Recession-proof your boomer business - Raise prices
There are two schools of thought on this one:
1. It’s a recession. No one is buying. So in order to get new customers and keep my current customers happy, you lower your prices.
2. We are also seeing inflation. Increased gasoline prices have affected your business significantly. So you have every right to pass along these increases to your customers.
I vote for #2. People expect you to raise prices. I’ll bet you haven’t done it in a while. People won’t holler as much now; they understand about gasoline prices and their affect on small businesses. You won’t lose any customers, and if people see the value in your product or service, they will keep buying.
Let us know what you think. Vote on the current poll.
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10 opinions for Recession-proof your boomer business - Raise prices
Ren Garcia
May 10, 2008 at 7:19 am
I vote #2.
If you lower your prices when your cost of goods & operating expenses are rising, you can be in danger of “the more you sell, the more you lose”.
Jean
May 11, 2008 at 7:57 pm
Thanks for the comment, Ren. If your costs are going up, you really can’t afford NOT to raise prices.
Sunny Side Up, or “Small Business Boomers as Optimists”
May 16, 2008 at 5:33 pm
[...] there you are. Ignore the talk of recession. Push ahead. Raise your prices if you need to cover cost increases. Hire new employees, like the 44 percent of the businesses [...]
Sunny Side Up, or “Small Business Boomers as Optimists” | money news blog
May 16, 2008 at 9:04 pm
[...] there you’re. Ignore the speak of recession. Push ahead. Raise your prices if you need to cover cost increases. Hire new employees, like the 44 percent of the businesses [...]
David Beardsley
May 21, 2008 at 10:10 am
I vote for # 2. No one can afford to “…buy into..” the recession theory and give the farm away as a result. The merchandise or push should be “value” any way.
Raise Your Prices Now « Brett’s Blog
Jun 7, 2008 at 12:28 pm
[...] customer spending might go down, and your margins might’ve been tight for a long time, and it’s simply the right time to raise prices, even if your costs haven’t gone up in the last six [...]
Yeah, what he said… « Identity kitchen’s Weblog
Nov 12, 2008 at 10:09 pm
[...] the other hand, she writes, despite the talk that deflation — a period of declining prices — may occur sometime in the [...]
Raising Prices - The Idea is Catching On
Nov 17, 2008 at 2:15 pm
[...] recent post about raising prices got mentioned in the New York Times! And others have picked up the thought; IdentityKitchen (a [...]
You Are Paid » Raising Prices - The Idea is Catching On-Entpreprenuers, Small Business Ideas, Make Money Online
Nov 24, 2008 at 11:56 am
[...] recent post about raising prices got mentioned in the New York Times! And others have picked up the thought; IdentityKitchen (a [...]
What Baby Boomers Learned in 2008
Jan 2, 2009 at 11:13 am
[...] how to weather a recession by providing value, raising prices, and finding the right kind of business to [...]
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