Here's How To Make More Money In 2023

*spoiler alert* It's time to raise your prices. Whether you've been in business for yourself for a while now or the COGS for your production are on the rise, consider this your roadmap for when to raise your prices and how. 

When is it time to raise prices 

Service-based 

    • When your closing/booking rate is high

    • As you become more experienced, expert or ad value

    • If you are growing your team 

Product-based

    • If your COGS increase and you need to maintain your profit margin

Either

    • If your cost to acquire new clients or customers increases

    • If your cost to run the business increases

    • When you need to make more

    • If the market shifts

How to crunch the numbers

  • Know your operating costs and profit margins

  • What is your markup?

  • What is the volume of business you need to do?

How to communicate the changes

  • Time it right (don't raise prices when people are going to get pissed)

  • Be able to communicate why (proactively and because of push back)

  • If you are charging people on a recurring basis, communicate it early

Samantha Welker