This is such a hot topic. Search raising your prices in an online forum and you'll see 100's of posts. Raising your prices is a natural evolution in business but for some reason we don't think we're worthy. Hey I've been there.
Will I lose all my clients? How much is too much? What about my competitors?
It can be overload for our brain. So I want to share my 3 step plan, I've raised my prices many times and I've finally found the formula.
Know your numbers. If you're going to raise your prices find out how much is going to make a difference. My first few raises I increased by $5, honestly, it ended up coming out of my tip so I didn't make any more money. My most recent increase I did 20% and it made the biggest impact on my income.
Give notice. My first few raises I gave 2 months notice. This just confused clients, they were asking every appointment "how much is it now?" The sweet spot is 1 month or 4 weeks. All clients will have at least one fill with you during that time. They won't be surprised or confused with a drawn-out time period.
Inform your clients more than one way. For example; I sent an email, gave a paper copy of my increase at their appointment, AND told them. This way there is no way a client can come to an appointment and say they didn't know about the increase.
I know raising your prices is scary. I will tell you that you will be surprised, if you're giving your clients value they WILL be willing to pay for it. Remember you are your brand.