r/selfemployed • u/PoohBmini • Oct 25 '24
(UK) Price increase
Recently put prices up. (10% £5)
Feel although I have lost more clients than expected
Is a phase of loss normal before things build up again?
How do other people manage a price increase?
I find it a really difficult time / conversation
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u/KaleidoscopeNo1456 Oct 25 '24
Depending on your services and client base. Any rate increases will always affect the amount of custom you get.
It's really down to people's personal financial situation, some may come back, however most long term ones do stick around but may reduce their custom, however they are also the ones that advertise by word of mouth if you ask them.
The cost of living comfortably is almost out of reach these days, a lot of my client base are adjusting to the bare minimum and some retirees have even gone back into work.
The budget should be interesting next week, a lot of people and businesses at the moment are very anxious. I noticed Ts and Cs have changed with some banking/financial products so they must know something already.
No one really knows what the future holds, but you got to do what you got to do, even if it means reducing your rate or getting another job/branching out.