Calculating Your Cost Per Nail Service
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- čas přidán 8. 07. 2024
- How important is it for you to know your cost per service? In today’s Biz Talk, Habib and Tracey explain how to calculate cost per service for your own business.
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Young Nails manufactures the highest quality professional nail care products (acrylic, hard gel, gel polish, nail art, nail polish, nail accessories, nail files, etc) in the world. To learn the nail application in all of the forms - acrylic, gel, nail art, etc - watch our videos for extreme education. We offer nail education out of our Anaheim, CA facility. Contact us for details info@youngnails.com
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“How do two brothers get into the nail care business?” This is the single most common question people ask us. There’s a long and rocky version but we’ll give you the short one. We have our fearless and unconventional mother, Young Salo, to thank. With a single-minded entrepreneurial spirit, she decided to start her own business at the age of 49. She had a passion for the nail industry and we did everything in our power to support her. In the end, this is a family business.
Greg, the older brother, became a licensed nail technician after switching gears from fire fighter’s training. He is energy personified and has a true passion for developing the best professional nail care products and education. Habib is the younger brother. He jumped in a few years later; taking a detour from medical school and a life in music. He brings his own creative mind for business, marketing and strategy. Unexpectedly, we are a perfect team.
Today, more than 20 years later, Young Nails Inc., is a professional nail care manufacturing company exporting to over 40 countries worldwide and distributing domestically to over 3000 stores. We’re respected for our next-level product innovation and education. Our mission is to bring you the best quality products and we’ll show you how to use them with incredible results. It’s really that simple.
Welcome to the Young Nails family!
#howto #biztalk #nailpros #costfornails #nailbusiness #nailbiz #costperservice - Jak na to + styl
Omg!!! I feel like you guys are in my head!!! Every time I have a big question I try to figure out in this industry, you guys popup on my screen with a biz talk about it!!! You guys are amazing!! Thank you so much for this!!!!
lol welcome
Once again, another needed conversation. I just love how they take the “fantasy” out of nails and get real. So many things discussed here I had not considered. I’m learning if you’re not focused and educated, you’ll burn yourself out and be mad at others!
For sure
I always appreciate the business related topics that apply specifically to the Nail Technician Industry. You discuss important and relevant topics, beyond the nail tech textbook. Thanks Much
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Thank you for this content. I’m an accountant whose daughter is a new nail tech. It was disappointing these topics weren’t included in her nail school. It’s vital to know your variable and fixed costs are. I really enjoy watching all your content!
Simpler than I do it.... But I do come from restaurants so my over-detailed self does it per "ingredient". But this does get the job done.
The restaurant industry is a great comparison to the nail industry: lots of fixed costs for consumable good that go at different rates, customer traffic, busy seasons etc.
Most restaurants fail because people don't know their full operating costs vs revenue. They see money coming in and think all is well... It isn't until you can minus your costs and take home the right amount you know you are succeeding. Even the most jam-packed salon can fail if your bills outweigh your revenues.
Exactly, a perfect comparison
We need more of these cause nobody ever talks about it and it can get confusing when you’re a solo business owner.
I'm such a numbers nerd! I was even thinking about trying to help other Nail Tech's get organized so they could know their costs. So important to know because we can see a new color come out but we need to go through a thought process to make sure we're not just always spending. Good talk!!
Absolutely
I’m just starting as nail tech, nail school didn’t talk to us about this subject but i did figure it out by myself and I’m happy i came across this video telling me I was right about the way I wanted to calculate my price...
Great topic! Not taught in schools. Teach us more 👍
For sure
These biz talk episodes are super great and the reason is being is that every possible question a tech would have you guys cover it with answers on a business platform and a brand level 😎🥰
Thank you guys for being so open and transparent ❤️❤️ #YoungNailsLove
Latoya Henry ty so much!
OH MY GOODNESS! Y'all hit the nail on the head every single time you guys post content topics like this. It's so relatable and needed. Please keep posting. I love you guys!
❤️❤️ More videos coming daily
Oh gosh this is such a great topic guys! Love it #teamYN still having this issue especially when some clients want to pay 55$ for 100$ sets well sorry I’m not going to loose my money for broke ass clients
For sure
Vanny L some people always want something for nothing. If I can’t afford your $100.00 service I’ll decide with you what I can afford and have that service.
Debbie Forseth that’s what I do girl, like instead of color acrylic try gel polish, or instead of a full nail crystal try partial or instead of chrome we can do foil omg sometimes they want those high end nails for cheap then I always try working with them
K C I do like I tell them what they can get for certain prices
I know this is 2 years old but this information is priceless. I'm very thankful I've been a bookkeeper as well it helps with the business side of things.
