I have an established service/business I have been running for years, and I am considered an expert in my field. I am rebuilding our very old site, which will have many new features and a membership aspect. Unfortunately, my pricing has remained the same over the last several years, and I have always given away more for free than I should have from a business standpoint. I want to make this a viable business model and compensate myself for the time I pour into it. The new site launch brings so much to the table, but it will also cost more to maintain. How do I raise my prices without losing my customers? How do I price our new products without pricing them out? There is no one else who provides this local service.
First is you have to identify and study your market. You do not want your efforts to be put nowhere that is why you also need to raise your pricing considering the following factors:
1. If the market price (purchasing cost) increases
2. If you expenses related to your business increases
3. If you think your business is not looking competitive in terms of pricing (I mean psychologically, people think that when your price is quite higher that others, your business is more quality)
4. If you are not profiting.