Should You Lower Your Prices Right Now? Read This First.

Should You Lower Your Salon Or Spa Prices Right Now? Read This First.

I recently heard from one of my graduates who had just raised her prices—and she’s doing better than ever. But she reached out because other businesses in her area are lowering their prices, and she wondered if she should, too.

If you’ve been thinking the same thing, let’s pause before making any quick decisions. It’s easy to get caught up in what others are doing, or base your decisions on emotions alone, but lowering your prices without a strategy can hurt your business more than help it. Instead, here are five key things to consider before making a move:

1. People Are Still Spending Money

Despite the economy and any uncertainty with a new administration, people are still buying. Just look at Christmas retail sales. According to Mastercard Spending Pulse, during the 2024 holiday season, U.S. retail sales grew by 3.8% compared to the previous year, with online sales increasing by 6.7%. Consumers continue to spend on things that matter to them. Are your clients cutting back on everything, or are they just being more selective? If they truly value what you offer, they will continue to invest in themselves.

2. Can You Actually Afford to Lower Prices?

Before making any changes, take a hard look at your expenses—both business and personal. Will a price reduction still allow you to cover costs, pay yourself well, and grow? If not, lowering prices might be the fastest way to burn yourself out and put your business at risk.

3. You’re in a Recession-Proof Industry

People always want to look and feel good. During economic downturns, women in particular tend to buy smaller “feel-good” items like lipsticks, nail polish, and accessories. Think about your business—do you have an equivalent? Maybe a quick service or add-on that offers a confidence boost without breaking the bank?

4. Consider Strategic Discounting Over Across-the-Board Price Cuts

If you feel a price adjustment would help, don’t slash prices across the board. Instead, consider offering a lower-priced option on slower days or introducing a special promotion. This way, you’re not devaluing your services, but you’re still giving clients an accessible way to book with you.

5. Value Is Always in Style

Rather than dropping your prices, can you create more value? Bundles, special packages, or adding a small, low-cost bonus to a premium service can actually increase your average ticket. Clients love feeling like they’re getting something special—especially if it’s not available everywhere else.

Now Might Be the Perfect Time to RAISE Your Prices

If you’re feeling overworked, burned out, or like you’re making great money but at the cost of your health, time, and freedom—this may be your sign to raise your prices, not lower them.

My graduates who have done this are thriving, including one who just closed out the last week of January (yes, just last week), with a $3,000 week working only three days!

If you’re unsure whether raising your prices is right for you, let’s talk. Email me at [email protected] with the word Increase in the subject line and your name and phone number, and I’ll help you figure out your next best step.

Your business should serve you—not the other way around. Let’s make sure you’re charging what you’re worth.

To your success,

Miki Wright

Your 6-figure Success Mentor