Women's Business Grants - Women's Financial Fund15 Ways to Find Extra Cash from Within Your Business
Can you raise your prices? Are your prices on par with competitors, or are they too high or low? Don't be afraid to raise prices if you need it, just make sure you are still priced competitively and that you don't raise the prices too often. Customers will get turned off if there is a price increase every month, unless there is a good reason for it. Some businesses are able to raise prices easier than others - such as if you come out with a newer or better version of something you already sell. But things that see a lot of repeat visitors buying the same thing frequently - such as the price of a latte at a coffee shop - can be much more noticeable and should not be done frequently. You might introduce a new muffin that is priced slightly higher instead. Don't forget that sometimes you can sell more when you lower the price, because more people buy when it is priced lower... and you can also end up selling them other items as well - this is how "loss leaders" work, although you don't necessarily have to price it low enough to be a loss, depending on the item. Next... Finding Cash Within Your Business Tip # 7 or Return to the beginning |
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