Time to increase your prices?

As we turn the calendar to December and look to 2023, are you thinking about increasing your prices in the new year?  With the holiday season approaching, it may seem like a different time to announce a price increase but today, we discuss why this month may be a good time to make a change.

When deciding to make a change in your prices, the first step is to consider when you last increased your prices.   If it has been more than 18 or 24 months, then it is definitely time to consider an increase.  This is especially true as we close out 2022, the rise in costs of goods and services has effected all people and businesses over the last two years.  The salon suite industry is no exception with hair color, foil, and even paper products pricing going up and up.  People will understand if you have to raise your prices just to try to keep pace with the costs of your items that are vital to your business. 

Implementing a price change for January 2023?  If you haven’t begun already, it starts this month letting your clients know about what is happening in the new year.  With the holiday season here, people coming to your chair or table should be in the a merrier mood to hear about the price increase.  Additionally, with the new year around the corner, it is a time when a lot of people try new things, make resolutions and in general re-evaluate their own business affairs.   This will make them more likely open to you doing the same re-evaluation and hopefully be more accepting of you increasing your prices.   

Discussing these price increases with clients when they come to their December appointment is a good way to get them ready for the upcoming change.  You can also send out an email to all your clients as a reminder of the increase and for those who don’t come in December.  Lastly, having a small sign in your studio noting the increase in price in 2023 is another avenue of communication.   

When making any change in your business, communication is the key to success along with having good relationships with your clients.  These relationships are what will help people accept changes in your business like a price increase in the new year.  If you do decide to make a change in price when the calendar turns to 2023, we hope that some of these ideas will make it a smooth transition.

-The Cirque Team