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You want to make more money right? Everyone does. You might be wondering how you can raise your prices, and I'm here to help. It all comes down to three important steps that I’m about to spell out for you. Ready to make more money? Keep reading.
Determine Your Cost of Doing Business
If you’re earlier in your business or just trying to get to the next stage, you must have figured out that it’s time to charge more. It’s time to start charging premium prices. Your first order of business is to figure out how much it costs for you to do business, and also the cost of goods sold. The first step is to calculate what you should be charging for your products and services. We have a video on our instagram that details this exact process. You can watch the video by clicking here. You can use this guide from our instagram, pricing guide.
There are plenty of calculators that can be found online. Regardless, it’s time to calculate the price. Here’s an overview.
Calculate your Personal Expenses
Calculate your Business Expenses
Calculate your Sales Goal
Figure Out How Many Clients You Need to Get To Crush Your Sales Goal
Build Your Main Offer based on Your Sales Goal
Once you’ve built your new price, add an extra 3% for merchant fees if you're doing business online.
Why use this method to calculate your prices? Once you look at all the numbers, you’ll notice that you might actually be losing money and that’s what you don’t want. That project you did for $50? You should have charged $300. Don’t sell yourself short based on what you think people will pay you. Let your services speak for themselve. If that doesn’t make you want to change it up, I don’t know what else will. When we have this talk with clients, the response is always the same: “Holy crap, I’ve been losing money all this time!”. And they never turn back. Don’t miss out on your money. You deserve it!
Increase At A Regular Rate
Now let’s talk about actually raising your prices. Let’s say you have a service priced at $100, but you want to start charging $3000. The jump can seem scary, but don’t let it scare you off. You could make the jump, but that may be hard, especially from the people we’ve talked to about raising prices. One thing you can do is to increase your growth at a consistent rate, or even double it with every quote. In due time, you’ll get there. If you’re at $50, next time is $100 and so on. A steady increase is less daunting and you’ll still see results quickly. It’s up to you when you want to stop.