We’ve all been there – the hard decision and realization that it’s time to adjust your prices. With the current inflation, everything is getting more expensive. Also your costs as a brow artist or beauty professional. But fear not, because raising your prices doesn’t mean waving goodbye to your clients. Here’s your guide to gracefully increasing prices without losing your clientele.
A very familiar situation for brow business owners nowadays: You see your revenue decreasing, but you’re not sure where this decrease is coming from. Less clients? Higher product costs? Increased rent? It’s about time to do your math! Because before you can change your prices, you need to understand your costs. Maybe not the most fun task to do, but it’s a really important step to be in control of your finances and thus remain a booming business. Start with writing down all the expenses you have to run your brow or beauty business:
Write down all the costs you can think of, even the coffee you offer your customers for free for example or the magazines you buy for your waiting area. All this info will help you to get a clear overview of the minimum revenue you need to make to break even and how much you need to earn to have a healthy profit. By doing this every year, you can clearly see the changes. It gives you the power to better calculate what price increase you have to make or costs you can save on to maintain a healthy profit. It’s the mental shift of thinking something is off with your finances, from actually knowing what is exactly off.
Take a moment to reflect on your journey, the countless hours of training, and the creativity you infuse into your craft. Understanding your worth empowers you to confidently communicate the value of your services to your clients. Every year you get more experienced, so it’s normal you charge more money compared to your starting years.
When you know your worth, your clients will too. Share your professional journey, certifications, and any additional training you've undergone. Express how your commitment to excellence has evolved, making each visit to your salon an experience beyond the ordinary.
Highlighting your certifications reinforces your salon's commitment to excellence and professionalism. It’s basically showing how much effort (and money) you invest in being the best in your profession. If you already have certifications, make sure to display them in your salon and on your channels like social media. If you've recently earned new certifications or plan to, share this exciting news with your clients!
Before taking the plunge, get a sense of what's happening in your competitive landscape. Researching competitor prices provides valuable insights into industry standards and helps you position your salon effectively. This doesn't mean matching their prices; instead, it's about understanding the value you bring and ensuring your pricing reflects that.
By knowing what others are charging, you can make informed decisions on how to position your salon in the market. It's not just about keeping up; it's about standing out and confidently communicating why your salon and brow services are worth every penny.
Remember, the goal is not just to keep clients but to attract those who appreciate the unique value your salon provides.
Communication is the heart of any thriving relationship, and your connection with your clients is no exception. Before the price adjustments take effect, it's crucial to let your clients know what's coming. Your clients are like family, and they appreciate transparency. Don’t let them be surprised.
Craft a heartfelt message explaining the reasons behind the adjustment – maybe it's to upgrade products, enhance services, inflation hitting hard, or to keep up with industry standards and your grown skillset. Share the news in advance and show them the value they'll receive. Share your new prices on your social media channels and send out an email to regular customers. Don’t know where to start? We made it easier for you and wrote a short template you can copy and adjust as you need to what feels good for your business for your social media:
Beautiful clients!
I wanted to give you a quick and important heads-up about some changes we need to make. We're adjusting our prices starting [Insert Date]. The world is a bit crazy right now, and just like we’re all feeling it, inflation is also impacting our costs. To be able to offer you the best service possible, we need to increase our prices.
Your support means the world to us, and we're committed to keeping your brows fabulous and giving you the best brow service possible! Thanks for being the best part of [Your Salon/Business Name].
If you have any questions about the price increase, feel free to send us a message. ✨Love,
[Your Salon/Business Name]
Here’s an example of how @solosbeauty_ informed her customers via Instagram about her coming price increase:
Want to give clients a softer landing on the price increase? What you could do is offer regular customers the old price for one month only, but communicate clearly that for their next appointment, the new prices will be implemented. They will feel special that you give them this special discount as a regular, and at the same time, it gives you a more lowkey opportunity to communicate the new prices and explain why it’s needed.
Let's pivot to an annual adjustment strategy that brings consistency and predictability to your pricing structure. Here's why opting for yearly changes might be more beneficial than gradual adjustments:
Create an open space for communication with your clients regarding the changes. Encourage them to reach out with any questions or concerns they might have. Whether it's through a dedicated email address, a hotline, or even during their salon visits, make sure they feel comfortable expressing their thoughts. Being accessible and responsive reinforces the sense of transparency and helps address any apprehensions your clients might have.
Increasing your prices is not just about the numbers; it's an affirmation of your salon's commitment to excellence and also valuing your own skills. Remember, you only have two hands and the same working hours daily, so your skills and time are your most valuable asset. And that is worth paying for! When your clients see the dedication to improvement, they'll understand that the change is not about leaving them behind but bringing them along on your growth journey as a beauty entrepeneur. Your decision to adjust prices is not a step back; it's a step forward. Enough pep-talk? Time to do your thing beauties! ;)
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