Hey beautiful! So - you want to know more about the Hourly Rate Calculator?
Read some FAQs below!
And if you don't feel like we covered everything, email us at info@gelincsupplies.com and we will get back to you as soon as we can!
What is the Hourly Rate Calculator?
The Hourly Rate Calculator is an online tool you can use every single week to calculate the hourly rate you can pay yourself based on the profit your business made that week and the hours you worked.
It is the best first step in treating your business like a business, getting familiar with all of your revenue and expenses, and it helps set you up for better financial security, rather than operating week to week.
How will I benefit from this calculator?
This calculator tells you exactly what your hourly rate should have been for the week - no more guess work!
This is the same hourly rate someone that would be employed by you should receive - so it helps take into account all of the hours you work, not just the hours worked with clients. It helps you take into account your future costs, as well as sick leave and annual leave - so you don't "pay" yourself more than you should, only to dip in to your personal savings when a large bill comes through.
By planning ahead for future costs, you will have more financial freedom, and not just be living week to week, in fear of every single client cancellation, or working sick when you should be resting in bed!
Is it easy to use?
YES! Well - I like to think so!
The first use may take slightly longer, as there will be a few figures you will want from your accounting program and booking system for accurate results.
How do I use this calculator?
You will need a few pieces of information - some of these will change week to week, and some of them will be the same. I've made a list below -
Only need once:
The best way to get these data points is to run a Profit and Loss Report for the last financial year.
If you have not been in business for a full year, you can run a Profit and Loss Report for any length of time, then use these numbers to approximate the full year.
If you need ANY help at all with this, please do reach out!
Total Product Cost for a full 52 weeks
Total Expenses (excluding product costs)
Save these in a convenient place so it is easy to plug them back in every week!
Each Week:
You can retrieve this information from your booking system and your accounting software. Again - if you need any support - I am here to help!
Revenue for the week
Total money spent on product
Total money spent on expenses
Total hours worked with clients
Total hours worked on business admin
Access to the calculator is through an affordable monthly subscription - so once your sub is active you can use the tool as many times as you like - ideally weekly, to help you with your business admin and finance control!
Why I created the hourly rate calculator - the back story:
The unfortunate reality is that professional nail technicians all over the world are massively undercharging for their craft.
NZ Nail Techs are among the worst - hourly rates reaching as low as $10 per hour.
It's time we take our business with both hands and finally take control.
This issue has been uniquely bred by an industry that has almost all professional nail techs in a self-employed setting.
First, you decide you want to become a nail tech! You do your research and enroll in your chosen training provider, where they teach you everything about how to create a beautiful set of nails that last.
But they do not teach you how to run a business.
You are sent back to your salons where you are now tasked with the, let's face it, grueling process of building a client base, setting your policies, and creating those price lists.
You have NO IDEA how to actually calculate your profit margin, so you look to the nail techs in your area, and create a service menu where every single price is $20 cheaper than those "experienced" techs, because a) they must have priced themselves properly, and b) you're new so nowhere near as good!
Then, once you start making money you avoid any business admin/accounting like the plague - you only became a nail tech because you wanted to DO the nails, not because you wanted to manage a business...
But your account keeps going to $0 every week, despite being super booked up... and something really starts to not add up.
Sound familiar?
There's no time left to keep beating around the bush.
As business owners, we are all individually to blame for our paycheck. Our clients diligently book their appts and pay for their services on time, at the price we set. They are not going to assume we are massively undercharging, and tip us $50+ just because. They assume that we, the professional, have set the price exactly where it should be based on the service offering.
Animosity of other beauty professionals tends to float around every so often - a lash tech doing a set of lash extensions can easily charge $150-$250 for a service that requires maintenance every 2 weeks, so why won't our clients pay that for nails?
This used to be a hypothetical question, because there were barely any (if any) nail techs in NZ charging their services out in this price range.
But it's not anymore.
After completing multiple Path to Profit workshops there are now nail techs across the country, from the busy cities to the quiet small towns, all charging a fairer rate for their services.
And their clients are WILLING to pay.
While completing the Path to Profit workshop is the best way to know your true hourly rate and set your service prices to empower you to pay yourself a fair wage, this is definitely a jump in the deep end!
If you aren't quite ready, the Hourly Rate Calculator is that first step - dip your toes into the water of managing your business finances and understanding how to set your business up for financial success.
We offer a luxury service. Not everyone will be able to afford our services, or will prioritise them in their budgets - and that's totally ok!
But we cannot afford to subsidise our clients any longer, and work for less than minimum wage.
Uncover the truth with the Hourly Rate Calculator and take a solid step towards a much more abundant future!
And, since you have taken the time to read all the way to the end - here's a discount code for 50% off your first month!
Just use the code IDESERVEMORE at checkout when completing your subscription - and not only will you get your first week free, you'll save an additional 50% off your first 4 weeks.
Comments