How To Raise Prices
Too many small businesses set their prices when they first open their doors and fail to raise them, ever. Afraid they will drive away customers, these businesspeople get stuck in time, charging and getting paid amounts that are years out of date, yet all the while, inflation and the cost of doing business continue to rise.It reminds me of a quote I like: “If you really put a small value upon yourself, rest assured that the world will not raise your price.” (Anonymous.)
So the question is not whether you should raise your fees, but how do you raise your fees? How do you earn what you are worth, and not lose customers in the process? There are several steps to take.
- Decide upon a reasonable amount
- Give clients reasonable notice
- When you tell them, be business-like.
- Handle resistance.
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