As always love all that yn nails soes for our community
Thanks so much for making these videos!! they are so helpful to running my business. It's great to hear you talk around the subject too. I feel people think nails should be a lot cheaper than they are especially with lower end salon charging cheaper rates but using crappy products. It annoys me that some people don't see we have to charge for the quality product we buy. Keep up the good work guys, love all the nail tutorials too I have been on nail art watching overload!! so so helpful!!
I commented on last video about going independent/booth rental. I’m in the process of buying my supplies and that where I’m stuck at. I knew this wasn’t gonna be easy because for the last 10yrs I been working commission. This is all new to me as to what I should charge for each service. Nail art, crystals, chromes etc.. I also need to include paying rent. So supplies and rent like to Tracy said what’s fair. I already told myself that I’m starting off a lil right now and then as I profit I’ll be able to invest more into my business, because I’m being cautious like you guys said about not wanting to get in a bad situation. I wish you guys had a book about the business end of things. I love Tracy and she has done everything almost and a mentor like her is what I’m looking for to break things down. I’m am gonna get a tax person I already planned that. Just the services part is what they can’t give me a number where as someone that has I’m the business with nails knows through experience of what works and what doesn’t. Do you have any recommendations?
Thanks guys! As always you guys are amazing and I admire you all so much 😊
Recommendations as to what you should be charging? Yes we have videos on pricing and raising your prices starting out and otherwise. Even better than a business book we have hundreds of videos here on the channel to view and go back and re watch, plus more coming daily
Great segment!! Thank you Tracey....because why have I not been including the laundry detergent, fabric softener sheets and bleach?!? 🤦🏽♀️ I have a pro tax preparer so I am including that this year!
I took a class on this topic years ago with Liz Morris. She taught us how to use a scale to measure our products to determine costs per service. Never knew how to calculate it, and realized it is so important to know.
This session was super helpful because it simplified the process. Many techs don’t learn this stuff and don’t bother with it because it seems complicated. Thank you so much Habib for breaking this down. Love love love this info and hope you include it in OWC....which I’m super stoked about! 🤩
Yes it is all so very important to know and not widely discussed. During OWC you can ask any questions you'd like
Great way to break it down. Much easier to figure out. Thank you
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This will help a LOT of naitechs out there!👏 Even though I am not making money from doing nails, I always watch your biz talks for some odd reason😃 I guess that deep down it will always be my dream😔 I just spend money on nail supply.. AND I have just got my hands on a core product package from YN. Can not wait to dig into it all😍. A really sad thing is that as from last summer no one is shipping YN products to Norway anymore because of some new EU rules! 😭😭 You NEED a supplier here!!!🙇♀️
You can contact @youngnailsUK
@@youngnailsinc Great! Thank you SO much for answering my cry for help😃 it is deeply appreciated! 😘💕
Couldn’t love you guys any more, working it out what I wanted to earn yearly was a game changer for me so thank you guys 🙏🏼 very grateful for the biz talk 🥰 #teamyn 💪🏻
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Very informative. You guys & dolls definitely bring The Biz Talk. This video, I'm sure. Will help over 50% of your viewers. Thanks, for sharing your knowledge. 💖💜💖💜💖
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Very important info. Thank you guys!
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I am doing a report on opening my own nail salon and it asks a lot of questions, like geography, and demographics, pricing and what I would put on the market. So your videos has helped me out a lot. I hope I get an A+ on this report. Thank you for your help. Nice show you have going on.. KY
Sorry for the late response, but that is awesome! So glad we could help!!
Thank you for sharing this biz talk has given me s lot to think about x
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Great video!! Much appreciated!
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very very helpful!! thank you!!
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Wow! i needed this. i just calculated my cost per service. I am definitely not charging enough
You guys are awesome. I’ve learned so much from you about all aspects of this business! I can’t get this info anywhere else! Thank you!
Happy you're enjoying the content
This IS the conversation I've been waiting for!!! THANK YOU!!! Here's a set of questions I still have.
I've got a salon of my own, I'm 3 months in, this past january I've written down my numbers. I had 64 services with 0.85 cost each. I'm at 4,46€/hour which is not bad for a self-thought, 3 months fast learning. The customers are over the moon, I'm recommended endlessly by them and I get an average of 4 new regulars a week.
When is it time to raise the prices? I thought it's when I'm fully booked and due to high demand I can have more preselection by pricing.
Should I get a partner involved although I don't like marrying anyone as I put my skin into the business and I expect the same.
Hiring techs, here in Mallorca, Spain they work on 70-30% ratio. 30 for the salon, 70 for the autonomous tech.
Do you expand your registered name and thus increase government fees or do you register on lower rates for beginner-time?
