Whether you’re a seasoned CEO or just starting to expand your side hustle, having to raise your rates is a crucial stepping stone to grow your business and increase your profits. Raising your prices, even if the increase is small and gradual, is the most effective way to improve your profit. Take it from the big guys, like Starbucks, who raised their prices 3 times in 3 years.

By improving the value of your product, you’ll not only drive away those who may just be in it for the deal, but also attract new customers who are looking for something more premium. It may be necessary build a better and  more loyal customer base. If you’re unsure of when and how to raise your prices, check out the infographic below by Valpak. It outlines 12 ways to raise your rates and how to best communicate the increase to your customers if they resist.

SOURCE: https://www.valpak.com/