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The Economy is BAD, should I lower my prices? PDF Print E-mail
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Written by Art Mason   
Friday, 07 November 2008 08:20

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Should I lower my prices because the economy is failing and people are loosing their jobs and businesses? In a short NO! There is no need to panic and drop prices.

The city I live in is based on the auto industry. It has been hit hard with plant closures and job losses. Out of my student base I have lost about 1% of students due to the economic conditions, the rest are training and paying their bills on time!

Back when I first opened my school I had a very low tuition rate. At one time I had hit a little over 300 students, then in a very short order I lost 100 of them! This just about destroyed by business. Why? The reason is  things slowed down in the local economy, and because of what we were charging for tuition, the value of the program was not seen by the parents. We were the first thing to go!

Now with our monthly fees at about $150, we are doing very well while others are closing down. Martial Art schools have weathered many storms. Persevere my friends, this too shall pass!