In my last blog post, I went over some important practices you can utilize within your beauty business to justify a price increase. If you feel you are delivering an amazing experience and result, and you think you should be charging more for what you offer, this post is for you! I’m going over everything you need to consider before announcing your price increase, as well as how to make the change and what to say!
To start, I highly recommend coming up with a dollar value you feel your time and services are worth and that you would feel happy making per hour. Once you have that number, you can work backwards and break down how much you’ll need to charge for your services in order to make that earning figure.
I go in depth on the exact process I took to charge my worth and make 6 figures in my business as a lash artist, all with the right small tweaks of my menu pricing, in THIS youtube video!
Now that you have an ideal hourly rate or maybe you’re still working on what that is, my recommendation would be that you don’t do a huge increase in price. If you’re currently pretty far off from where you’d like to be, I would recommend raising your prices in increments over time to get you there. When determining your new pricing, you want to be reasonable and fair to your clientele, but also make sure you feel your time is being valued and that your profit margins are good.
That being said, it’s also very important to know your cost of doing business. Meaning the amount of money it takes for you to run your business, and how much you’re actually profiting after your costs and taxes. You want to get clear on your numbers, so that you know what you need to charge in order to actually earn the amount you want to be making. Doing this should also give you more confidence in the amount you decide to charge, because you’ll charge it knowing that it’s appropriate for your needs as a business owner.
Once you have your menu structure complete and you’re feeling good about the value, you want to make sure to give your current clients ample notice. A great rule of thumb would be to allow at least a month’s notice, so they have time to book one or two more appointments with you before the increase. This will allow them to save their money accordingly if necessary, give them time to find another service provider if need be, as well as just generally have the courtesy of a ‘heads up’. You may be thinking that you don’t want them to find another service provider, which I totally understand, but let me (hopefully) ease your mind…
If your client does need (or ever wants) to find another lash artist, IT’S OKAY! There are MORE than enough clients to go around. One may leave you because of your pricing or for another reason, and another one may decide to come to you because of your pricing, or your result or your location… whatever their reasoning is! The point is, your clientele will always be changing, and that’s totally okay! Our goal as service providers is to have a clientele full of our ideal clients. Ones that value our time and results and that are more than happy to pay whatever we deem they’re worth. Ones that you enjoy and that make interacting with them a pleasure! So don’t sweat the ones who decide you’re not for them anymore. Thank them for their support, give them the contact info of someone you can refer them to, and be excited for who will have the opportunity to fill their spot now. Also, with your price increase, you can actually afford to lose client’s, because you won’t lose money! So, trust this process, do it with confidence and remember that money is an exchange of energy and appreciation, it’s a great thing to put a value on yourself and provide something to people that they’re so happy to pay you for!
Now here’s how I would recommend implementing the changes and exactly what you should say:
First, this goes with anything you’re going to put out there in regards to your business… ALWAYS make it sound positive! Come off as is everything is good, that everything comes with benefits and that you’re confident, excited and grateful about it! Because that’s all true! Spare your clients the details they don’t need to know, like your increased rent or overhead costs, etc. and just inform them in a positive way. You can always find a more positive spin on something you may deem as more negative or intimidating, uncomfortable, etc. Like maybe instead of saying you’re “raising your prices”, you could say that you’re “updating your menu”!
Even if you’re not putting it out there blatantly or with a negative undertone, your clients will obviously know you're asking them to pay more. So, explain the value! Let them know what this means for THEM! Highlight in an excited way what makes your services and YOU worth the new price point. Spell out the value! Tell them what new updates, enhancements, upgrades, and positive changes will be happening!
Make sure that you share how much you appreciate them and their loyalty. You’ll be surprised at how understanding and supportive people will be of you, but it’s always good practice to let them know how grateful you are! A personal connection is so key to having long lasting client retention!
Next you’ll want to give clear information about when the upgrade will take place. You might even want to offer them a Fill or two at their current rate, so they have time to make financial adjustments or have the time to find someone new if they need to, which is okay, remember? I’ve had clients tell me they decided not to keep getting their nails done in order to maintain their lashes after I’ve raised my prices. So you never know what your clients are willing to do, but giving ample notice will certainly help them make adjustments or decisions ahead of time, and be much appreciated!
You’ll want to notify them via email, if you’re not capturing their emails and building a list, that’s something you should start doing right away! If you don’t have emails, send a text! Once you’ve done that, make sure to send out a reminder a week or two before your changes are implemented, or verbally remind them of the upcoming change at their next service. It’s good to be clear and it’s better to be open than to feel uncomfortable at the thought of it. avoid it, and then find yourself in a truly uncomfortable situation later because of it!
Now that you have all of the information you need to start charging your worth, do it with confidence and trust the outcome! Try not to overthink it or worry about it, because I think you’ll be surprised with how well it will be received. At least by the clients who are obviously ideal for you, because they’re willing and able to meet your needs!
Happy New year and embrace the new changes!