How do you multiply the formula? Once you have a salon that's working, how do you set for 7 more salons within the next year?
Here, full set acrylic is 25€, full set gel is 35€ which is way lower than the US.
Can there be such thing as monopole onto the market, something like the supermarket of beauty, centralized service with monthly subscription rates from the customer's side?
The list of questions goes on and on.
Thank you for cracking this up together guys!! Your work has definitely influenced me. I appreciate that!!
I think a short answer to basically all of these questions is one thing at a time. As for raising prices if you are booked and your clients are happy with your work I would increase. As for seeking other techs, I would give it time to find the right fit don't force it. As for expanding salons, same answer when the time is right go for it but don't jump in too soon. As for the formula it is something you will need to be constantly re-calculating
This gives ideas to new nail tech people out there
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Tuning in !!
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SWORE-OFF-SKI. 😉 Thanks, guys. So informative, especially on the art stuff. I think back to when Stephanie talked about feeling good charging for art.
haha for sure
I shoulda "SWORE" those damn things off! I just dropped almost $1200 on them! The initial cost is a bee-yo-tch! Lol!
@@lelarobinson2854 oh my goodness! You are so funny! But man, it's hard to resist sparkles!
I do believe in putting out a notice that prices will be raised, however, I have been with the same dentist for 9 years and they have been raising their prices every year without notices. For example I was quoted for a crown, I waited 18 months to get it and when I went to schedule it they had quoted me a price $200 higher. I told them the price I was originally quoted and the receptionist said “we raise our prices” (in a snotty tone might I add). I know pretty much every company raises prices each year but why is it that some fields get away with no notices to clients🧐
Yea notice is definitely necessary. It's respect for the clients, because then it becomes their decision if that's a purchase they would like to make.
Love these biz talks. Please discuss how to be passionate about nail industry for the longest time. There are times when you feel discouraged or self doubt your abilities :(
We just posted a vlog on that "nail tech burnout" check it out
@@youngnailsinc Oh yes how can I forgot, loved that vlog.
As much as I love and believe that having an accountant is what’s needed to help the business to run and understand the money side of it. What is you say for any techs that are just starting out, don’t have that full clientele; don’t have that money coming in to cover the cost of hiring an accountant.
As much as I would love to have an accountant help me with my business spendings and earnings I just don’t have the clientele to cover the cost of an accountant. And, I couldn’t take it out from my day job as it will effect my life to life bills.
Hope my question makes sense? Thanks guys love this episode. I have definitely tried to take control of my spending and earnings at the beginning of my career and have hopefully set my prices to cover my spendings to start this career. Xx 💋
There are 2 great options to try to curve some of the full cost accountant fees. #1 of course everyone's goal find an accountant maybe willing to trade nails for some advice or maybe even permanent help. #2 go toy our local college and find the accounting students, they are usually eager to help ether to build their portfolios or at a discounted rate. Also you can always pick the brains of fellow nail techs that may have some advice to get you started
Wow, thanks guys. I didn’t even know you could even do some of those things? Will have a try. Xx 💋
That's really great advice. Wow.
I do a spreadsheet. Some accountants don't understand this business. I got rid of mine when he didn't think I needed to do 1099 for my landlord. Now I use Turbotax and its easy. Just keep the spreadsheet up to date.
Nail Creations Amanda how do you do your spreadsheet?
Super topic 👍Luv u guyz❤🤗
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I like the starting point of how much do I want to make.
Depends on what your doing what type of art to your client
For sure
So true! 💖💅💖yn
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Great info thanks. I love this formula! #teamyn
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Hey guys! Here’s a question I would LOVE for you guys to answer! 💖 I manage a small salon, with about 4 girls working with me. I have completely stopped doing regular polish manicures, but some clients still request regular nail polish manicures from time to time. I looked at the forecast of appointments booked from now until 2 months, and it’s literally 1 in 150 clients that want regular polish compared to a gel manicure. The girls who I manage, take the same amount of time to do a regular polish manicure compared to a gel manicure per appointment. Do you suggest we charge the same amount for either service because it’s the same amount of time of “butt in chair”? Or, should we take regular polish off the menu to focus on our other services since that’s where our salon seems to be trending, and focus on our other services? Thanks always guys 🙏💕
Personally I would take polish off the menu if the cost and time is the same but profit is not. You're losing money. I would just politely explain to clients you have other options for them instead of the polish, even if you lose the client it will open up the space for someone else to get a service you are going to make more of a profit on.
