How do you know when it is the right time to raise your prices? Here are some indicators it is time:
You have more clients than you are able to service.
The demand in your geographical area is greater than the supply available.
Your prices are below the midpoint your geographical area.
Now that you have determined that it is time to raise your prices, how do you go about doing that?
Step 1: Determine the amount you want to raise your prices based upon the market in which you reside.
Step 2: Determine to whom these increased prices will apply and when. Will you only apply the increase for new clients? Apply to all clients?
Step 3: Create a communication plan. How will you communicate the change? How much notification will you be giving? See suggested template below.
Step 4: Be prepared for some push-back and even the loss of a few clients. That is okay and normal.
It is recommended to make these changes at the beginning of a year as it seems to sit better with clients when associated with a fresh, new year.
Template: 2019 Price Increases
With the new year come some new prices. We want to continue offering you impeccable service and due to inflation and increased overhead costs, beginning January 1st, all of the lash extension service prices will be increasing by $xx.
Your Beauty Brand is a vegan-friendly and environmentally responsible American company offering private labeled lash extension aftercare and training products.
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