Should I Raise My Prices? 10 Reasons Why You Should!

Should I raise my prices? Every business owner asks this question. Raising prices could mean losing customers to competitors. And we are therefore hesitant to conder increasing our prices.

If you operate in a low-margin business where everyone looks at prices, raising your prices may not even make sense. (Actually, what would make sense would be to get out of that market and focus on a different market)

I, too, have often hesitated to raise my prices. In fact, for many years, I believed in the dogma charge slightly less than the average, and you shall gain market share.

I since have abandoned that dogma. I went through a phase where my building materials business was operating at full capacity and could not take on new work in the short term. I raised my prices to manage demand, and I noticed all these unexpected benefits in the process.

So here go nine amazing things that might happen if you decide to raise your prices.

Higher prices attract higher-quality clients

You know those customers that call and immediately ask, “what is the price.” Or they send a one-line message “how much”?

These are the worst customers. Cause you know that their focus from day 1 is price price…