This is probably the question I get asked the most, especially for first time startups: “What should I charge for my service or product?”
Let’s start with the obvious – you should charge a price that makes you a profit or that is a fair reward for your efforts.
Okay, now that’s out of the way, your pricing schedule is an important part of your business, its branding, and your marketing. You can set loss-leader prices, attracting people to your site or store, so that they can then see all the other stuff you offer. You can set premium prices, distinguishing your quality or scarcity from your competition. You can set a price based on your skill – doctors have to attend many, many years of medical school to accumulate skills you and I cannot hope to have. You can set a price based on experience – an experienced plumber can resolve your plumbing problems in half the time and twice as well as one just starting out.
Watch this to learn about the 5 factors that determine how you should be setting your price.
Here they are again:
- Supply and demand
- The niche
- Perceived Value
- A high return on the customer’s investment
- Customer satisfaction
This is where the fun starts after you’ve watched the video – click here and comment on how you set your price.
I have also prepared an Entrepreneur’s Business Health Checklist for you to check off the 6 key result areas for your business – click here and give me your email to get the download.
Now if you are a budding entrepreneur thinking about starting your own business, I hope reading and watching my blog and video posts are helping. But maybe not! Maybe they are just adding to your overwhelm about “Where do I even start?”
If that’s the case I have created an online training course especially for you. If you are a first time entrepreneur, or you have a great idea for a business, or if you’re working for a corporate but think you can do it better – this is the training course you need.
It’s called “How To Start Your Own Business” and in 5 online video lessons and 10 downloadable worksheets and information sheets, you will be taken through a step by step process to get yourself ready, test your idea in the market, design your business model, plan ahead, and take care of all the little legal and other details before you open your doors. It will clarify everything for you! As an online course you can take it at your own pace, and it is available to you forever for a one time payment.