TIPS & TRICKS: Pricing

Talking money can feel foreign and uncomfortable but you are a business and should treat it like a business.  Pricing is important and that is why we’ve complied a list of tips & tricks to make the process simple! 

Establish a System

The very first thing to consider when setting or changing your prices is to establish a system. Determine HOW you want to price your services and be consistent with whichever you choose. You can charge by time, week, retention, or whatever works best for you. If you charge a flat rate based on weeks then it’s important to set a time limit or consider charging by time. 

Compare Local Prices

One of the best ways to determine where to even start when setting prices is to compare to the average in your area. It’s also good to note if you are under pricing, it might be time to increase and if you are over pricing and having a hard time building a clientele to consider an adjustment. 

Don’t Consider Tips

One of the most common mistakes is to set your prices with an expectation of a tip. You should charge what you need to charge. Period. If you under charge and don’t receive a tip you will be disappointed and underpaid! Just remember, a tip is a tip! 

Pay Attention to Inflation

This one feels really relevant to our current times. Supply prices  are increasing, shipments are delayed, utilities are increasing. Your profit should not suffer because you are having to pay more for your supplies and tools. A small raise in pricing can easily cover the difference! 

Communicate Pricing

Always be upfront about your prices. It’s important to avoid any miscommunication— A simple solution to this is to vocalize your prices prior to the appointment even if they don’t directly ask. I like to send my prices in a written message so they can reference the information and there is no discrepancy. This also applies to price changes, always always communicate!