Are you feeling like the time is right for a raise? Here's how to do it AND know if you're even ready.
Reasons you should raise your prices: You are fully booked. If you are fully booked to the point that you could have a waitlist, don't close your books. Do a price raise significant enough that 1/4 of your clients could drop off and you would make the same amount. You have significantly improved your skill set. You have taken advanced trainings to provide your clients more value and better lashes. You realize just how expensive running a business is and it is necessary for your business to continue growing that you make more per service.
Let me tell you a little more about my pricing journey!
THROWBACK to 2017! I made 30k a year doing lashes. I had no idea what to charge and I was charging what everyone else in my town was charging to blend in. I had a very beginner skill set and I was only certified in classic lashes. My timing was quick, my retention was not ideal and I thought this was as good as it could get. My fills were $35-$55.
2019-I was addicted to taking lash courses and I flew all over the US to advance my skillset. I learned american volume, russian volume and then...MEGA volume. I was fully booked and grossing $60-80k a year doing lashes. My fills were $70 across the board. My business was growing and my clients were obsessed with my work.
2022- I became a master at my craft, became an award winning lash artist and educator. My skill set became not only advanced, but extremely sought after. I built a clientele of other lash artists. My fills were $180-$210.
INSTEAD of telling all your clients at the end of their appointment, give them a flyer that you print off explaining all the amazing changes in your biz.At the end, give your updated service menu and a date that those prices will go into effect. I like to give clients 1 month notice.
HOW TO DO A PRICE RAISE
Make a flyer on Canva or Zazzle
Include how grateful you are for your growth And THEIR CONTINUED SUPPORT
OFFER GOOD REFERRALS IF THEY CAN NO LONGER PAY YOUR NEW PRICE! NO HARD FEELINGS IF THEY HAVE TO LEAVE
Honestly, not necessary! If all of your clients are notified by a flyer, all posting on Instagram would do is notify any potential clients that you are doing a price raise.
SHOULD YOU POST IT ON INSTA? No, New clients will not benefit from seeing you make a price raise...just update your booking site when the day comes.
Be prepared to have a few clients leave. It is okay! You won't have the same clientele forever. Make sure you have checked in with other local artists that you trust to ensure you can send those people reliable referrals. Always leave the door open if they ever want to return.
Your clientele will morph and change as you do throughout the years.
If you're doing a price raise it should be significant and not often. I don't recommend doing a price raise every few months by $5. No one will likely notice or care. I personally only raise my prices when my schedule is so consistently full I want to cry. I would do it every few years, and by at least $15-$25. ATLEAST.
Wishing you the best of luck! I know this is a scary process, but you are a business owner and sometimes you need to give yourself a raise to accomodate for your growth. Hugs and kisses,
Maddi