Are you feeling it?? The high prices, here, there and everywhere?
I'm sure you are. Everyone is feeling the impact. It's hard to see how high groceries have risen, how high gas is, how high everything is!
If you're a small business owner, what do you do? It's hard to raise prices and still get customers to shop. I have tried soooo, sooooo hard to keep my prices as low as possible but it's getting to be impossible!
Example: I purchase my essential oils from Lebermuth in South Bend. Not only do I think they have high quality products, but they are also less than a mile from my house so I can pick up my order and not pay shipping costs (which are outrageous right now!) Any way I can save money, I will.
So today I get an email from them asking if I want to purchase Patchouli Essential Oil because they're having a sale on it. I ask for a price. I don't use a lot of Patchouli but like to always have it on hand for those patchouli lovers and to mix with other fragrances.
The last time I purchased it was September 2021, almost a year ago. MY price (wholesale) was $67.90 per pound. That's a bit high but like I said, I don't use a lot of it. Today's price...ON SALE is $139 per pound!!!! That is more than double!
And this is what I have to deal with no matter what I'm buying. Raw materials have gone up so much, it's hard to buy anything but the basic supplies to make my products.
How do I continue to do business without raising my prices? I have heard for years and years, "Oh you own your own business, you have LOTS of money!" FYI, I didn't pay myself for the first 7.5 years. My employees have always made more than me! But I love my store and love helping people by making the best products I can but there has to be some sort of profit, I can't go bankrupt just because I didn't raise my prices.
I have been raising prices...slowly. So as not to shock anyone. But some raw materials have gone up dramatically, and so some of my prices have gone up quite a bit. Ya gotta do what ya gotta do!
I'll continue to shop for the best prices on raw materials, just like I have for years and years.