How to Raise Your Prices

To start, I highly recommend coming up with a dollar value you feel your time and services are worth and that you would feel happy making per hour. Once you have that number, you can work backwards and break down how much you will need to charge for your services in order to match your desired earning.

Now that you have an ideal hourly rate, my recommendation would be that you don’t do a huge increase in price. If you are currently nowhere near charging what you would like to, I would recommend raising your prices in increments over time to get you there. When determining your new pricing, you want to be reasonable and fair to your clientele, but also make sure you feel your time is being valued and that your profit margins are good.

That being said, it’s also very important to know your cost of doing business. This includes the amount of money it takes to run your business and the profit you are earning in the process. Doing this should also give you confidence in the amount you decide to charge because you will charge it knowing that it is appropriate for your needs as a business owner.

Once you have your menu structure complete and you’re feeling good about the value, you want to make sure to give your current clients ample notice. A great rule of thumb would be to allow at least a month’s notice, so they have time to book a few more appointments with you before the increase. This will give them the opportunity to save on costs, and if necessary, give them time to find another service provider. It is also generally courteous to give your clients a heads up about the price increase.

You may be thinking that you don’t want to lose those clients, which is understandable. However, this might hopefully ease your mind – if your client wants to or needs to find another technician, it’s okay! There are more than enough clients to go around. One may leave due to price increase or other reasons, and another may decide to come to you because of your pricing, your quality of service, or some other reasons. The point is, your clientele will always be changing, and that’s totally fine. Your goal as a service provider is to have a clientele full of your ideal clients. Ones who value your time and results and are more than happy to pay whatever they deem our worth. Ones who you enjoy offering services to and makes interactions a pleasure! So, don’t fixate on keeping the ones who decide you are not for them when there are many more clients who will recognise your worth out there.

Here is how you can implement the changes and exactly what you should say:

First—and this goes for anything you put out there regarding your business—always make it sound positive! Your message should come off as if everything’s good and the change in your business menu comes with benefits, which you are confident, excited, and grateful about! Because that’s all true! Spare your clients the details they don’t need to know, like increased rent, products, etc, and just inform them in a positive way.

You can always find a more positive spin on something you may deem as more negative, intimidating, and uncomfortable, like instead of saying “you’re increasing your prices” you could say “you are updating your menu”.

Even if you’re not putting it out there blatantly with a negative tone, your clients will know you’re asking them to pay more. So, explain the value! Let them know what that means for them! Highlight in an enticing way what makes you and your services worth the new price point. Spell out the value! Tell them about the new updates, enhancements, upgrades, and positive changes that are to happen! Make sure that you share how much you appreciate them and their loyalty. You will be surprised at how understanding and supportive people will be of you, but it’s always good practice to let them know how grateful you are! A personal connection is key to maintaining long-lasting clients.

Next, you will want to give clear information about the date the upgrade will take place. You might want to offer them a couple of services at the current rate so that they have the time to adjust. Take time to make your workspace / environment appealing and worth the increase. Have all your qualifications visible to show your worth. Always talk yourself up on all the training and upskilling you do to show your worth. Clients come and go, that’s normal, but don’t underestimate your worth because a client chose to leave for whatever reason!

Now that you have all the information you need to start charging your worth, do it with confidence and trust the outcome! Try not to overthink or worry about it, because I think you will be surprised with how well it will be received if done properly.

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