ilong
God's Own
Unfortunately, this year I am forced to raise prices for products that I sell in my business. While putting together some communication on the price increase (when, how much, why, etc) and new policies I thought about LHCF. I've seen (not so positive) posts regarding vendors and pricing, I thought I would share my business experience.
Unless persons are or have been a business owner their is a lack of understanding/knowledge regarding expenses which must be funded by product sales. Consumers should not be concerned with these expenses; however, when consumers want products "for cost", an awareness of business expenses is usually necessary. The sale of one product must satisfy countless ( at least 25) expenses and the hard work of a small business owner is rarely compensated.
As we all experience in our day-to-day living, american, and certainly black owned businesses are becoming extinct due to foreign control and domination.
I am not looking for advice or empathy in terms of this post or my business.
I am simply asking that the next time you want "a deal", free shipping, etc. to consider the affect it will have on struggling small businesses, especially small black businesses.
Thanks in advance for taking the time to read this post!
Happy New Year to All!!!
- One of the primary reasons I must raise prices is MOST customers want "a deal" ALL the time. Unfortunately, if a customer buys one item then return to purchase a second item they want "a deal" because they made the previous purchase. (I offer numerous incentives but buy one get one at a deal is not one of them)
- Next, is shipping costs - customers frown at the necessity of paying shipping costs, if required. (In today's cyber world that is crazy but it happens more often than not). And they frown at the cost, something not determined by the business. USPS,UPS, FEDEX, DHL, etc does not offer discounts to small businesses. We pay the same rates as consuers. lAs you all are aware, especially for shipping between countries, shipping can be very expensive and it
- If I give a flat price for an item - it includes taxes BUT unfortunately consumers seem to ***forget*** that taxes must be paid.
- Consumers want it yesterday, and to do this requires employing additional help, which comes with a payroll, funded by business sales - so price increases would be necessary to fund a payroll.
- My business policy is to NOT upcharge on certain items that I offer, attempting to make my products available and affordable for MOST and consumers are aware of the policy - until it's time to pay for purchases. (For example my costs for a size 12 shoe is the same as for a size 9 shoe.)
- It is also my policy to keep product costs low to make them affordable for everyone, compete with the big houses and foreign competition, while still being able to meet business expenses and be profitable.
- Asian business community is a VERY strong, united, tight business network. Wholesale pricing to "outsiders" is higher than it is to businesses in "their network" to ensure "outside businesses" do not have the competitive edge.
- Credit card theft/fraud - consumers charge their purchases then file unjustified disputes with credit card companies.
- Theft is another issue - and believe it or not GROWN @&%Adults steal more frequently than young people.
Unless persons are or have been a business owner their is a lack of understanding/knowledge regarding expenses which must be funded by product sales. Consumers should not be concerned with these expenses; however, when consumers want products "for cost", an awareness of business expenses is usually necessary. The sale of one product must satisfy countless ( at least 25) expenses and the hard work of a small business owner is rarely compensated.
As we all experience in our day-to-day living, american, and certainly black owned businesses are becoming extinct due to foreign control and domination.
I am not looking for advice or empathy in terms of this post or my business.
I am simply asking that the next time you want "a deal", free shipping, etc. to consider the affect it will have on struggling small businesses, especially small black businesses.
Thanks in advance for taking the time to read this post!
Happy New Year to All!!!