Back when I was doing magic at corporate and non-profit events full-time, I was able to increase my prices 500% (5x for you math-wizzes out there) in a period of just 12 months.
I did a lot over that 12 months to make that happen…but I have a tip that can show you how you can increase your prices 20% RIGHT NOW without losing money.
You see…that’s the biggest fear: If I increase my prices, I am going to turn customers away.
I’m going to show you why that fear isn’t valid, after I give you the secret tip to increasing your prices 20%.
That magical, secret, tip…
The thing that you are reading this article for…
Just do it.
I know, easy for me to say…I’m not in your business. I don’t know your clients. They would never stand for you increasing your prices 20% for no reason, right?
I say wrong, and here is why:
Let’s say that, for round number’s sake, your service costs $100 and you have an average of 10 customers a month. That’s $1000/month on average.
Now let’s say you want to increase your prices by 20%, putting you at $120 for your service.
Most people’s fear is that when they do this, that 10 customers is going to go WAY down. I don’t think it will.
And even if it does, you could lose around 17% of your customers and still be making the same amount of money while doing less work (therefore having more free time).
The point is this…raising your prices hardly ever results in the backlash that most people think it will. Most of us severely undervalue ourselves and our services. Even if you lose a few customers along the way, you will be making more money for doing less work.
What do you think? Have you ever raised your prices? What was the result? Comment below!
Sky Stover helps solo-entrepreneurs and small businesses position themselves as experts through Websites that are mobile-friendly and strategically designed. Sky has a growing Website maintenance program in which her members receive personal IT support, marketing advice, copywriting services, WordPress support, and more – all with world-class customer service that seems all too rare in the Web Design industry today.