4 Signs You’re Ready to Raise Your Prices

As a booth renter, salon suite renter, or some other form of self-employed Nail Pro, it can be difficult to determine if you’re ready for a price increase.

If you’ve been thinking about doing the deed, don’t ignore it! Instead, explore it! Your biz is trying to tell you something important & those messages usually in the form of fleeting thoughts, little sparks of inspiration, or flashes of resentment.

Maybe something’s a little off, or something’s missing. Or maybe you’re just ready for a new level of abundance, wealth & clientele.

In any case, it’s important to give some time & consideration to those thoughts. The clarity you receive with a little bit of patience & focus can help turn your business from a humdrum mode of maintenance into a machine of personal & financial fulfillment.

If you’ve been thinking about raising your prices but you aren’t quite sure if you’re ready for it, here are 4 signs that your business might be ready:

1. Your schedule is fully booked. Your wait list keeps growing. Your clients love you. And it’s causing you anxiety.

Are you so busy taking care of your clients that you forgo booking that trade show ticket–the one you’ve been saving for? Or you’re working so many late nights that you forget to book your ticket to that traveling nail art class & then it sells out? Or maybe you caved & booked a desperate client when you were supposed to watch that business webinar last Tuesday.

According to renowned speaker & coach Tony Robbins, we all have 6 core needs that must be met in order to thrive. Your nail booth takes care of a lot of them:

  • Certainty: the need for safety, security, control, predictability, comfort, consistency. You’ve got to feel safe.
  • Uncertainty: variety, surprise, challenge, excitement, adventure, change. Who wants to be bored?
  • Significance: to feel special, proud, needed, wanted, worthy of love. You are worthy!
  • Love & connection: communication, approval, attachment, intimacy, love from other humans. Love is all you need.
  • Contribution: the need to give beyond yourself; to care for, protect, & serve others. Love is what makes the world go ’round.
But you’re in danger of missing out on this important, essential need because you’re so damn busy & you just keep ignoring it:

Growth: the need for constant emotional, spiritual, & intellectual development. Just like a rootbound tree will die, your spirit will wither if it doesn’t have room to expand.

If you haven’t taken a business class in the last year, or a skills class in the last two years, it might be time for you to raise your prices to get your time back.

Do you think Apple would’ve become what it has if Steve Jobs continued building everything himself?

No! He needed to step back from production & work on his vision.

You’ve got your own empire to build. So get back to working ON your business, not just IN it. Your biz needs your vision, not just your skills, to grow.

2. When you became a booth renter, you copied your old salon’s pricing model. How’s that working out for you?

This is how a lot of Nail Pros start out: we make the switch from employee to booth renter, keep our old clients, & continue with our old pricing model–or copy one from a neighbor or a salon we want to be like.

It works for a while, but as your business starts to grow & shift into its own glorious entity, sometimes it breaks the old mold. What’s good for your neighbor isn’t always good for you, too.

What’s changed since you started your biz?

Did you make the switch to more premium backbar products? Is your timing faster than when you first started? Have you added some really delicious, unique service add-ons? Did you take into account your overhead costs, like rent, supplies, insurance, & taxes?

All these small, simple changes add up over time & warrant a price increase.

Take an inventory of your costs & your revenue. If it’s not adding up in a way that supports your business as well as your personal life, it may be time for a change.

The best part about taking an inventory is that you’ll know exactly what you need to charge to be happy, thrive, & have room to grow. And your biz will be perfectly aligned to YOUR vision.

3. Time flies when you’re having fun! It’s been so fun that you haven’t examined your pricing structure in, like, 3 years.

Inflation (aka the increase in cost of goods) is cited as a common reason for price adjustments, but don’t forget to look at your business as a whole.

What’s changed since the last time you raised your prices? Are you offering ALLLL the nail art now? Are you factoring in that supply cost? And while you’re at it, have another look at the questions in #2 above.

Every year, take an inventory of your costs & revenue. (Or, at the very least, every 3 years!)

How can your business better support your current hopes, dreams, desires–both personally & professionally? Are you ready for more vacation time? Fewer working hours? How much revenue would it take to support those goals?

Change your prices to make it happen.

4. The most important red alert of them all: You WANT to raise your prices.

If your heart is telling you that it’s time to raise your prices, listen to it!

I’ll say that again:

If your heart is telling you that it’s time to raise your prices, listen to it!

Remember those core needs we talked about in #1?

What’s the one need that you may be missing out on if you don’t raise your prices? GROWTH. Spiritual & personal growth.

Your heart is the most important tool you have to that end. It wants to help you grow! And it knows that your business can be a vehicle for personal growth & fulfillment.

If you’ve read this blog post up to this point, chances are, you’re a passionate business owner & Nail Professional, & you already use your business is a way to grow spiritually.

Listen to your heart when it says it’s time to raise your prices. It’ll give you the wisdom to know how to raise your prices & the courage to follow through.

Your turn: when’s the last time you raised your prices? How did you know it was time? And if you haven’t raised your prices even though you want to, what’s stopping you?

Want some extra support in raising your prices, I’m hosting 2 private workshops on how to FEARLESSLY raise your prices, even if you’ve never done it before!

Fill in the form to join the waitlist for the next increase workshop:

[Waitlist] Live workshop: How to Fearlessly Raise Your Prices...

Money nails

...even if you've never done it before! Here's what you'll discover:

  • The most important place to start when raising prices
  • Why convincing your clients that a price hike is justified works against you
  • How to confidently have "the conversation" & actually get your clients excited for the change
  • The most overlooked profit opportunity that could be leaving thousands of dollars on the table!
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Your turn: when’s the last time you raised your prices? How did you know it was time? And if you haven’t raised your prices even though you want to, what’s stopping you?

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