If you’re holding back on raising your prices, these signs will help you feel confident it’s time for an increase.
It can be hard to know when it’s time to raise your prices. You never want to annoy your clients, but it’s important as a business owner to be consistently reviewing your rates and ensuring you’re on track to grow.
We’ve rounded up the most common signs that it’s time for a price increase that you don’t have to feel guilty about.
1. Your Calendar Is Full
Your time is valuable so if you’re constantly booked out, it’s time to make the most of every minute. It’s up to you to decide whether you increase your prices by a chosen percentage across the board. Or you could simply choose your most popular treatments to increase. Either way, you should be working out yours and your team’s earning potential per hour and ensuring it reflects your value.
2. You’ve Completed New Training Or Upskilled
Any time you’re educating yourself or your team members, you’re bringing value to your clients and a skillset that’s worth an increase in your treatment’s prices. And it doesn’t’ have to be as major as a new degree. Any professional training course, whether it’s skin and treatment focused, or business and personal development focused, is a sign it’s time to charge a little more.
3. You’ve Upgraded Your Products or Devices
Whether you’ve changed to a new brand, added something extra to your line-up, upgraded to higher grade treatments from your current stockist, or invested in a new device, you should increase your prices to reflect the new level of quality you’re delivering.
4. You’ve Rebranded or Updated Your Space
A fresh look for your clients isn’t the only reason to increase your prices. If you’ve spent time, money and energy rebranding your business or refreshing the interior of your spa or clinic, you should consider increasing your prices. You’re adding to the client experience and deserve to be compensated for working on your business, not just in it.
5. It’s A New Year
With every new year that you’ve been in business comes another year of hands-on experience. Time in-clinic working with clients is just as valuable as professional training courses. So, your industry experience is definitely a reason to increase your prices.
Do you review your prices on a regular basis? Let us know in the comments.
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