How Often Should You Raise Your Prices?
Most jobs have perks and raises every year right? Usually it is done by HR department though right? Well when you are an independent artist its different. A question that always arises is can and how should we raise our prices?
If I had a dollar for every time I have heard the question how do I raise my prices? I would be a rich woman! My first piece of advice is when you are starting out and thinking of your pricing do not set it too low. Just because you are just starting out does not mean it needs to be under priced from the average in your area. We recommend to start with a fair price.
As an artist in the beauty industry each year you will build upon your skill and become better. The more hours you put in the more your work improves. Be strategic and have a plan. Help them understand your value and worth and what you are offering. With that being said we believe that it is fair to raise your prices roughly once a year. A small raise at 5% is the average price raise in the industry.
Now how do you approach your clients about the price raise? First make sure to give them a notice with enough time. Nobody really likes a surprise. 30 days of notice is a good amount of time. BeIt is a good idea to have them told about the price raise in two forms. Your first may be in an email or a professional text. The second may be in a phone call you have with them or when you see them in person.
Make sure they know that they are appreciated. Help them understand your value. With raising your prices make sure that you are putting back into the business an effort to better it as well!
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