Hi
I am a salon owner and we are going to be doing our first price increase (annual). Any advice in what way to determine a formula for the increase? The salon is a hair and nail salon. The nail prices are in line with our area. The hair prices are on the lower end of our area.:o

I am not quite sure what you are asking.

Are you saying you want to raise your price, but to what amount? What to base it on?

You will need to do some cost accounting, examine how much you are making (or losing) and determine the optimal point in which to charge.

Pricing is not an exact science, the downside of charging too much is that your customers will go elsewhere.

Your hair prices are lower than the average, so a raise will probably not cost you many customers.

But, what to raise the price to depends on many factors.