As a salon suite owner it’s easy to get busy and avoid asking the question “should I raise my prices?” Raising prices can be scary and generate a level of uncertainty with your business.
Is a price increase justifiable?
Will my clients still come to me?
What if this hurts my business?
Relax, your apprehension is shared by many salon suite professionals.
Why Now is the Right Time to Increase Your Prices
As you ponder the decision, consider the following:
1. Inflation is rising and overhead costs are increasing.
2. You continue to gain valuable experience as a salon professional.
3. Each year you expand your skills, tools and value to the client.
4. You are sought after for your services.
5. Your full book speaks volumes about your current value.
Just think, if the cost of running your business has increased and your prices have stayed the same, you’ve been giving your clients a discount! If your clients see the value in your services, they likely won’t blink at the price increase.
Teri Ward from Salon Concepts Dent offers her insights on raising prices:
“One of my favorite educators always says, no other company makes you aware of price increases- just do it. I have followed this and not a single person has ever questioned it. However, if you feel you need to make them aware I would simply state,’ Ashley, today’s price will be the same, but as of November 1, there will be an increase.’”
How and When to Raise your Salon Suite Prices
Now that you’re ready to initiate a price increase, here are some helpful tips:
How you communicate the increase is critical and can impact your current client relationships. Choose 1-3 of the following methods:
• SMS Text
• Post signage in your suite
• In-person, ideally at their last visit before the price increase
• At the point of booking
It is important to give your clientele proper notice of your price increase. Choose a date, like the first of the month, or some other time that feels like a good transition date. Being transparent will help you manage any possible resistance.
You may want to consider a price increase “trial period.” Look at the first three months after the increase was implemented – are you generating more income? Chances are, you’ve encountered no resistance and your clients have joined you in celebrating your well-deserved raise!
Are you ready to increase your revenue and start earning what you’re worth? For more assistance, in Cincinnati contact Clara England, firstname.lastname@example.org; or in Minneapolis, contact Lisa Jorgensen, email@example.com, or Renee Vermilyea, firstname.lastname@example.org. They’re always here to help.
Yes, you are worth it!