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How do you grow a business when you really can’t outsource YOU?
What if you’re a fine artist, or in another creative field in which people pay for a unique product or experience that only you can deliver?
Business owners like this can find themselves with a real luxury problem: too much demand and too little time.
One of the fastest ways to relieve the pressure is to raise prices.
Unfortunately, this advice is often easier said than done. Raising prices can be tough for many small business owners.
It can stir some deep emotions like fear, guilt, embarrassment and a litany of self-worth issues. Not to mention the almost immediate fear that enters our mind that if we raise prices too much, people will just stop buying!
In this video, learn about a fine artist going through this right now, along with a classic story about the surprising impact raising prices can have on sales.
Creative people have other options for growth beyond raising prices. Think licensing deals, replication in the form of prints, books and more.
But when you’re on the edge of burn out and demand for your unique skills is sky high, a price increase can quickly relieve time pressure and provide the financial resources to strategically map out your next level of growth.
In the comments below I’d love to hear your take on raising prices.
Have you raised your prices when demand increased? Have you raised prices simply because you wanted to reposition yourself in the market?
What was the impact on sales and your overall business?
Leave as much detail as you can. Include lessons learned and insights you feel would help others!
As always, thank you for reading and watching. If you found this useful, go ahead and share it!