#411 - When To Decrease Your Prices

What if I told you that strategically lowering your prices could be the smartest financial move you make this year? Every stylist comes to me wanting to raise their rates, but the truth is, sometimes you are simply overpriced for your market. If you are experiencing a drop in demand or struggling to keep your long-term clients, you have to diagnose the real issue before making a knee-jerk mistake. Today, we are having the conversation you never hear: When is it actually appropriate to decrease your prices?

This is something I've never talked about on the podcast before, and I'm revealing the big questions you must answer before changing a single price. Most importantly, I'll share the key mistake I made in my own salon and show you exactly how to insulate your business with a marketing plan and confident client verbiage, ensuring you secure your market position and come out financially ahead. 

Let's stop guessing on pricing and start strategizing! 

If you need a tool to keep your numbers (and business!) organized, you'll want to check out our Wealthiest Year Yet Planner. Get yours now at www.thrivingstylist.com/wealthiestyearyet/!

The beauty industry is changing faster than ever. What worked in 2022 or even 2024 won't cut it in 2026, so are you ready? Grab our FREE 2026 TREND REPORT, The 2026 Must-Know Business Realities, Strategies & Trends for Stylists and Salon Owners now at https://thrivingstylist.com/mustknow/.

Thriving Leadership Method hands salon owners a step-by-step strategy to implement an irresistible culture and create a powerful growth path…all while setting themselves up for structure and profit, and you can join the waitlist NOW at www.thrivingstylist.com/thrivingleadershipmethod/! 

With Grow My Clientele Calculator, you'll get instant clarity on how many new clients you'll need to hit your 2025 financial goals! Enter just four numbers, and this tool will show you exactly how many new guests you need monthly and yearly to reach your target income. No guesswork or complicated math required, and you can get it now at www.thrivingstylist.com/growmyclientele/.  

Do you have a question for me that you'd like answered in a future episode like this one? A great way to do that is to head over to Apple Podcasts and leave a rating and review with your question. I'm looking forward to answering your question on a future episode on the podcast! 

If you're not already following us, @thethrivingstylist, what are you waiting for? This is where I share pro tips every single week, along with winning strategies, testimonials, and amazing breakthroughs from my audience. You're not going to want to miss out on this.

Learn more at: https://thrivingstylist.com/podcast/