MBA1465 Q&A Wednesday: How often should I raise my rates?

Did you forget to raise your rates again? You’re not the only one.

It’s Q&A Wednesday, and we’ve got a business coach who hasn’t raised prices in years. Whether you’re a coach, a freelancer, or selling a product, keeping prices flat for that long is slow suicide! 

Unless you run a dollar store, of course.

For everyone else, price increases aren’t a matter of debate. You have to raise prices to reflect the increasing costs of doing business, to say nothing of the added value of your experience. If you don’t raise prices regularly, you will inevitably undervalue yourself.

If you undervalue yourself, you will hurt your business. Price is a statement, one that reflects your confidence in what you’re selling. Keep it too low, and customers will get the wrong message: that your value is low. 

The best part? Your customers won’t be upset when rates go up. We’ll explain how to raise rates in a way that keeps customers happy, even if you’re nervous about it. We’ll also discuss how to figure out how much to raise rates, which you should (have I made that part clear yet?). Click Play!

To submit your questions, visit 100mba.net/q.

SUBSCRIBE

YouTube | Apple Podcast | Spotify | Podcast Feed

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.