Have you been thinking about raising your prices but you are not sure if you should? Well I’m here to tell you that you should.
So lets start with why? Because you want to raise your prices so you will always have room for new clients!
If you're booked solid with regular clients, you will never have room for new clients, which is what keeps us creative. Being content with those same ole people every day will eventually end you up stuck in a rut and behind the times.
So when is it time you ask? When your books are to the point you are turning away new clients. It's a lot easier to get someone who has never came to you to pay your new prices then your old clients to pay more than they are used to.
As you raise your prices you will start to notice a change in your clientele. The higher your prices go, the more respect you will get from your clients and your new clients will be from a different income level.
Let's say you used to do a lot of college students or stay at home moms and over the last few price increases you have noticed you are now doing a lot of corporate or management level people and business owners.
For example, if you raise your prices only 20% and you loose 10%, what just happened? You have increased your available time by 10% and you are still making 10% more money.
You have to have the mindset that loosing a few clients is worth gaining high-end clients to replace the ones you may loose. This is a tradeoff that is well worth your time and efforts.
So, don’t be afraid of loosing those few clients and focus on gaining better clients and making more money in the long run.
Thanks for reading and get more great business tips at my website.
