the dangerous risk hiding in your prices

You know it don’t you? In the pit of your stomach there’s a knot that if it could talk would be saying ’Damn fool, you’re virtually giving this stuff away!’ It speaks the loudest at night and it races to the forefront of your mind when you’re making a sale.

It shows itself when you are staring at an empty pot at the end of the month and thinking ‘where did all that go and where am I going to get my piece of the cake from?’

As business owners we think we know about pricing but it’s rarely the case. We need our pricing penny to drop! All too often people who charge way too cheaply for their services and products assume that in a competitive environment they can do little or nothing about it. Nothing could be further from the truth.

One of the fastest ways to increase your profits is to increase your prices. Simples! Or is it? Well, yes, in fact it is simple but often not easy.

Raising your prices can sometimes release a fear of the unknown and a fear of rejection that keeps you from moving forward.

I can remember in my first business, that I have now sold, feeling great angst when I decided to increase my prices…by £5!!!! I held my breath as I reached to answer the first telephone enquiry, and guess what? She didn’t bat an eyelid at my new prices! Why would she, she was getting what she wanted and it was great value!

It taught me some huge lessons that raising prices doesn’t always lose customers and not every customer wants to buy the cheapest that is on offer. My business continued to put its prices up regularly until we were the most expensive around but we also happened to be busier than we had ever been!

Having a pricing strategy must be in the top echelons of importance when it comes to running a business or doing sales. Without it, your business will not only struggle to make profit but you will struggle to grow to any degree. It really isn’t rocket science…sometimes it’s a case of just knowing how or having the words to say. The first cut is always the deepest but you may be surprised at how sweet the experience can be.

Remember - It's OKAY to make money doing what you love. You're allowed to be successful, charge more than others in your industry, and have a wildly profitable business.

There’s nothing worse than getting your pricing wrong and not having the right profits.The right pricing strategy will move you from ‘stuck’ and ‘cheap’ to ‘awesome value’. You’re in your business to make a profit…don’t forget that!

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18 Mistakes To Avoid WhenRaising Your Prices

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18 Mistakes To Avoid When

Raising Your Prices

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