Starting my business, I was completely lost when it came to pricing my services. I was terrified that I’d price my work too high, a mistake that could cost many tons of customers, or price way too low, a mistake that could cost me tons of money. Either way, pricing my offerings was (initially) a huge headache, surrounded by weeks of agonizing anxiety over whether or not my rates were “too high” or “too low”.
Truth it, selecting the right price tag can mean the difference between losing money or making money – in more ways than one. The wrong price can leave the entrepreneur missing would-be revenue, losing money on each sale, not selling anything, or unable to fulfill orders cost effectively. Any way you approach the pricing dilemma, research your competitor’s prices and undercutting them isn’t exactly a dream-formula for perfect price selection.