This is such a hot topic. Search raising your prices in an online forum and you’ll see 100’s of posts. Raising your prices is a natural evolution in business but for some reason, we don’t think we’re worthy. Hey, I’ve been there.
Will I lose all my clients? How much is too much? What about my competitors?
It can be overload for our brain. So I want to share my 3 step plan, I’ve raised my prices many times and I’ve finally found the formula.
- Know your numbers. If you’re going to raise your prices find out how much is going to make a difference. For my first few raises, I increased by $5, honestly, it ended up coming out of my tip so I didn’t make any more money. My most recent increase I did 20% and it made the biggest impact on my income.
- Give notice. For my first few raises, I gave 2 months notice. This just confused clients, they were asking every appointment “how much is it now?” The sweet spot is 1 month or 4 weeks. All clients will have at least one fill with you during that time. They won’t be surprised or confused with a drawn-out period.
- Inform your clients more than one way. For example; I sent an email, gave a paper copy of my increase at their appointment, AND told them. This way there is no way a client can come to an appointment and say they didn’t know about the increase.
- I know raising your prices is scary. I will tell you that you will be surprised, if you’re giving your clients value they WILL be willing to pay for it. Remember you are your brand.