If you've been a business owner for any length of time you've faced the question of whether or not to raise your prices. It's a tricky dance between making the money you deserve to make and keeping your customers happy (and continuing to walk in the door). If you've been thinking about it here are 3 signs that it might be time for a price increase
You're getting better results
We are always learning and growing, as humans, as service providers, and as business owners. You've grown in the way you provide your service and your clients are getting better and faster results. Your price needs to reflect the increase in value you're bringing to your customers. It's time to up those prices, dear!
You have too many customers
This problem is a catch-22. We always want more customers, but sometimes we get flooded with too many and we don't have the time or energy to serve them all well. No one wants to turn away work, because that means you get paid less....unless of course you raise your prices. If your pipeline is too full or you're too busy it's time to increase those prices. This means you can make more money with less customers, a solution to both the money and time problem.
You're resenting the work
Ever underbid a project? I definitely have, and every time I sat down to work on it I was just more and more frustrated that I was not getting paid enough for what I was doing.
My own fault? Totally.
Lesson learned, abso-freakin-lutely!
Now one of the factors I consider when creating a proposal for bookkeeping clean-up work (or what have you) is whether or not I'm going to want to show up for this amount of money. If not, I up the price.
Price increases are a normal and expected part of running a business. Don't shy away from it, you deserve to be paid fairly for your time and skills!
