Most entrepreneurs, as they grow their business, reach a point where their days are stressful, they’re constantly putting out fires, the business is low-margin, and it’s become hard to grow. The difficult truth is that step one to get out of this mode is to raise prices.
A huge breakthrough as an entrepreneur comes when you stop getting emotional about winning every single job and client. You have to stop caring that there are people in town charging less than you. You want the type of customer who is willing to pay more for better service; your customer base is willing to pay for better lead time, more professional service, and a better customer experience. You’re going to lose bids to cheaper competitors, and that’s okay. You want that. You need to be okay with losing over half of the people who reach out to you. If customers are looking for the lowest price, you can tell them that you’re not the right option for them.
Raise prices, and stop getting emotional about losing customers. Be confident and trust the system enough to keep prices high. Small business owners leave billions of dollars a year on the table because they want to have a full schedule booked out for a month and to be busy all the time. Raise your prices by 30% and do less work for more money, that’s when you’ll have the money and time to scale your operations in the business. Raising revenue is pure profit for you as a business owner, a small increase in prices can have a huge impact on your margin.
You don’t want to be the cheapest, you don’t want to compete on price. Compete on quality, and you’ll get higher-quality people. You’ll have fewer pain in the butt customers, your customers will be more respectful and easier to work with. The people who want to nickel and dime on price are the same people who will get upset over small issues.
Don’t come out the door with high prices. Build a business, build momentum, and then raise prices when you’re too busy to meet current demand.
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