Okay lash nerds, let’s talk about the elephant in the room.
It’s December, which means that in between holiday parties and last-minute gift buying (thank GOD for Amazon, amirite!?!), you’re probably starting to think about what next year will mean for you and your lash biz.
I’m the kinda gal who LOVES sitting down to make a new plan. Seriously, nothing in the world makes me happier than a fresh journal, just waiting to be filled with my ideas. (PS: If you have any fave journals, link ‘em in the comments below!)
Anyway, since this year is not just the end of the year but the end of the DECADE, it’s the perfect time to think about what comes next in your biz.
And that means talking about something we ALWAYS think about doing but ALWAYS want to avoid: raising prices.
If life were perfect, we’d set things at one amazing price and keep them there for forever.
But that’s not how life works!
Things change and so prices have to, too.
Maybe the cost of goods is going up, so you need to raise your prices to make sure you’re still taking home enough to live on.
Maybe you have taken more trainings and are more skilled so now you feel like your services are worth more.
Maybe you just want to pad that bank account a little bit more.
You don’t have to have an amazing, awesome, totally reasonable reason for raising your prices. You’re in charge of your business, girl! Make your decisions and own them.
That being said, there is definitely a right way and a wrong way to raise your prices. Let’s take a look at what those are so you don’t lose all your clients in the shift!
The absolute worst way to announce a price raise is to not announce it at all. Imagine if your clients come into your biz and suddenly find that their fills are ten dollars more than they’re expecting.
Uh, not cool.
As awkward as it can be, you need to make a rollout plan for your price raise or else you’ll get a LOT of pushback. No one wants to be surprised! So, take the time to think of what you want your prices to be and then…
You don’t need to announce your price increase to the world. Just to your existing clients. As new clients don’t know or care what you were charging before they met you.
Now, the best way to do this is to send personal notes to your existing customers. If you have the bandwidth a handwritten note, a personal DM, or a quick text can go a long way (you can use the same message for each!).
That personal message will make people feel appreciated and special. You can frame it as though you’re giving your existing customers a heads up before the change happens because you respect them and value their business.
No matter when you tell your clients, you should absolutely, 100% give them some time and space to process the decision. Pick a date when the price change will be effective that’s at least 30 days out from your announcement. That way, they can come in and get another service or purchase some products before the changes happen.
Don’t you DARE feel bad about raising your prices! You deserve to grow your biz every year, and part of that growth means more profit (or at least the same profit, to account for changing costs of goods). Don’t just jump into raising your prices, but think about it thoughtfully and own your decision once you’ve made it.
You deserve it!
You may get negative feedback when you raise your prices. That does NOT mean that you should lower them again.
People don’t like change. That’s okay! If you’re worried about the negative feedback, you can share your reasons why with your clients… but you also don’t owe anyone an explanation. Stay firm with your price increase. Your business (and you) deserve to grow.
If so, tell us your game plan! It’s always great when we can learn from each other.