I'm a teacher first, not a business person. I'm also more into language arts than math but even I could tell something was wrong with my bank account.
My sales continued to double. My revenues were up like crazy on every platform I sell - but my bank account remained the same. It's like the money was dissolving into the digital universe!
What I realized felt like a punch in the gut: I was not profitable. Every sale that came in barely covered the expense to make the item and ship it. I had been working essentially for free since, well - the beginning of my business.
To put it even more bluntly, at my current prices, I could sell ZERO wooden cutouts in 2020 and possible show a greater profit at the end of the year. OUCH!!!
Just thinking about it makes me cringe. It was a finally a no-brainer to raise my prices.
So, because i love sharing my failures and my successes with you, I want to share the TWO revelations I've had when it comes to raising prices.
The first sign:
You get so busy...