I would like you to talk about tendencias for 2020 if posible, Greetings from México, ☺️
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This was great!!!!! I wish you guys could go into a bit more detail though lol lol 😂 maybe start a class lol running a nail biz 101
More videos coming daily
YoungNailsInc great
Can you do an updated cost per service… inflation is crazy! Plus, I’d love to see new/current “How Much” episodes… again to show what services should be $$$ these days 🎉
The annual inflation rate tends to be between 3-4%, so we recommend increasing your prices by approximately that much annually. Usually a $5 increase per service is a good number to use as this isn't so much that it will deter customers from getting services, but it will give you a raise as well as cover increases in expenses.
I uploaded an Example of my service cost worksheet to the YN FB Groups
Nice
I am not able to find that example, is there a link?
@@ASofterSide it is in the FILE SECTION
My question is how much should a beginner, right after graduating? I am starting in a few weeks and this has been on my mind. Once I graduate and say I'm paying a booth rental, what would a beginner charge? After time goes by and I get better, when should I decide to raise the price and how much? Should I wait for a year and give the clients some notice? Raise it a few dollars? $5? $10?🤔
I don't know how much an average cost in the US is but I'll give you an guideline in euro.
So an average full set in my town is €50.
When I started I was charging €35 for a full set and €30 for a refill.
But the important thing is how is your skill?
I rented a space and the previous tech watched me do a set and gave me that price as a starting point as my skill was good but it was taking me nearly 2 hours to complete a set.
After 8 weeks I went up to full price. You will be surprised how quickly you improve when you are doing sets day in day out.
We actually have a full biz talk episode on raising prices here on the channel. Check that one out and if you have any specific questions feel free to shoot us a DM
@@aspillane5902 thank you!
@@angelagohman5672 no problem! Hope it helped! Best of luck with the new career!
Hi, I’m now starting out as a nail tech and I’m working out my pricing. Could you give an estimate of how many sets of nails I should be able to get out of your 32oz bottle of monomer and your 45 gram cover powder? Thanks so much, and keep videos like this coming😊
Unfortunately it is hard to put a number on it as there are so many variations in peoples work. Full sets vs fills, different shapes, lengths, and product used.
YoungNailsInc okay, that makes sense. Thanks for responding 😊
What should I charge for gems/ bows/ foils etc
We pretty standardly charge $5 extra across the board for add-ons like each glitter, each additional color, etc. If that seems like too much with your pricing structure, you could even charge $1 or $2 per bow, foil, etc. As long as you are charging for your art.
Should I charge by the diamond?
You can, really depends on the quality of the product and cost. Some embellishments can be costly (like Swarovski)
I do have a question. How long should a full set actually take you to do if you want to work in a salon doing walk-ins ?
Good goal is about an hr, but give yourself time to get there. You never want to compromise the quality of your work for speed
i love your videos.i watch you from greece.i am starting school for nails soon.my dream is to have my nail saloon i own a small stone store
and thinking to fix this in my saloon. i live in a famous place for tourists.we have a lot of fish spa that do nails.but i am not afraid. i am going for quality and not for a lot of clients that come on time.and ask for discounts! your videos help me a lot.they way you think and work! 😍
Awesome
#TEAMYN 💅🏻
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12 clients a day on the LOW END ?? Gosh i thought i was busting my ass with 8 on a busy day 😱😱
Haha everyone has their own pace
I can only do 3-4 😩
I do it by setting month by month goal. Starting out I want to make $3,000 a month. $250 a day I have to earn. However, I am on the path to getting a booth rent, I'm moving on from commission.
Nice, good for you
I see how people get in a bind. But then you have people always say your services are too much and go somewhere else where the cost is cheaper. You try to explain why you are uping your cost and they still want a cheaper service vs quality service.
Totally
Exactly! It’s so discouraging
Dont go there confusious say how did this system get started
Not sure what you mean
Very informative, but I still couldn't break it down, on how much to charge for my time, and how much to charge on materials
czcams.com/video/KR_jR6AcLpw/video.html
czcams.com/video/uNHjz_iJ9BY/video.html
OMG how in the world did you do 12-16 a day? How many hours did you work? I know why you're not doing that anymore. God bless you!
about 10-12 hrs a day
Can someone turn up her mic
Will double check audio
It was hard hearing her!
#TEAMYN
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Can't knit pick with this you can and have gone insane but am not
haha
#teamyn
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And do a give away
Giveaways daily
And the rest
Not sure what you mean
Two sets of books
k
How many clients this also counts
Yep
And don't forget to calculate cost of the accountant and your tax liabilities!
For sure
What's a liverble wage what's a comfortable wage and how do millionaires make millions without the tax man doing to them what they do to there staff
Depends on where you live and the style of life you consider "liveable"
*or÷
Raw n dirty 😅😅😅
lol
Your getting into copy right on nail design
huh?