[MINI-COURSE] Pricing Your Product or Service
Let’s get down to it.
I want to talk to you about the right way to price your product in order to make a profit. You may have some negative self-talk going on right now that tells you what you’re selling isn’t worth the price or that people can’t afford to buy your stuff?
Well, in this mini-course I want to dispel those myths and help you get rid of that mindset when it comes to pricing what you sell.
I’m going to give you the 5 keys to setting the right price and show you why you no longer have to compete on price alone and much more! Take a listen as I show you how.
Check out the video teaching below to get started!
Here’s a quick recap:
It can be easy when you’re just starting out to be timid in the area of pricing your offering.
You may have some negative self-talk going on that tells you what you’re selling isn’t worth that much or since you’re just starting out in business you need to charge a low price in order to get customers. But having the lowest price is not always the best business practice. Many business owners are afraid to set prices where they need to be and they automatically assume that customers will turn away from the higher priced item. But in fact, something that I've seen is that more customers are often drawn to the higher priced items because they believe that they’re getting a higher quality item.
Don’t lowball your prices and don’t compete on price alone.
When you discount everything, and try to be the cheapest, you will start attracting a certain type of customer. One that will leave you when someone else has a lower price. They are not loyal to you and your brand. They just want the cheapest thing. They can be problematic and they tend to complain more.
Remember, you are going into business to create a better life for yourself and in order to do that effectively, you need to set your prices at a place that matches your desires.
Here are some factors you need to consider when setting a price:
Upfront costs or the expenses that are charged at the beginning of your business activity or product creation.
Fixed costs or the costs that remains more or less unchanged regardless of your sales and how much business you are conducting. Examples of this include: insurance, interest, rent, salaries, and wages.
Variable costs or the costs that varies in step with the output or the sales revenue of a company. Examples of variable costs include your material, energy usage, labor and costs for the distribution of your product or service.
Ongoing costs, otherwise known as operating expenses meaning the expenses associated with the maintenance and administration of your business on a day-to-day basis.
And your profit margin or the amount that revenue from sales exceeds costs in a business.
Now, I want to extend an invitation to you to join the Accelerate Circle™. This is my VIP list where I share business strategies + inspiration to help you grow in faith, life, love & business. As an added bonus, you’ll receive a FREE copy of my Quarterly Business Goals Planning Guide for signing up. Join HERE.
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What was your favorite takeaway from this mini-course?
Share your thoughts with me in the comment section below. Have questions or want to share advice you’ve learned on your business building journey? Drop ‘em below in the comments too!