Price For All You’re Worth
Posted: December 13, 2011 Filed under: Big Picture | Tags: homework, market opportunity, money 1 Comment »It’s been at least 5 years since I last bumped, so I’ve increased my prices (I like the easy math of an hourly rate going up in $25 increments). Two months into the new rate, and I don’t detect any change in my clientele; but that wasn’t the case in the first business I owned. After my first year working as a wedding consultant, I found that I would need to charge 8 times more to become profitable. With nothing to lose, I hiked the price. The second year, my overall sales went down 16%, but my time spent for those sales went down 75%. I’d found my formula. Thereafter, sales continued to climb from clients who were enthusiastic about my service at any price.
Your Homework: I triple dog dare you to raise your prices.
Just found a great follow-on to this post; if you want more guidance about how to raise your prices, check out this Marie Forleo video. http://www.marieforleo.com/2012/08/raise-prices/#comment-51406