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The Taylor Andrews Blog

Mission Possible - An Incredible Career in 52 weeks (Week 11)

Mission 11 Charge a premium amount for your work

 This is probably one of the most important concepts to learn.  If salons and stylists are going to be successful together,  they can’t continue to fight over who gets the largest piece of the pie.  Instead,  you come up with a fair split and bake a bigger pie. Charging a premium amount means,  baking a bigger pie.  Most clients fall into two categories,  those that are price conscious and those that are experience conscious.  The price conscious clients are looking for the best deal.  They are likely to go to a chain salon such as Supercuts,  Smart Style,  or Regis where they can get a decent haircut at a low price.  This is the fast food of the salon industry.  The experience conscious clients want quality service with a great experience and they are willing to pay for it.  They want the gourmet.  The problem is most salons and stylists go for the middle ground,  and the middle ground is nothing but a black hole.  It’s like walking down the middle of the road,  you’re going to get run over.  If you want to know why so many salons come and go,  this is it.  There is nothing exciting or remarkable about being in the middle.  You’re not cheap enough to get the price conscious clients (and that is probably not the type of salon or stylist you wanted to be anyway) but you also don’t have the revenue to provide the type of service to get the experience conscious clients.  So here is what you have to do.  You must charge more.  You have to set a premium price.  That is the only way to make the pie bigger.  If the pie is bigger and there is more money to go around,  then you can offer more.  The experience conscious clients want cool stuff.  Design matters,  -style matters,   and the quality of the experience matters.  If your revenue is up then you’re making more money and you can offer more cool stuff,  -because you're offering the coolest stuff,  -you’ll make more money.  It’s a Golden Circle.  It’s a simple concept but it really works.