It’s no secret that the cost of beauty treatments have been steadily increasing, largely due to the rising cost of living and the growing expense of professional products and supplies. As these financial pressures continue to impact the industry, it’s important to ask yourself: are you adjusting your prices to reflect these costs and the true value of your work?
There are plenty of reasons as to why you should be considering a price increase, but it should start with understanding your base costs. You need to ensure you are making sufficient profit from each treatment you are carrying out whether it be nails or brows, lashes or waxing. As the price of products increase your profit margin will decrease unless of course your prices rise with them.
Beyond the costings, your prices should also reflect your skill set, experience and the level of knowledge you have around the treatments you are carrying out. Knowledge is power in the beauty industry and being able to educate your clients on the product you are using and how they work will allow you to increase your prices. By building this trust your clients and customers will always lean towards you, a tech that knows their stuff, by doing this they know they are getting their money’s worth. This follows that good old-fashioned saying ‘buy cheap, buy twice’. Just because others are offering the same treatment at a cheaper price doesn’t mean they are going to get a better service.
We caught up with some techs who have had the dilemma between raising their prices and keeping them the same with the fear of losing clients, not being fully booked or rocking the boat. Each of them encouraged others to look at the services they are offering and assess if their prices reflect that. Chloe Howard (@chloedbrowspecialist) founder of Maison Muse encourages techs to raise their prices “It’s not your job to fit everyone’s budget and you don’t want to. You’re working for yourself so you should be earning what you want to earn! I’m the most expensive in my area and I’m still booked weeks in advance”
Morgan (@thatbrowroom) agreed having recently increased her prices, “I put mine up over a month ago now and some of my treatments I put by £5 and I honestly thought that was so much to put them up by” she admitted “I thought so many clients would leave or complain but I have I haven’t had one client complain, I haven’t noticed any clients not returning”. If anything, Morgan “also noticed I had significantly more new clients since my price increase! All my regular clients appreciate the fact that I provide a high-quality service, and they all say how happy they are to pay whatever the price is for a treatment with high quality products!”
It just goes to show you shouldn’t be afraid to raise your prices. Although, you may find you lose a couple of clients along the way, the increased income from your updated pricing will often offset those losses. Most importantly, it will open space for clients who are willing to pay you fairly for your services. If you are providing a high-quality service with high quality products along with experience and knowledge, your prices should reflect this.
