How price sensitive is the business

[taters]

I recently bought a coin laundry and the repairs have been a bit more than I bargained for. I would like to Increase my pricing but I am afraid of losing business to my competition.
I have 3 competitors within 2 square miles. I happen to have the newest store in the area but I'm not sure that makes a difference.

[Duane]

Don't be afraid to be the price leader in your area if you have a clean, well maintained store.

You may lose some customers when you raise your prices so your gross will probably end up about the same or a little more, but you will have less expenses (lower utility, less cleaning, less maintenance).

With the newest store you should be just above the other stores prices.

The best time to increase prices is when you upgrade equipment.