You should increase your prices on a regular interval, such as once a year. Farriers are paid for the value they bring to the marketplace. It is useful to assess that value to determine a price structure that is representative of what the services are worth.
In a few years, when you debate whether to raise your prices by $2, $5 or $10 per reset, ask yourself these questions:
- Who should pay for the deterioration of my muscular-skeletal system and that this work is compromising my health?
- Who should pay for upgrading my shoeing skills and education?
- Who should pay for the fact it took me a minimum of 5 years of practice in this business before I became fully competent in the profession?
- Who should be paying for my insurance?
- Who should be paying for my retirement plan?
- Who should pay for all the expenses I incur as a result of operating my business?
If you answer all these questions honestly, I’m sure you will see the value of horseshoeing in the marketplace is a lot higher than currently recognized by those
in our profession.
You can read more about the subject in the 2012 edition of Getting Started in Hoof