Is It Time To Raise Your Prices?

As demand increases, raising your prices and adapting your service offerings is a big part of building a sustainable business.

But getting over the fear of losing customers if you raise your prices is often a big obstacle that holds many business owners and freelancers back.

I know it was for me because I want to help people.

In order to better understand what the true costs are to deliver the services you provide, it's essential to clarify and measure what you are including in each offer. This includes how much time it takes to deliver each service and any additional resources you need to pay for in order to deliver what we provide (overhead).

While I want to give generously and meet our customer’s expectations– I recognized it couldn’t be at the cost of my health or the sustainability of my business.

I finally ‘got’ that in order for me to meet growing demand while creating the unique experiences my customer’s value – I had to consider raising my prices to grow my business in a sustainable way.

In the process, I created new service offerings to meet my customer’s evolving needs around managing their business finances.

But, informing my customers about my new pricing and service offerings felt intimidating because I didn’t know how they would react.

So, I met with each one of my customers individually to talk about their needs, priorities and to review what we were doing for them each month. Then, I clarified how we could best help them moving forward based on the results we’ve helped them achieve and I identified what we could do for them moving forward to help them grow.

While most of my customers immediately saw the value in the new service packages I offer, I had to let a few customers go. By doing so I made room in my business to attract new customers looking for the personalized solutions we offer.

It wasn’t easy. But I learned how important it is to know when to walk away if your offer isn’t the right fit for someone.