This week I’ve decided to raise my prices for most of my gigs, and noticed that while sales dropped, my profits increased.
Today for example I made $44 out of just 4 orders. Only one of those orders was $5.
Yesterday I made $76 out of 6 orders.
One thing I’ve noticed is that if the price increase is realistic, you will get sales. Going from $5 to $10 is realistic. Going from $5 to $50 isn’t realistic, unless you’re doing a very complicated job.
My monthly average has jumped from $37.6 a day to $46.4. My cancellation rate has decreased from 18% ($204) to 3.6% ($32).
So if you want to raise prices, do it. If you keep track of every sale on an Excel sheet, you’ll see if your prices are working for you or against you.