Starting a new business can be difficult but the real challenge comes from pricing your products or services correctly. Price them too high and you lose customers; price them too low and people will think you sell low quality goods. Most people believe that if your making large profits then you must be doing great because you are making money but it doesn’t actually work like that.
Figuring our how to price anything in your company can be a nightmare and for many companies that have been around for a long time it can be hard to keep up with the market prices because if someone can find a better price online than why should they shop at your store? That is a question every entrepreneur will need to ask themselves so you need to have an answer ready.
This wonderful article shows the extent of what one person went through to figure out how to set his prices. Please take this only as an example of what one person did but not as a step-by-step instruction for what you should do; everyone’s situation is different and should be treated as such.