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More Money, Honey It's time to raise your prices. Here's a step-by-step guide to doing it right.

By Paul DeCeglie

Opinions expressed by Entrepreneur contributors are their own.

Do you rely on low prices to lure customers? Are youundercutting the competition? Discounting your products orservices? The strategy may be effective in launching a newbusiness, but it could lead to problems once you'reestablished. You can't afford to operate too long with pricesthat are unrealistically low. When it's time to raise prices,follow these steps:

1. Consider all yourcosts of doing business, including utilities, supplies, fringebenefits and your salary. How much would your time and knowledgecommand if you were working the same number of hours for someoneelse every week? (You may not be able to afford to hire yourself,but at least you'll have a target to shoot for.) Then includesuch items as insurance (business, health, auto), car expenses,telephone bills, taxes, equipment, repairs, travel and all otherbusiness-related overhead reflected in your meticulous records.(You do keep meticulous records, don't you?)

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