It’s time to raise your prices

By Stormy McBride On January 13, 2022 In FinancialCoworking

It’s time to raise your prices.

More income. Sounds good right?

You paused and considered the negative feedback you *might get* from your current members. MIGHT.

Don’t cringe. Let’s talk through this.

In case you haven’t noticed, prices for everything are going up. I’d be willing to bet that even if you are buying exactly the same things you were pre pandemic, that you are spending at least 10% more on day to day office supplies. That doesn’t even take into consideration the war for talent and staffing cost.

Think about restaurants or grocery stores, you didn’t stop going just because prices went up. In fact you may have chosen to support a small business and frequent the locally owned shop more. I know I did.

When I put it like that, the price increase makes full business sense and that’s exactly how you broach the conversation with the members who *may have* issue with a small price increase. Again, emphasis on “may have”.

I’d be willing to bet that most of your loyal community will get it and not bat an eye. They will get it. It’s not personal. It’s business. You have costs to cover. They want you to succeed and more importantly the space to do well so that the doors stay open and they can continue to use it in all of its glory.

If you really don’t want to rock the boat and deal with the “mights and mays” from your longtime members you can grandfather them in on their current pricing and just use the new rates for new members. However, we think everyone will understand that you’re a small business and every dollar counts.

Go raise ‘em tiger.

*If you are worried about breaking the news to your members, don’t be. Keep the messaging clear, kind and simple. You can find price increase notice templates inside of the GCUC Community Resource library as well as many others.  To activate your free 30 day trial, click here and use the code LEVELUP on the small workspace operator level.