Increasing Prices: What Are Your Hair Services Really Worth?
Increasing prices is nerve-wracking at any time of the year, but it’s crucial to know what are your hair services are worth and price them accordingly, explains Matrix Artist, Terry Longden.
Is now the right time for increasing prices and knowing what your hair services are worth?
It’s really important to raise our prices at the moment because we all still have bills and commitments that are pending/mounting and once we have sorted out the tsunami of returning clients there will be a lull before bookings start to balance themselves out. This is not the time for discounts or offers.
We should all take into account we now have added costs of PPE, raised bills – whether it’s from utilities and/or salon suppliers – combined with one client at a time and longer appointments to avoid too much traffic in the salon (which can increase Covid-19 transmission) decreases a salon’s usual income.
I raised my prices for reopening which fortunately coincides with the start of the financial year – and it wasn’t as controversial as you might think. I personally communicated this information with my clients when booking them in for the return of business, explaining that for me to continue my care for their hair and rising external costs, a small annual price review will be the future norm.
Tips for increasing prices in your salon
1 NEVER apologise for knowing your worth. Explain the reasons for the increase as a goal to continue to create a professional and safe environment to provide an expert service, professional products and advice.
2 If you’ve decided not to increase your prices at this point in time it would probably be an opportunity to pre-empt the subject for a later date in the year as you will need to address the financial shortfall sooner or later.
3 Be realistic and open with your clients – prices everywhere have gone up, so explain to them that you have had to purchase extra PPE, have restrictions on amount of people in the salon and rent and bills have increased. They won’t be surprised and most will be happy to pay a small increase.
4 When deciding whether to raise your prices try not to overthink it and work in easy to understand and explain percentages. Smaller percentage rises are easier and less shocking to clients to implement more frequently) so for example, 5% = £5 added to a £100 bill, 10% = £10 added to a £100.
5 One of the best ways to address the issue of a client who isn’t happy with the proposed price increase is to offer to introduce them to another stylist in your salon that works on a lower price bracket; by doing this you can free your time up for new clients whilst your salon still retains income and your other team members can increase their client base, experience and commission. This plan can be also beneficial to the client as you are giving them ‘choice’ that they are still very welcome at your salon, but have your blessings to have a ‘hair affair’ with another stylist with always the option to return to their ‘first love’ at any time.