Good profit margins are what it is all about. Too many business owners are scared to death to raise prices for fear of losing customers.
In many cases, competition does make it difficult. But there are many situations if business owners would do some research, they would find out there isn’t as much resistance as they thought. And when they finally raise prices, they find out they lose very few customers and make a lot more money (also increasing the value of the business).
Don’t wait too long. Business owners should check out their competition, warn their customers in advance and then raise prices in an orderly fashion that makes good business sense.