In today’s world of rising prices and uncertainly, we need to be prepared to not only help our customers, but also make sure we can pay our bills! We are running a business, not a charity organization!
I was very excited about our new year and hoping that we could finally get back to normal and then we get hit with all of our supplies and the cost of freight going through the roof. What does that mean to us as far as our business is concerned?
It means that we have to raise our prices. You cannot absorb all of these costs. You must go into your pricing structure and make your adjustments for all of these price increases.
Ask yourself these questions:
- Am I paying more for the freight of my supplies?
- Am I paying more for the thread, bobbins, backings or stabilizers?
- Am I paying more for labor?
- Am I paying more for payroll taxes?
- Am I paying more for the products that I am ordering for my customers?
I have noticed a huge increase in every one of these. I am getting emails from my embroiderers complaining about all of this and what should they do? They keep telling me, “We are having a hard enough time trying to get people to pay our prices as it is, now we have to raise them? How can we do that and get in the job?” How can we stay in business?
Many embroiderers have gone out of business since the pandemic started, but many embroiderers have started businesses. The large companies that I work with have successfully raised their prices and are extremely busy. You have to do this too!
Embroiderers; everyone knows that you have to raise your prices. The price increases have hit every person on the planet, not just the embroiderers. Your customers understand that they are going to have to pay more for your services if they want to be able to promote their businesses!
Raise your prices! If you are having a tough time doing that or need some help with it, contact me. I have an excellent program that will help you get your Pricing structure together, one that will help you make money! Don’t put this off, get it done today before you end up having to close your doors!