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HOW TO RAISE YOUR PRICES WITHOUT LOSING CLIENTS

About Zaara King

Beauty business and mindset coach, Zaara King, has over 13 years’ experience in the beauty sector. She has worked on a mobile basis, in a salon and at home, and is founder of The Beauty Build community: a space for pros to access free training, support one another and stay motivated. Zaara also hosts The Beauty Build podcast and is passionate about helping professionals to earn more, work less and establish ambitious and motivated mindsets.

Hello beauty pros! This month’s column explores price increases. Eek! Many people in this industry price their services too low from the offset and find it difficult to increase them, but it is possible to raise them without losing clients. Yes, you read that right – however, there are conditions to note.

If you know you need to raise your prices and have been avoiding it, I encourage you to message me on Instagram for guidance, as I don’t want you to absorb losses any longer.

Here’s when you need to increase your prices:

1. You realise you’re not profiting from a service.

2. You are investing heavily into the business or improving your skillset.

3. You haven’t raised your prices in over a year.

4. You are fully booked.

It can be scary to make changes to your business, but you don’t want to gain clients who aren’t your target market. So what should your first steps be?

1. Audit your prices properly.

2. Stop marketing to everyone and leading with discounts.

3. Give your clients notice.

4. Add value.

When you market your services to everyone, you attract people solely based on price. However, if you promote your business to attract your ideal clients: those who share your values and need your treatments, you will build a loyal group who will stick with your business throughout its growth. Why? Because you market the solutions and results that they need.

You must expect a few clients to disappear, even if you do nurture them properly and reward their loyalty. Some have maximum budgets and this shouldn’t be taken personally. You do not need to change your service value to suit their budgets. Hermès wouldn’t change its prices if I said its goods don’t fit my monthly budget, so neither should you!

As a businessperson, you need to make a profit. So, when calculating your prices, consider your overheads, cost per service and desired hourly rate. Charge the client above this figure and think about the profit you need for growth, plus the tax you need to pay each year. As part of my Four Figure Focus membership, I offer a Pricing For Profit spreadsheet which can help with calculations.

Scan to sign up to my Four Figure Focus membership, and use code SCRATCH for 50% off your first month’s membership.

Once you have established your price increase, tell your clients that their next appointment will cost £XX, you appreciate their ongoing loyalty and can’t wait to see them. I believe it’s better to communicate price increases in person, rather than via email or text. Posting about a price increase is never enjoyable, but an announcement on social media can open you up to negative comments and cause anxiety. What’s more, it doesn’t feel personal to the client.

If you feel that you need to reward your clients for their loyalty, you may wish to add value to their appointments. Don’t discount your treatments, but instead offer a personalised experience, such as asking if they’d like some refreshments or for you to play their favourite podcast. You should also check in with clients between appointments. Believe in your ability to sell your services and the value you provide to your clients, and you can enjoy a successful, profitable and positive business.

“Every time you build on your experiences and gain client loyalty, you are a step closer to your dreams.”

The Beauty Build podcast is available on Spotify and Apple Podcasts.

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