As a complementary therapist, it’s important to regularly evaluate your prices and consider whether or not they accurately reflect the value of your services. While it may be uncomfortable, raising your prices can actually be beneficial for both you and your clients. In this blog post, we’ll discuss why and how to raise your prices, and how to handle any potential pushback from clients.
Knowing When to Raise Your Prices
There are a few different reasons you may need to raise your prices. Perhaps the cost of living in your area has increased, or maybe you’ve invested in additional training and certifications that allow you to offer more specialized services. In any case, it’s important to make sure your prices align with the value of your services.
How Much to Increase Your Prices
When it comes to how much to increase your prices, it’s important to strike a balance between a fair increase for you and not alienating your clients. A general rule of thumb is to increase your prices by no more than 10-20% at a time. This allows for a gradual increase and gives clients time to adjust.
How to Raise Your Prices Without Losing Clients
One of the biggest concerns when raising prices is the potential to lose clients. To mitigate this risk, it’s important to communicate the price increase in a clear and professional manner. Consider sending out an email or letter explaining the reasoning behind the increase and the timeline for implementation. This gives clients time to adjust and make an informed decision about whether or not they want to continue working with you.
How to Mentally Handle Clients Leaving
It’s natural to feel a bit disappointed or even upset when clients leave due to a price increase. However, it’s important to remember that this is a normal part of running a business. Rather than dwelling on the loss, try to focus on the positive aspects of the clients who choose to stay. These are the clients who value your services and are willing to pay the increased price.
Let’s Look at The Math
It’s important for complementary therapists to understand the math behind raising their prices, so let’s break it down.
Let’s say you currently charge $100 for a session and you decide to increase your prices by 10%. This means your new price would be $110. If you have 10 regular clients, one of whom decides not to continue seeing you because of the price increase, you would still be earning $1,090 from your remaining nine clients ($110 x 9 = $990). This is still more than what you were earning before the price increase, which was $1,000 ($100 x 10).
Of course, the goal is not to lose clients but to continue providing excellent service to your current clients while attracting new ones at the new rate.
By increasing your prices, you are valuing your time and expertise while also ensuring that you can continue to provide top-quality service to all of your clients. Remember, you are running a business and it’s important to make sure your pricing aligns with your value and financial goals.
If a client decides to leave because of the price increase, try not to take it personally. It’s important to remember that your worth is not determined by your clients, and you can use this as an opportunity to focus on attracting new clients who value your services at the new rate.
In summary, raising your prices is a necessary and normal part of running a business. It’s important to do it thoughtfully and strategically while keeping in mind the value you bring to your clients.
What do you think? When was the last time you raised your prices and are you considering raising your prices again soon?