True or False: Gas is up? Insurance is up? Real Estate Taxes are up? Labor is up? Feed is up?How about your horse business prices and fees? Are they up? Congratulations to you if they are.
The truth is most professional horsemen will answer No to the question about their prices.
In spite of the fact that horse business owners face rising prices constantly, many neglect to raise their own prices.
I bet these are some of the reasons you can't raise your prices: 1.
Your customers are your long-time friends, too, and they can't afford a price increase.
2.
You'll lose your customers to the competition if you raise your fees.
3.
You can't charge more; you're not sure you're really worth that much! 4.
You feel very uncomfortable talking about money and you don't want to appear as a greedy person.
What does this mean for you if you don't keep up with price increases? Simply stated, you'll go broke.
But, here is some good news to think about.
Reasons one through four above aren't justified reasons.
You have convinced yourself that they are true and there is little you can do about it.
As it turns out, there is something you can do about it.
In my experience here are some good reasons for increasing your rates: 1.
Your calendar is full.
2.
You are recognized as an expert or leader.
3.
You turn away customers and clients.
4.
You write or speak about the horse business.
5.
You have won awards and have advanced training.
6.
You have better services than the competition.
7.
Your expenses of operating have gone up.
You know that the number one purpose of a business is to make a profit and so do your customers.
It's true! The last thing your customers want to see is you going out of business.
What's more, they don't want to be around a miserable, overworked, underpaid professional horseman.
Here is what your customers and clients will want to know when you raise your rates: 1.
What are the new rates?