Beauty Business Talk: When was the last time you gave yourself a raise?

[JessPoynter]

It's the dirty dirty that no one likes talking about: When did you last implement a price increase for your services? 

Retailers can raise their prices without alerting their patrons. We all know housing and gas prices increase ALL the time, and no one bats an eye. 

So what makes beauty professionals any different? 

Did you know October/November is actually one of the BEST times to raise your prices? 

When was the last time you gave yourself a raise? How did your clients react? 

[KandieS]

I make body and lip scrubs for your Salons.

[Mylois]

4 years ago. However 2019 I decided to separate my color services more precisely.  So though I didn't raise my prices I stopped giving myself latitude to charge less(on the lower end of my service scale) having the price / time breakdown service menu,, though it can be confusing for some.  The clients know what the charge is up front for the services they are receiving and I don't end up with a time crunch. Most of my clients pre-book so it's not an issue for them. For those that don't they mostly feel comfortable texting to ask if they are unsure about which service they need to book or I correct it on my end before I accept the appointment. This year so far I have made about $10000 more than 2019 (let's just not talk about 2020) I am going to increase my color service prices again in 2022 because " hello!" EVERYTHING has gone up I just paid $25 for FOIL. Anyway, great discussion topic for us as we really do tend to short ourselves. 

[hollythestylist]

Unfortunately I missed the fall time as I was  scared to and I didn’t want to wait another year. I started it in December. Now I’m noticing a massive increase in COGS and everything, so it’s not really giving myself a price increase like I had hoped but at least my profit margin won’t be completely off. On top of the idea that we balk at increasing regularly, our clients who are working and professional, receive annual reviews with a minimum of a cost of living increase and/or performance increases or bonuses so we do we think differently?

[Bronze_Palms]

I ended up increasing my prices after about two years for the first time. I was really nervous about it, but with the increase in the cost of goods and shipping, I had to do it. And I ended up building out a five room salon, to accommodate more clients, so it was inevitable.

My clients were really supportive and many of them have come back. I posted a story on Instagram about it, and in an email, I shared with the updated prices work, not that I did any sort of increase. I didn't want to highlight it, but I wanted it to be known.

I need to learn how to pay myself though. More so now that I have employees, I continue to just take whatever is left over. Curious to see how others do it.

[mdgolden01]

Ha I’ve done 6 price increases since 2020 😉 

but you know it’s all 🗝🗝🗝🗝🙌🏻🙌🏻🙌🏻🙌🏻

[Jpantone]

Agreed. 

[hollythestylist]

Oh yes you did 🥳🥳🥳 Amazing!!!

[mdgolden01]

😆 Thrivers 🗝 has been such a game changer! 

[hollythestylist]

I’m slowly making changes! I hope to see that same level of success you have. Congratulations 🎉 

[mdgolden01]

You will get there too!!🙌🏻🙌🏻🙌🏻

[Kbso11]

Hello, I’m Kristin. On the topic of price increases, does anyone have a good way to word a price increase? I’ve been struggling to find the right wordage to explain costs rising etc. I’ve been in business 18 years, independent contractor/both renter and I’m pretty much booked out they the end of the year. I keep starting to write something but it never sounds right. I’d appreciate some ideas! Thanks in advance!

[Graceschair]

Check out Jennifer Kenny! She has a resource for verbiage! 
https://instagram.com/independentstylistpodcast?igshid=YmMyMTA2M2Y=

[hollythestylist]

Hi! I am a fellow independent stylist in the business for 27 years. I’ve heard many things regarding price increases in the last year and it’s not on your best interest to raise for costs rising but because you’ve earned it. If you are booked out and have demand, that warrants the increase. If you choose to raise for costs, I personally wouldn’t use that as your reason and would just mention…today your services were xx and at your next visit, there will be an increase and your total will be xxx