Increasing prices is a sensitive issue – Everybody wants a bargain, and nobody wants to pay too much. This is completely normal. Pricing within a business has to be set to cover business costs, as well as make a modest return.
One of the luxuries of running a hobby business is that there is not much need to make a return to shareholders. The business is there so I can make beautiful products to send around the world, and any profit is returned to the business, so I can manufacture other things. There is however, one all important caveat, and that is that I not look to the household budget to prop the business up.
Due to a significant number of external factors I have had to raise the price of my clocks.
During the last 5 months, I have been reading many business books looking for ways of improving my business without altering pricing, and everything I have come to read has come to the same conclusion – I have priced my clocks like a techo – not as a businessman, and that is why I have had to make a substantial increase. I have avoided raising my prices for as long as possible, but each month, I have been watching the bank balance drop, and I could no longer delay this change to my business, without asking Megs for money – And that is unacceptable.
My clocks are still significantly less expensive than a Qlock2, which is still important to me.
I would like to thank you for your valued business and know that you will understand the necessity for this price increase, especially for hand made quality, as oppose to cheap Chinese imports.