Episode 103

Michael Cole

Podcast Length: 66 mins | Date Published: 17th August 2021

Let’s talk about the pricing of salon services.

The 3 P’s ‘Pricing, Productivity and Pay’ are always interlinked and hot topics of interest no matter what size salon or where you live.

Last month I hosted a room on Clubhouse with my guest Michael Cole, and the topic of conversation centred around the ‘pricing of salon services’.

I think that it’s an interesting episode that salon owners everywhere will enjoy.

In this Episode:

[0:00:43] An introduction to today’s topic, pricing, and guest, Michael Cole.

[0:02:18] A quote from Michael which sums up the business side of hairdressing.

[0:03:04] Extremes on both ends of the salon pricing scale.

[0:05:05] Debunking the misconception that hairdressers who charge the most generate the most revenue.

[0:07:29] The model that Michael has developed to help hairdressers deal with the awkward issue of pricing.

[0:09:08] Where you can access the chart that Michael created which will help you with your pricing issues.

[0:11:28] How hairdressing pricing systems have changed over the years.

[0:12:30] Michael explains how his pricing chart works.

[0:15:00] The ease at which you can figure out average household income, and the algorithm that will tell you what hairdressers should charge in that area.

[0:16:35] Metrics that Michael looks at to determine if a salon is using the right pricing structure.

[0:18:38] Elements, other than the dollar value of your time, that are vital to take into account when structuring your prices.

[0:20:22] The rapidly emerging salon trends being driven by Generation Z.

[0:22:41] Examples of the amounts of money that Gen Z hairdressers are bringing in.

[0:23:52] Why Michael loves Gen Z’s.

[0:26:44] A recap of the metrics that Michael thinks are most important for salons to track.

[0:30:25] A phenomenon that Michael has noticed amongst Gen Z’s.

[0:32:42] Two of the major issues that older, more traditional salon owners are experiencing.

[0:32:20] How Gen Z’s interview their potential employers.

[0:35:07] Michael’s desire to help salon owners, and some of the feedback that he has received.

[0:36:44] Michael’s opinion of a peak demand system for salons.

[0:37:55] Why the internet is the most relevant business element in today’s world.

[0:40:36] What Michael feels about hairdressers separating the cost of the product and the cost of the labour.

[0:42:53] One of the biggest challenges that hairdressers face when working out what to charge clients.

[0:45:51] Charging for time versus charging for service; Michael weighs in.

[0:48:32] Why hairdressers need to let go of the traditional ways of running a salon.

[0:49:08] Where you can hear more about the charging-for-time model.

[0:50:19] The shared opinion that Michael and I have on the best way to let clients know about price adjustments.

[0:55:12] What Michael has learned from interviewing young salon owners.

[0:57:36] New consciousness that exists in the hairdressing industry.

[01:02:10] Final thoughts from Michael and I about the importance of keeping an open mind.

Thanks for listening!

Thanks so much for joining me this week. If you enjoyed this episode, please share it using the social media buttons at the side or bottom of this post.

Also, I’d love it if you’d leave an honest review for The Grow My Salon Business Podcast. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show and help other people find my podcast. I also love to hear what’s been helpful! Just click here to review, Click through to ‘Listen on apple podcasts’ scroll to the bottom, select “Ratings and Reviews” and “Write a Review” and let me know what your favourite part of the podcast is. Thank you!

And finally, don’t forget to subscribe to the show on Apple or Google to get automatic updates.

Special thanks to Michael Cole for joining me on Clubhouse for this week’s episode. Until next time!

 

Links and Resources:

Michael Cole

Instagram | Facebook