Pricing in service-based businesses (think salons, spas, and the like) is wild. Unlike a brick-and-mortar shop or online store, there’s no MSRP to lean on when you’re setting your rates. There are no rules to follow, no guidelines that are guaranteed to work, nothing.

This lack of direction leads service-based entrepreneurs to rely on competitors to set their prices. But who do you think those competitors relied upon to help decide their prices? You guessed it: their competitors!

Over time, a pricing setpoint (or range of setpoints) emerges. And while I’m not suggesting you raise your rates to the point that they’re WAY outside the bounds of reality, I do encourage you to ask yourself three questions:

#1 – What story does my price tell?

#2 – What value(s) does my price express?

#3 – What filter does my price provide?

Let’s dive into each of these and see whether the rates you charge tell the right story, express the value you want them to, and filter for your best clients.

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