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productivity—a full appointment book or a long
waiting list signals time for a price increase. These
approaches have merit, but the best approach may be
to assess multiple factors. Collecting some key data can
help you arrive at the decision to move ahead or wait on
a price increase.
From your software or booking records, review
what percentage of the schedule is typically booked. If
you are consistently booked for 80–85 percent of your
available time over a 2–3-month period, your demand is
beginning to exceed your supply. When you have a long
waiting list, you can't nd an open appointment for a
new client, or you nd yourself booking appointments
6–8 weeks out due to limited availability, it's time to
raise prices. Sta schedules and availability may be
impacting your ability to ll your appointments, and
this should be considered as well.
Make a list of your price increases for supplies,
shipping, labor, cleaning supplies, insurance, and
other nonnegotiable increases. How much have the
increases been? What is the average percentage of
these increases? If you have just been absorbing these
increases, you are not positioning your business for
growth or pro tability. And when was the last time you
raised your prices? If it's been a while, it's time to raise
prices!
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