Issue 16: Increase Your Prices by the Holiday Season

The holiday season can be one of the busiest times of the year in the shop.

That makes it one of the worst times to realize your prices no longer support the business, the body, or the life you are building.

If your book is full but your money still feels tight, that's an issue. The good news is, it's solvable. You may not need to change your process or even the amount of effort you are putting in. 

It may be as simple as updating your pricing.

This week, we are starting a price increase series to help you raise your prices with structure, confidence, and care.

Mental Health System

In issue 14, I gave you the formula for finding the right price for your business. That's the simple part. Where it gets more complex is becoming aware of the way you feel about raising your prices.

Though raising prices is a business decision, it may feel like a personal attack on your clients' wallets. So for many barbers, it brings up feelings of guilt, shame, and fear.

Fear of losing clients.

Fear of being judged.

Fear of hearing, “That is too much.”

Which really means fear of rejection. We've talked about this in previous journal issues.

Experienced barbers often carry years of client loyalty, personal history, and emotional responsibility into their pricing decisions. That can make a simple price update feel heavy.

So let's talk about it:

You are not punishing your clients by charging accurately.

You are protecting the service they already value.

When your prices are too low for too long, something pays for the gap. Usually it is your body, your rest, your family time, your savings, or your peace. 

We talked about this in detail in issue 13, but here is a reminder. A healthy price increase is not about ego or power, it is about sustainability.

Before you change the number, check the thought behind it:

• “My clients will leave” becomes “The right clients will understand once I communicate clearly.”
• “I should have done this sooner” becomes “I am correcting the system now.”
• “People cannot afford me” becomes “Not every service is priced for every person. My price is based on my niche.”
• “I feel bad” becomes “I can care about people and still run a profitable business.”

The idea here is to help your nervous system to remain calm and regulated before your pricing system gets updated.

That is why the first part of raising prices is getting your mind right, while the second part is getting the price right, and the finally step is getting the process right. 

All of this protects the business and the trust that you've built with each client.

Money System

Because of the emotions you feel, you might be saying to yourself, “What will clients tolerate?”

But the better question is, “What does this business need to earn for the work to remain healthy?”

If you did the math that we broke down in issue 14, than you already know how much you need to raise your prices. This week, I'm suggesting that you raise your prices at least 20% by the holiday season.

This is a starting point.  

If you did the work you may have come up with a higher number. You will get there. It takes time, this is part of the process.

During the holidays the volume in the shop usually goes up as your clients attend holiday event. This gives you the opportunity to build your cash reserves.

You may be tempted to spend the extra money on gifts for others, DON'T.

This strategy is designed to put you in a better position financially. 

For example, if you are currently charging $55 USD for a hair cut a 20% increase would take you to $66. That $11 increase is a small impact on your clients wallet, but a big impact on your business.

If you are performing at least 200 haircuts in a month this can give you an additional $2,000 USD per month and that increase can reduce the pressure you feel right now.

I used USD in my example but this is a global barber network so do the math based on your currency. Here are a few examples. $2,000 USD is about:

• €1,850 EUR
• RM9,400 MYR
• 770 OMR
• 7,350 AED

This is where the pricing worksheet and pricing calculator become powerful. These tools take the emotions out of the numbers and help you see what you and your business actually need.

They are all on the resource page here.

Last week, we talked about narrowing your business down to a specific niche. This may sound like you are limiting your money, but it actually helps you find the right pricing system.

If your clients are working-class people who have a tight budget, consider that in your pricing. But if your clients have a wide range of discretionary income, then you have more room to grow.

If you are the budget option, price like the budget option on purpose.

If you are the specialist, the educator, the owner, the premium grooming experience, or the barber people wait weeks to see, your pricing should reflect that position.

The money system is not about charging the highest possible price. It is about charging the right price for the business you are actually running.

Business System

Your price is a business decision. If you feel emotions today, that is understandable. Over the next 8 weeks we will design a system that will help you feel the emotions and take the leap anyway.

However, it won't be an actual leap. A price increase works best when it is treated like a rollout, not a surprise.

Take your clients on a journey with you. Ask them about their "WHY" and tell them about yours. Talk about retirement, college funding, or that aging parent that will be moving in soon.

The emotions you and your clients are feeling are called Money Emotions. They are real, but they are not facts. The fact is that you are running a business that funds your lifestyle and also needs to fund your retirement. 

What I show you over the next few weeks will help you move forward on raising your prices. 

If you take action each week, you will have the right price for your business by the holiday season. The good news is there's going to be a big shift at the end that will make this a gift for you and your clients. 

So share this issue of the journal with a barber you respect. It's more fun when you have a tribe on this journey with you. 

The goal is to help you reach the holiday season with your pricing already updated, your clients already informed, and your business already adjusted.

And my mission is to guide you through that with a group of barbers going through the same things you are.

Let's go!

Inside the Prosperous Barber Network

I'm building the world's largest global barber network offering mental health and money systems. It's called the Prosperous Barber Network.

It’s for experienced barbers who already have a working business and want to build on it with more structure so they can enjoy life today while saving for a comfortable future.

Remember, this is not about starting from scratch. It is about taking the skill, trust, knowledge, and client experience you already have and turning more of it into systems that bring you "All Day Money."

If you want to know what that is, after you join the Network, read Issue 4: All Day Money.

When you join the Network, you get immediate access to:

Visualize Your Prosperous Life: This Async Session is a powerful exercise that can help you see your true desires personally and professionally without judgment.

Chair Sessions 101: A downloadable ebook giving you the exact framework you need to control the conversations you have with clients so you don't take on their stress and feel weighed down at the end of the day.

Discussion Topic: One discussion topic each week with other barbers helping you take action toward your vision. I'll pop into the discussions from time-to-time, but it's really a chance for you all to learn from each other.

The Stress and Money Series: This bonus comes with your membership. It is a YouTube series that addresses the specific stress that barbers experience. I put it inside the Network so you can refer back to it easily when you need inspiration or education.

You may have already started the series on YouTube, and that's how you got here. If so, Way to Grow! You're in the right place.

This is for barbers who are committed to building systems for their business that bring them All Day Money, but don't want to do it alone.

For barbers and shop owners who want to build with guidance, feedback, and community.

Join the Prosperous Barber Network

From the Chair

This week, if you have any down time, check out the resources and pass issues that you may have missed.

If you feel like your business is kind of all over the place, revisit Issue 15: The Barber’s Guide to a Profitable Niche.

If you want to go back to an earlier money foundation, revisit Issue 10: Understanding Your Money Stress.

There are other resources that can help you get through this uncomfortable time in your business. You are not alone. Keep reading the journal and connect with me and the network here, to keep going!

Love you muchly! See you sooner.

Kiné

P.S. Send this issue to a barber you respect. Tell them to click here to subscribe.