The nhbf guide to setting the right prices in 2022

The New Year brings new opportunities, so the NHBF says that setting the right prices in your hair salon for the up and coming year is one of the most important activities you can do to ensure your business remains profitable throughout 2022. Make sure that the prices you are charging for products and services are realistic. Remember that your prices must cover your costs and deliver a profit too. Use the New Year as an opportunity to calculate how much you’re paying out, for example wages, rent, stock, rates, etc. You’ll need to increase you prices if you are only just breaking even or making a loss. A cash flow forecast is vital.

Consider:

• Reducing your costs by cutting back on stock or wastage and negotiating better deals from your suppliers and landlord. NHBF Members can download this fact sheet that lays out everything you need to know to negotiate with your landlord. 
• Boosting your retail sales. Read the NHBF's blog on making your salon retail savvy.
• Encouraging clients to rebook before they leave.
• Offering special deals and discounts at quiet times.
• Offering treats and deals to your regular clients (it’s more expensive and time-consuming to find new clients).
• Keeping up to date with the latest trends and make sure you offer what your clients want.
• Making the most of social media and email marketing opportunities. Read this blog for making the most out of your social media.
• Ensure you have a great website. Read the NHBF's blog on tips on building a website.
• Give your clients an incentive to introduce a friend.

If you do increase your prices – always try and give clients six weeks’ notice – don’t spring it on them. NHBF Members can download the business finances, wages and profit guide which helps you understand the basics of financial management including tax, VAT, accounting and record keeping.

The NHBF

The National Hair & Beauty Federation (NHBF) is the UK's largest trade body for businesses working in the hair, beauty and barbering industries. Join the NHBF before the end of January and quote HJO25 to get £25 off your membership fee.