The thought of raising prices for our products or services makes many of us a little queasy. We know that our costs have gone up or the value of what we provide has increased, but we struggle to charge what we are worth and what we need to make things work. How do you raise prices in a way that doesn't alienate your customers?

As small business owners, we wear a lot of hats. We carry all of the information, nurture the relationships, make so many decisions, and play so many roles just to keep things moving forward. Here is how to run your business like a BOSS.

You're lying to yourself. More importantly, we are lying to each other.

We all have stories we tell about money. Some are positive, but some are flat-out lies that hold us back & limit our success. Here are a few that may be killing your bottom line:

No matter how much you love your work, you don't want to do it for free. Figuring out how to pay yourself is an important early step in any business set up. Your options are heavily influenced by your business entity type. If you have an LLC filing taxes as a sole proprietor you can't run true payroll for yourself. You are limited to owner draws to pull money from your business to your personal. Plan for your taxes separately through estimated quarterly payments or setting aside money throughout the year. If you file as an S-corp you need to run traditional payroll & you will need to pay yourself a "reasonable wage". Taxes will be taken out and paid automatically throughout the year.

One of the worst things about adulting is the long list of overwhelming and stressful things that require our attention. Many of us take this list {or at least some of it} and shove it in the back corner of a drawer and avoid looking at it as much as we can. Your business finances definitely can fall in this list. However, that can get us in a heap of trouble if we do it for too long.