A recent customer’s surprise at the total on his invoice prompted me to ask other people in my industry who work with my direct competitors how much my direct competitors were charging for their services. I found out I was grossly undercharging for my services. I wasn’t worried about how new clients would feel about the changes, but how would my established clients react? Here’s the solution I found.
Although a business plan isn’t necessary for every business, it does help you to see how feasible the business is.