Not everyone can say they've found their true passion in life, but you are one of the fortunate few who have discovered a deep love for creating beautiful lashes as a lash artist. Wise men say "Passion in your career transforms the daily grind into a labor of love". Every set of exquisite lashes you craft brings you immense joy and pride, as your work is a true labor of love. However, it's equally important that your dedication and effort translate into substantial profits. Money, money, money, always sunny, right?
Let’s play a game «Who Wants to Be a Millionaire (Doing Eyelash Extensions)». You should ask yourself whether your hard work is actually paying off? Meaning you can work your fingers to the bone, but still feel that you don’t earn enough. Sometimes even working literally 24/7 seems to bring less profit and more trouble. Making a good living from the job you adore shouldn't feel like an endless cross to bear. To reach your financial goals while pursuing your passion, a well-thought-out plan is indispensable. Let's break down the path to help you become a thriving entrepreneur in the world of lash artistry. The key here is not just hard work but also working smart.
Setting Your Financial Goals
So, you want to become a millionaire. Sounds almost impossible, right? Not when you have a solid plan! To begin, you need to determine your annual income target. First things first, let’s find out how much do lash artists make. According to the ZipRecruiter, the average annual salary of the lash artist is $130,000. Top tier lash techs earn $150,000. So ask yourself, are you one of them? Even if it’s yes, at what cost? Indeed, you adore your work, but you also have to spare time for friends, family and yourself.
It's vital to list your yearly business expenses. Though reviewing your past year's expenses might seem daunting, it's a crucial task. These expenses can include rent, insurance, product purchases, and other miscellaneous business-related costs. If you're just starting your lash business, estimate your potential expenses based on your industry research.
Taxes in eyelash business are another unavoidable expense. Calculating your taxes can be complex, depending on factors like your income and location. To navigate this, conduct research and possibly consult with an accountant to determine your tax obligations.
The annual expenses on lash products can vary significantly based on several factors, including the location, clientele, product preferences, and the scope of services provided. It's essential to note that these costs can vary widely, and it's crucial for lash artists to keep accurate records of their expenses and income for financial planning and tax purposes. Additionally, the specific expenses can change over time as trends evolve and business grows.
So how much do lash techs make a year? Let's summarize:
- Desired amount: $1,000,000
- Yearly business expenses: $40,000 ~ (taxes: Nerdwallet states that taxes will be approximately $13,000 per year (calculations vary depending on the state). Rent: Different real estate sources, like LoopNet, suggest that the salon for rent will be approx. $24,000. Insurance: According to the InsureOn, the small business insurance cost is around $1,000. Plus products expenses: around $3,000 (the average amount taken)
- Estimated yearly income: $150,000
As we can see, this goal is reachable. Let’s take $1,000,000 and divide it to approx. $110,000 net profit. Thus, it might take 8-9 years of lash practice to earn a million dollars. Now let’s return to the common concern. How hard should your work be?
Balancing Work and Life
It's essential to maintain a work-life balance. Spending excessive hours in your salon to reach your financial goals might not be worth it in the long run. To find the right balance, you'll need to consider your work hours.
Let’s examine a simple scheme: For example, your average lash set costs $150 and it takes you 2 hours to perform it. So how much does lash artist earn welcoming 2, 3, 4 or even 5 clients per day?
*The prices were taken hypothetically. You should count your annual income using this example depending on your hourly rates. Thus, you’ll get a clear vision of the possibility of raising prices, seeking additional education or adding new service to your list.
Depending on the time you spend at work, namely working hours, days per week, etc. you need to determine your rates. In order to stick to your financial plan, and try to make your goal closer, you should charge at least $75 per hour.
Enhancing Your Profitability
While you’re thinking how you can increase your revenue in any additional way, consider reselling the products to your clients. This can be an amazing opportunity to raise money without wasting time and effort on extra work.
It can be products from a lash supply store, like Stacy Lash shampoo for after-care, home use, and eye makeup removal purposes. Or Stacy Lash Premium growth serum which is perfectly compatible with extensions. It gives the natural lashes strength and power so it’s a must for those, wanting heavier volume extensions. Therefore, your clients won’t only be satisfied with the newly performed lashes set, but also with the first-necessity product you supply them, in order to take care of those precious lashes.
So the key point is to know your worth. Remember, if you feel that you are not getting paid enough, it means that you’re not in the right place. Finding your place and starting doing what you love is almost equal to being a millionaire. When you find yourself where you belong, trust us, the money flow won’t take long. Don’t be afraid to charge, don’t hesitate to set goal and boundaries. If you keep constantly working on your performance, service options, customer approach, etc., you’ll know that you are paid fairly.