Pricing is a big stick point for many entrepreneurs - too cheap and you run the risk of burning yourself out, too high and you might find no one bites.  

Here are the metrics to watch out for to know when it’s time to raise your prices:

1. You’re fully booked and/or burned out - My partner owns a mobile car detailing business. Three months ago, he was booked out for two week’s in advance.  This was the key sign that his pricing was too cheap.  He has steadily been increasing his pricing each month and last month he had his highest revenue month on record even though he worked fewer hours.  If you’re burned out, running pedal to the metal , then it’s time to up your pricing.   
    
   
   
2. Poor lead quality and results.  People aren’t consuming/integrating or getting results. I’ve tested ad to free lead magnets and courses many times throughout my coaching career.  I even offered Day 1 free from Money Magic, a paid workshop once. No surprise, those who get things for free barely open or consume the content.  Even at low ticket prices below $300 you tend to find people will never once take part.  If you’re struggling with engagement in your community, people aren’t consuming the products or getting the results then it’s time to raise your prices.  Another example of this again comes from my partner’s business.  His cheaper pricing attracted all sorts of customers who were constantly haggling and asking for the world in exchange for peanuts.  Once he started to raise his price, the attracted more entrepreneurs and construction workers who were willing to pay without question and owned much nicer vehicles. 
   
   
3. Close rate above 20%.   I recently opened up my calendar to private clients, and had a 71% close rate. Now this feel good for sure, but in reality this was my queue that I was severely undercharging.  Sales call close rates should sit more at 20%, any higher and it’s time to up the price. For live workshops, the average is 10% conversion rate - if you’re converting higher than this than again, the price was too cheap, go higher.   

BONUS - Customer and confidence feedback - when you start to get massive wins and results from your customers, and your confidence naturally increases as a result, this is a good time to raise prices.  It’s pointless to try to increase your price if you’re not confident in the value or price.  

Obviously what I share above depends on having a solid offer and product.  You can be burned out, for example, doing “busy work” but your offer is crap, and increasing the price will only hinder sales.  

Hope this helps! 

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