Is it time to raise your prices? Wait, let me ask the question differently – is it time to give yourself a raise?
Many times when I speak to service based women entrepreneurs they want to increase their prices but they’re hesitant to do so, for a variety of reasons. Sometimes it’s simply because they don’t know how to set their prices (if that’s you, check out the Pricing Pro course) and other times, they don’t understand the value of the services they provide.
In either case, this can lead the business owner to simply leave their prices as is and continue leaving money on the table. For the record, I don’t recommend that. Let’s explore when you should consider raising your prices and giving yourself a raise.
- You’re charging the same amount that you were charging when you started your business. If you started your business over a year ago and haven’t increase your prices, now might be a good time to do so. See point #2 for more detail and explanation.
- The costs to run your business have increased but your prices haven’t. Do a quick assessment and look at how much more you’re paying in additional expenses year over year for the systems and tools you use to run your business.
- Everyone you speak to about your services say yes! While it’s good to get clients, it could also be a sign that you’re not charging enough.
- Your income has capped and you’re working long hours, nights and weekends to keep up with your client work.
- You’ve invested in additional training, certifications, and education that your clients benefit from.
Here’s another sign — if you know you’re undercharging because you don’t want to lose clients then check out the Pricing Pro course (here) so you can remove the pricing barriers standing between you and making more revenue and profit.