When It's Time to Raise Your Rates as a Hairstylist
Chrystal L. 
As a hairstylist first, I get first hand the passion we have for serving clients and running a successful salon business is undeniable. But, it can be hard to do both at the same time. I often had to have tough conversations with myself about myself around pricing, especially my first 5 years in business.
But at the end of the day it boiled down to one question:
Are your prices reflecting your experience, the costs of running your salon, and the value you provide?
Let me tell you that in the first 5 years – NOPE it’s not even close!
For many stylists, like me those first five years, the thought of increasing prices can be daunting – the fear of client pushback or the discomfort around money talks often holds them back. Yet, regularly revisiting your pricing is vital to ensure you're earning what you truly need to live and empowering you to create the life you envision and deserve. That’s why I wanted to help and give tangibles ways to Recognizing the Signs for a Price Increase.
Recognizing the Signs for a Price Increase
Booked Solid? Time to Level Up Your Prices
If your calendar is consistently filled months ahead, it's a strong indication to consider a price increase. This not only helps in managing your booking pace but also signifies the high demand for your services. A packed schedule is more than just busy days; it's a reflection of your expertise and reputation. Let your prices mirror this success and the fact you are slayin’
Rising Expenses: Adjusting to Stay Ahead
Knowing the costs to run your business is essential to your success – from supplies and rent to insurance. If you're noticing a steady increase in these expenses, adjusting your prices to reflect that becomes necessary. This move isn't just about survival; it's about actively countering inflation and securing the profitability and sustainability of your business.
Stagnant Pricing: A Cue for Refreshing Your Prices
The beauty industry typically advises revisiting pricing structures every 1-2 years. Clients usually anticipate and understand the need for periodic price increases, much like a cost-of-living raise. Like any profession, your financial growth should mirror your increasing expertise and changes in the economic environment.
Seeking Dream Clients? Strategically Raise Your Prices
If you're aiming to attract a specific clientele, a price increase can be an effective strategy. By adjusting your prices, you create room for clients who recognize and are willing to invest in the unique experience and expertise you offer. This approach isn't solely about higher prices; it's about intentionally shaping your client base to align with your business vision.
Making Calculated Decisions
When these indicators suggest it's time, approach price increases with a strategic GROWTH mindset. Consider factors like operating expenses, inflation, your level of experience, and your profit goals. Thoughtfully communicate any changes to your clients. With proper preparation and clarity, they are likely to understand and appreciate the necessity of a fair price increase.
Regular reassessment, rather than prolonged hesitation, is key. Remember, how you price your services profoundly influences your earning potential as a stylist and your financial security!
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I know that can be easier said than done, but you know I always have your back and resources to help you get there! So if you are ready to take the next FREE step: download our Rate Optimizer Tool designed to help you understand your pricing! This tool is your ally in making informed, objective decisions about your pricing strategy and helps you slay!
💜 Chrystal L.
Categories: Pricing