A sign you should raise your prices.
Being busy is the market telling you that you aren't capturing the value you could be. Raise your prices; you can always lower them later.
Kevin C. Whelan
Being busy is a sign you should raise your prices.
When you’re busy, the market is telling you you’re not capturing the value you could be.
“But what if nobody signs up for the more expensive prices?”
If you’re busy, that’s probably more fear than actual truth.
The good news is, you can lower your prices later if you need to. But I doubt you will.
Personally, I’ve never had to reduce my prices after raising them. New clients sign up to the new pricing and I get to do even better work at higher margins.
I have created new offers at lower prices for people who can’t afford my higher-tier services. But never lowered my prices otherwise.
Those new offers typically also end up being more profitable on an effort-per-hour basis, too.
So, don’t be scared to incrementally improve your prices—it might even help you sell more and attract less price-sensitive clients in the process.
Nobody wants cheap advice, after all.
—kw