As a business owner, we tend to avoid the idea of raising prices due to the fear of losing customers. However, raising your prices does not always mean that you will lose customers. If you slightly raise your prices or if there isn’t competition which is close to your business, then customers will still purchase from you. Therefore, raising prices may be the optimal way for you to increase profit and make more money.
However, if your business is situated near a lot of competitors, then lowering your prices could be beneficial. If your prices are lower than the competition this will often lure customers away from competitors and straight into your business.
So the choice is yours, you can either raise your prices which will help you to make more money or you can lower your prices which can also help you to make more money by taking customers away from competitors. However, you have to make sure that you GET YOUR PRICING RIGHT! An accountant can help you to decide on the best pricing model to use for your business. So if you do not have an accountant then it is strongly advisable that you get one.