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Business Owners: Raised your prices/rates yet?
Posted on 7/18/22 at 6:52 pm
Posted on 7/18/22 at 6:52 pm
With inflation taking its toll, many biz owners and self-employed are facing 1 of 2 choices: raise prices or die.
Have you adjusted your prices yet for runaway inflation? What's your criteria for raising your prices? Are you waiting for competition to make the first move? What's your formula for pulling the trigger on price adjustments?
Have you adjusted your prices yet for runaway inflation? What's your criteria for raising your prices? Are you waiting for competition to make the first move? What's your formula for pulling the trigger on price adjustments?
This post was edited on 7/19/22 at 7:51 am
6
Posted on 7/18/22 at 7:42 pm to tigerpawl
I'm not raising my rates, but I'm making up for it by losing my arse in the market.
Posted on 7/18/22 at 9:24 pm to timdonaghyswhistle
(no message)
This post was edited on 7/18/22 at 9:25 pm
Posted on 7/18/22 at 11:12 pm to tigerpawl
Business owner, we raised service labor rate from $129 to $149 and added new "legacy product" labor rate of $179 for working on older products which most of our competitors just completely turn away.
Added/upped surcharges for shop supply, disposal and offsite service call fees.
Added/upped surcharges for shop supply, disposal and offsite service call fees.
Posted on 7/18/22 at 11:14 pm to tes fou
We raised our fees 6% at the beggining of the year and 8% in June. 14.5% in the last 7 months.
Posted on 7/19/22 at 8:10 am to tigerpawl
I raised my hourly rate about 15%. I was already pretty cheap among my competitors and had room to move it up even before inflation. I could probably raise it even more, honestly,and probably will within the next 6 months if all my household expenses continue to bend me over and show me the 50 states.
Posted on 7/19/22 at 8:17 am to tigerpawl
quote:
With inflation taking its toll, many biz owners and self-employed are facing 1 of 2 choices: raise prices or die.
Have you adjusted your prices yet for runaway inflation? What's your criteria for raising your prices? Are you waiting for competition to make the first move? What's your formula for pulling the trigger on price adjustments?
There is a great planet money podcast on this type of mindset. Basically, when inflation has been tamed via Federal Reserve policies, it can still continue for a few years because everyone is anticipating inflation vs it being a reality, thus prices keep going up.
My fathers business is a good example. He owns a lot of ice vending machines. His costs have increased only marginally (5%) in the last 2 years. However, I told him he should raise it prices from $2 a bag to $2.50 a bag and just put a sign out talking about inflation.
He did it. Zero push back from customers and sales are the same.
MANY companies are doing this as well which leads to increased costs for everyone without there being fundamental reasons for the inflation.
I'm not saying this is all cases of course, inflation is very real. Just sharing a story.
Posted on 7/19/22 at 9:53 am to tigerpawl
Raised it at the end of Q1 ~10% on our main products, but had to do a 25% increase on our ancillary items. Our competitors went way overboard and even with the increases we are significantly lower than them. Other than labor costs, we are not expecting prices to jump too much until 2024 (contractual obligations for 75% of our products w vendors runs through 2023). However, our 2 biggest competitors will be seeing significant jumps between now and Q1 2023; so we actually get to sit back and react while also trying to eat away at market share
We're already planning a stepped increase in 2023 so the 2024 jump isn't too much; but grabbing that market share is priority #1 right now
We're already planning a stepped increase in 2023 so the 2024 jump isn't too much; but grabbing that market share is priority #1 right now
Posted on 7/19/22 at 10:51 am to I Love Bama
quote:I despise greedy, sociopathic opportunists. "Catch me if you can" is their motto.
MANY companies are doing this as well which leads to increased costs for everyone without there being fundamental reasons for the inflation.
Fast forward:
Posted on 7/19/22 at 1:14 pm to tigerpawl
Raised rates twice this year with a third coming next month.
10%, 15%, estimated 15%
10%, 15%, estimated 15%
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