Do you feel selfish or scared when you think of raising your prices? Well friend, that feeling is 1000% normal. As beauty pros we are normally naturally people pleasers and want to keep our people happy. Having a price increase can bring up feelings of fear. We’re scared our clients will be upset, we’re afraid we will lose clientele.
I want to tell you, you’re worth it. All the hours and money spent on your education, training, products… the amount of love and dedication you put into your treatments are worth what you need financially to run your business successfully and to live a comfortable life you want. You work hard, you deserve to be compensated appropriately.
So, is it time for a price increase?
What does your schedule look like? Are your books slammed? Is it hard to get current client, or even new clients in?
I’d say if you’re booked out 1-2 months or more out and your clients have difficulty finding an appointment then it can be time to raise your prices. Raising your prices at this point will weed out any clients that don’t necessarily take their services from you seriously and open up those spots to reoccurring client and new clients that REALLY appreciate your skills. Don’t be afraid to lose these clients. We love them but we also need to run a business. A perk of this is it brings in more money even if you have less clients since your pricing is higher.
When was the last time you raised your prices?
If you haven’t raised your prices within the last year or two, its time. Even if its by $5, raise them! Costs to run a business and purchase supplies have raised, your prices should reflect that.
Is your business profitable?
Are you taking home a paycheck? Yes, it takes money to run a business but once you have established yourself, have a regular clientele, full books… you should be making a profit. Your dream job was not to run a business for free. Right?
An easy way to find out if you’re profitable is finding out your overhead costs and then comparing them to your pricing to see if you have any money left over after doing the treatment. Ask yourself how much you’d like to make an hour, use my FREE Beauty Biz Overhead Calculator and raise those prices.
FREE Beauty Biz Overhead Calculator: BBHL Overhead Calculator
Once you’ve decided on your new pricing here’s a template you can use to email your clients and notify them of the price change: PriceChangeTemplate
Download those files & shoot me a e-mail or DM with any questions you have.