Ask Brad Sugars

I started my own small cycle repair business two years ago. With a growing demand for this, I am not able to keep up- despite working for 14+ hours a day… I cannot afford to hire additional staff and it is becoming hard to pay the bills and keep the business running. This is now taking a toll on my personal life. If I increase prices, I will lose customers for sure. I find it difficult to abandon a business that has such high demand but looks like I just can’t keep up. What is your advice?

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It looks like you are working too many hours. Have you ever valued your time in terms of money? What are you charging for your time? If the demand is ripe, you should also be able to hire someone and pay them.

Raise your prices. While it is true that you will lose some customers, you will also gain more profits –which is more important in business. Even if you don’t raise process, you will end up losing customers as clearly you are having a tough time keeping up with the amount of work you have on hand. There will be delays and customers will go elsewhere on account of these delays.
By raising prices, hiring additional help and keeping your customers happy, you should look at gaining repeat business and also gain control of your business and life. If you need help on how to manage your time, a Business coach will help you.