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Each November and December, Red Renchin’s footcare clients always asked how much he was going to increase trimming and shoeing prices at the start of the new year. They knew the farrier from Mequon, Wis., would be bumping up his prices anywhere from 3%-6%.
It was a business practice that Renchin knew was essential to stay ahead of rising costs and inflation. And as far as I know, the now-deceased farrier never lost any clients due to these yearly increases.
This leads me to the question as to what you’re thinking in regard to increasing your pricing for 2019. With both fixed and variable costs having gone up over the past year and more pricing increases likely in the coming months, what are you going to do?
Your clients are accustomed to paying more each year for the goods and services they purchase for their families and businesses. So they’re not going to be surprised by price increases, such as your need to keep your farrier business profitable in 2019.
Data from the recently-completed 2018 Farrier Business Practices survey shows an average charge of $142.09 for trimming and applying four keg shoes. (If you’re a paid magazine subscriber, you’re receiving a special 16-page report highlighting these American Farriers Journal survey results along with this issue).
Using Renchin’s typical price increase ranges as an example, this means the typical farrier seeking a 3% price increase needs to charge $146.35 in 2019. For a 6% boost, the price for…