Typically, the cost of living increases 8 percent to 12 percent per year, so you should pass these costs on to your customers as a cost of continuing to do business for them. If you don’t increase your prices to give yourself a raise, you are actually stealing from yourself and your family.
The average 3-percent cost-of-living increase that is quoted by our government is done so because this percentage is tied to the amount of Social Security payments our senior citizens receive. (If only 3 percent is quoted, the Social Security payments can be smaller.)
Your massage customers expect you to increase your prices, because all the other prices in the world are increasing. So if you don’t increase your prices, people will wonder why and consider you to be odd. They know from their own households that such costs as utilities and groceries increase over time.
Furthermore, if anyone tells you that you should reduce your prices, know right away this is untrue, because the costs of operating a business are increasing and have been for years.
Dr. Brian Dawson was educated at Purdue University and Palmer College of Chiropractic. His interest in finance began when he found the business and administrative side of running health clinics to be a frustrating and inexact science. Now, as COO of Money Management Solutions, Dr. Dawson is involved in helping chiropractors and other health professionals from all around the country achieve success and get on the road to wealth and financial freedom. Money Management Solutions specializes in helping health professionals with all of their financial and marketing needs-including Internet marketing and Web sites. For more information about the company’s services, contact Dr. Brian Dawson, D.C., at (866) 755-1213 or e-mail him at COO@MoneyMgmtSolutions.com. You can also visit www.MoneyMgmtSolutions.com.
Go to www.BizMoneyHelp.com to view the free report, “7 Fatal Money Management Mistakes Business Owners Make.”