AHP Indie Stylist

Volume 3 Issue 1

Issue link: https://www.ahpindiestylist.com/i/1467303

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Page 74 of 124

72 indie stylist Volume 3 Issue 1 PAY PAY PAY PAY PAY RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE RAISE If you are reading this article, you have probably been through some very tough times in the past few years. If you have managed to survive and thrive, you should be proud of your accomplishment. Demand is up, but the cost of doing business has risen, and employees are in short supply. We hear this nearly every day. You know you can't stay in business if you do not make a profi t. You need to pay yourself a competitive wage. Your business needs to keep pace with infl ation. You may be hesitant about raising your prices, but this may be the best time to not just raise prices, but get ahead of the curve and make price increases a habit. Start the process by taking a few minutes to refl ect on how you feel emotionally about a price by Patti Biro increase—both personally and for your business. It's important to know your value! Raising prices has two sides: your personal factors and business reasons. Refl ect on what you provide for your guests. Do you pride yourself on exceptional services and always exceeding their expectations? Do you take extra time to provide personalized services? Do you provide samples or mini add-ons at no cost? Don't minimize the value of what you provide. It will help you approach the price increase process with confi dence. WHEN SHOULD I RAISE MY PRICES? There are multiple opinions on this question. Some businesses institute a regular price increase every 12–18 months. Others use formulas based

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