.
2. Figure out your desired profit margin
The average profit margin target for a professional salon is around 20% to 30% per service. This may be a figure you work up to as you build your business and develop a steady clientele. If you’re just starting out, 10% to 20% may be more realistic.
Add this amount to your cost per service, then factor in taxes, credit card fees, and a cushion to keep you afloat during slow months. The final number gives you a realistic minimum price to work from.
3. Research your competitors’ pricing
Check out the prices that other waxing specialists in your area charge to gain a solid understanding of the market. Take note of the highest and lowest prices for waxing services.
Read reviews to better determine what types of add-ons you could include with your services. Then, consider where your salon fits into the equation, such as high-end luxury, budget, or somewhere in between.
4. Adjust prices based on key factors
As you develop a structure for your salon’s waxing prices, ensure that your costs reflect the following aspects:
- Experience and skill level: Services from highly skilled experts are more expensive than those offered by beginners.
- Salon location: Big cities may support higher waxing prices.
- Client demand: If demand is high in your area, you may be able to increase your rates.
- Time-intensive services: Full-body waxing services will cost more than eyebrow or bikini waxing.
- Add-ons and specialty treatments: Intimate waxing, like Brazilian treatments, and extras, such as products for sensitive skin or addressing ingrown hairs, may also require higher prices.
- Treatment area: Set prices for body waxing (legs, arms, underarms, chest, and back), face waxing (upper lip, chin, cheeks), and intimate areas (bikini line, Brazilian, butt).
5. Position your business effectively
Once you’ve set your waxing prices, it’s time to ensure your marketing materials, website, and social media presence reflect your treatment quality. Help potential clients understand what sets your business apart from the competition, including salon-grade products, a clean, welcoming environment, and highly trained waxing specialists.
Related reading: How to Successfully Grow Your Esthetics Business
When to increase waxing prices
As your business matures, you may need to adjust your pricing to remain competitive and relevant in your local market. Here are some examples of when you might increase your waxing prices:
Gradual waxing price increases
Modest price increases can help you maintain profitability in response to inflation and rising product costs. You may also raise rates when switching to higher-quality products and when your team gains additional experience or certifications.
Routine waxing price increases
As the market evolves and your clientele expands, you may increase waxing prices to match your demand. Consider sending out a friendly notice to your email list or making a post on your social media accounts to inform your customers of these changes and let them know why they’re necessary.
Incremental waxing price increases
Occasional, strategic price increases may occur when you rebrand your business, upgrade your space, or add premium perks and services, such as brow tinting. They can also be used to leverage your most popular treatments. For example, if your Brazilian waxing services are always booked, consider increasing those prices first.
Read more: Why and How Should You Raise Your Salon’s Prices?
Find high-quality supplies and expert advice at Bare Beauty Wax Supply!
Your wellness business is a living, breathing entity that requires ongoing attention and maintenance, and Bare Beauty Waxing Supply can offer the guidance and support you need to succeed. Explore our professional educational programs, browse our selection of salon-quality products, or reach out today to learn more!