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Is it time to buy a new car? If that's what you want, where will you get the extra $400/month? It's easy with a little goal-setting to give yourself a raise.
Crunch your numbers
Start with your current income. Let's say you're earning $25,000 a year and you work a 50-week year. That means your average weekly paycheck is $500. What will you need to do to earn an additional $400 a week? First it's important to understand your statistics:
Your service prices.
Your service commission.
Your retail commission.
The number of days per week that you work.
The number of clients you do each day.
Determine the amount of your raise
Let's say you charge $31 for a hair cut and style, $65 for a cut and single process color and $12 for facial waxing and reconditioning; your service commission is 50 percent; your retail commission is 10 percent; and you work four days per week. Then you'll have to earn an additional $100 a week-$25/day if you work four days a week-to make the monthly, $400 car payment. How can you do that? A few suggestions:
Each day recruit one additional hair cut client and upsell one hair cut client to hair color.
$31 for the additional cut + $34 for the color add-on = $65; your additional commission/income = $32.50.
Each day recruit one additional hair cut client, upsell one client to facial waxing and sell five additional $10 products.
$31 for the additional cut + $12 for the hair removal = $43, + $50 in retail sales; your service commission of $21.50 + your retail commission of $5 = $25.50.
Each day, upsell four clients to a reconditioning treatment and sell one $10 retail product.
$48 for the reconditioners + $10 in retail sales; your service commission of $24 + your retail commission of $1 = $25.
Once you really understand your own numbers, you will see that there are many ways to make up the difference between what you are earning right now and what you would like to earn. You'll also discover the quickest ways to do so. For example, a reconditioning or waxing service will add $10 or $15 to a client's ticket in just five minutes!
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