11/02/2022
💰 3 Reasons Why You Need To Increase Your Prices! 💰
It’s one of the most paralyzing parts of starting your own business… or is it?
A lot of the time we think that because we LOVE our businesses, or because we are less experienced than our neighbours, we can’t increase our pricing or charge what is at the minimum - industry standard. Fortunately, this is just a lie that we tell ourselves to stay safe!
IT’S OKAY! We all do it. At the end of the day, you can charge WHATEVER you’re comfortable with.
But here are a few reasons why I think you should increase your pricing for 2023…
01. HAVING A LOWER PRICE MAKES YOU LOOK INEXPERIENCED.
If I’m a quality customer, I’m not looking for the cheapest deal. I’m looking for someone I can trust with the money I give them and a lot of the time that means spending more to get a better product and experience. When your client sees that you’re priced for low budget, their minds immediately say “low budget experience”. Ask yourself if your pricing reflects your brand - are you Dasani water or VOSS water, or somewhere in between?
Added Note: For some reason, a lot of the time, people who are looking for a low budget experience are extremely likely to complain and ask for things for free or for refunds that they don’t deserve.
02. THE OBVIOUS - YOU’RE NOT MAKING ANY MONEY.
With the increase in well… everything, you are basically working for free. Have you truly added up all of your annual expenses and time to see what you’re making per hour? The #1 mistake we make when creating our prices is not looking at what it’s costing us to run the business.
03. YOU’RE GOING TO BURN OUT!
BOOKED! NOT BUSY! It’s not a flex to be busy anymore, but it is to have a quality life. I used to want to book as much as I possibly could, but it left me depressed, lonely, exhausted and I hated my job that I once felt so lucky to have.
If you take one thing away from this post, let it be this… it’s better to have a few IDEAL CLIENTS PAYING MORE for a great experience, than a ton of random clients paying less (and probably complaining because you just don’t have the energy to get to know their needs).
Con’t in comments below 🖤