Dear fashion preneur
You may be due for a price increase.
It’s scary right? Your business has been telling you this for a while but your fears won’t let you. You do good work, you know it and your customers know it. Your passion drives you to over service your customers and outperform your competition but still under price your product. It seems the only person being shortchanged is you. It is also you that will get overworked, resentful and (heaven forbid) out of business.
If you are under pricing yourself out of profit for fear of loosing your customer then you may be targeting the wrong people or sending the wrong message. You may also be underestimating your customers, some of who are paying more for less elsewhere.
To fix this I want you to do 3 things. First is to identify and define your ideal customer (her capacity to afford your service is part of this) next I want you to determine your ideal price for your service/product after considering your costs, price point category and ideal profit margins then I want you to listen to my podcast on Thursday where I will be sharing some of my strategies with price increase. Whatever you do know that your business is meant to serve both you and your ideal customer so get out of the way and let it.