Running a successful lash business takes more than just a steady hand and a good eye for detail—it also requires setting and achieving smart financial goals. Whether you’re just starting out as a lash artist or you’ve been in the industry for a while, having well-defined financial targets is essential for sustainable growth. From stabilizing income to expanding your client base, here are five financial goals that every lash artist should consider, from our team at GlossGenius.
What Are Financial Goals for Lash Artists?
In the world of beauty and wellness, financial goals are clear, specific objectives that help you measure the success of your lash business. These goals can be short-term, like increasing the number of clients you see each week, or long-term, such as saving up for a larger studio space. Setting these goals ensures that you have a roadmap for financial success, allowing you to focus on what matters most—your craft.
Why Lash Artists Need Financial Goals
As a lash artist, you’ve likely noticed how unpredictable client demand can be. Peaks before weddings and events, followed by slower months, are often part of the business. Setting financial goals not only stabilizes your income but also helps you plan for slower periods. Beyond that, financial goals can guide decisions on pricing, investments in new tools, or even when to bring
on additional staff. Let’s dive into five financial goals that lash artists can set to boost their success.
1. Increase Your Average Service Price
You’ve honed your skills, invested in premium lash supplies, and built a loyal client base. Now, it’s time to reflect that value in your pricing. Setting a goal to increase the average price of your services is a great way to boost revenue without overloading your schedule. You might introduce tiered pricing based on lash volume or offer premium services like lash lifts and tints. For example, you could aim to raise your average service price by 15% over the next six months. Check out this guide for examples of how you can easily and professionally notify customers about price increases.
2. Keep Clients Coming Back
In the lash industry, client retention is gold. The more repeat clients you have, the less you need to worry about constantly filling your books with new appointments. Lash extensions require regular maintenance, so make the most of this by setting a goal to improve client retention. Try aiming to increase your retention rate by 10% within the next year by implementing reminders for fill appointments or sending personalized thank-you notes with each service.
3. Expand Your Services to Meet Client Demand
Many lash artists who offer additional services see a boost in income and attract a wider variety of clients. If you're currently focused solely on lash extensions, consider expanding your service offerings to include complementary treatments like brow shaping, lash lifts, or brow lamination. Setting a goal to introduce new services within the next six months can diversify your revenue streams and provide more options for your existing clients. This not only increases your average transaction size but also helps you stand out in a competitive industry.
4. Manage Operational Costs Efficiently
Running a lash business means dealing with various expenses, from salon rent to the cost of high-quality lash glue. Setting a financial goal to reduce your operating costs by even a small percentage can make a big impact. For example, aim to cut your expenses by 5% over the next year by optimizing supply orders, finding more affordable yet high-quality products, or negotiating with vendors. You could also evaluate your software subscriptions and marketing strategies to ensure you’re getting the best return on your investments.
5. Boost Retail Sales
If you sell lash aftercare products like lash cleansers or serums, increasing your sales is an excellent way to grow your business without adding more appointments to your schedule. Lash clients are often willing to invest in products that will extend the life of their extensions. Set a goal to increase your product sales by 20% within the next six months by offering special promotions or bundling products with services. You can promote these sales through social media, email marketing, or directly in your studio– find some tips & tricks here.
Tips for Setting Financial Goals as a Lash Artist
● Consider Your Client Base: Different clients have different needs. Consider how your financial goals align with your client demographic. Are they budget-conscious, or do they prefer premium services?
● Track Your Progress: Use specialized software like GlossGenius to track your financial goals and measure your success. This can help you monitor your revenue, client retention, and expenses effortlessly.
● Adjust Regularly: Business is dynamic, and your goals should be too. Review your financial goals every few months to ensure they still make sense based on current trends and market demand.
Mastering the financial side of your lash business doesn’t have to be overwhelming. With the right goals in place and a clear plan to achieve them, you can grow your income, reduce costs, and set yourself up for long-term success.
Start a free 14-day trial with GlossGenius to see how you can better track your financial goals and take your lash business to the next level—no credit card required. Plus, as a NALA member, you get an exclusive discount when you sign up!
Comentários