The answer to that question is most definitely yes.
During the year do you expect that your expenses are going to increase?
- Rent
- Electricity
- Insurance
- Products
- The big one…..Wages
If you don’t have a price increase the reality is that the only other way you can pay for these additional costs is to take them out of your cash flow, which we call your profit. This of course is a no/no.
One of main purposes of being in business is to make as much healthy profit as you can.
Most salon owners who are good at managing their business and are fully aware of their costs and margins have no problem in making the decision to increase their prices. It’s quite obvious to them that it is necessary when they analyse their business. Make a note of when you are going to do your price increase this year. Existing clients I have a note when you did your increase in 2023 and I will remind you ahead of time to plan.