I remember when the guy came over and installed the new sink faucet for me, $125.00 for 45 minutes. Or the guy that hung a new light fixture in my store, $300.00 in one hour. Heck, I just shelled out $350.00 to a dude for 3 hours of tree trimming.... Tire rotation, State Inspection, check the air conditioner and oil change last week, a fast Franklin plus. Am I worth what these guys get paid, Yes I am.
Interesting that I was just reading a Usenet group for DFW and there was a person that needed a battery replaced in his Movado. A sweep of the mall and the first place wanted $7.95. "I was not about to trust them with my watch at that price" he said. Next place was a chain store, leave it 5 days and $25.00. He wanted it now. Last stop was a repair chain found in most malls, $30.00 and they did it right then with a two year guarantee. Done deal. Note that the 1st place was too cheap, he could not see the value of quality, the 2nd place took too long, the third, while the most expensive, was just right for Goldilocks.
We use Geller’s Blue Book, we get the prices, we live better because of it. Another thought. If you think that you will lose customers due to the higher and deserved price, what percentage will you lose? 10%? 20%? (You won't) OK, say if 20% walk (they won't) and your prices increased 25% for what you charge now, you get 5% more money for less work, less material bills, less risk of a job gone bad.
I remember the day when the shop was to bring in customers so you could sell them your jewelry, those days are gone. There is no loyalty anymore and the shop must be a profit center for your store. Otherwise it is sucking profits from the other areas.
There’s a good point about pointing at the price in a book. Even for the prices I know, I always open the book, point at it and say "This is all it will cost to size your ring, check and tighten each stone, and I will warranty against stone loss for 1 year". The normal reply is "When can I get it?"
Use the book, then use the extra money to take your family somewhere nice for a week and enjoy what life is really about. Randy Chambers
Randy Chambers: Chambers Jewelers-Fort Worth, TX