All the signs are there and they have been for some time. But now we are beginning to see the increases in everything. For most us, our businesses are small and cannot bear a substantial market increase. We usually are competing in a market that will allow us to flourish if we can make our products, designs or items a value in the customer’s eyes. Many times we equate this to a monitory value and this type of value may not survive the next increase. How have you priced your products and will you survive the next increase?
1) Value: Relative Worth or importance
2) Material Worth.
We have to address this because if you create worth and importance in your product material worth will come. But if you have this backwards and have created a product based on material worth and your customers do not see the importance then you will be hurting.
We just got the word from our supplier that many of our favorites will have price increases in the near future…. Many of the items we use to make soap are increasing and that means a lot of soapmakers will be forced to increase their prices or absorb the difference. We are seeing coconut oil and palm oil prices rising at an alarming rate. Have you notice coffee prices lately? All these signs are making a point for you to get ready.
What really makes me sad is that we will begin to see in the near future many small businesses giving in and giving up because they cannot make a profit anymore. This is just beginning~
What have you found? What are doing to prepare for what is to come?