Notes from Chris

Episode 1694

I often encourage small business owners who are feeling overwhelmed to consider a simple action that might help: raise your prices.

Last week I was watching a video from Chase Jarvis, and he went even further. When a photographer called in to his show and said “I’m fully booked and don’t know what to do, I have to keep turning away business,” Chase said, “Raise your rates ten times!” (Whoa: hardcore!)

But can you really raise prices ten times, or some other high level? Presumably there’s a price ceiling somewhere … right? That’s what today’s caller wants to know. How high is too high, and how do you know?

"I've learned that when it comes to pricing, too high might be better than too low—which seems counterintuitive, but several examples on the show have helped me to rethink the whole concept. Still, it's clear that there's a "price ceiling" somewhere, right? Like if my service business was getting busy and I wanted to slow down, I could raise my rates, which would likely result in some of my clients going away. But I couldn't raise them infinitely, because then I'd lose all of them. What if I priced something so high no one would buy it? How do I know where that line is?"

Listen to today's episode to learn more...

 

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  SEE ALSO:

• EXTENDED CUT #7: Pricing Your Product or Service: When you’re starting a new product or service, how do you know what to price it at? Good news: there’s a simple method you can use that will take you less than 10 minutes to apply.
• Q&A: Is it ethical to sell the same thing at different prices?: Is there anything wrong with selling to a range of customers at different prices—and if not, how can you do it without someone finding out and getting mad?
• Q&A: Why do online courses cost so much … or so little?: Online courses are everywhere! Some cost $20 and others cost $2,000 or more. Why is there no consistency in pricing—and how can you determine what *your* price should be?

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

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