The Price Is Right: Setting Your Prices Right The First Time



Here are a few things to consider when setting prices for your e-boutique.

1. How much did the product or service cost you? If you are selling a service, did you have to take a class or get a certification? If you are selling a product, what did the product cost you? Take in account the materials, the labor, and the monthly overhead of your business.

2. How much are your competitors charging? You want to be competitive in pricing. If your competitors are pricing their items way lower than you, it may deter customers from purchasing your products or services, but be sure that they are not charge less and the quality of their product is less than yours. Which brings us to the next point.

3. Your products or services value to your customers. If you are providing a product or service that is of a high value and is a quality product or service, price it accordingly. Don' be afraid to charge what your product or service is worth. Ask yourself, would I pay that much for it?

GET THE PRICE IS RIGHT: QUICK GUIDE TO SETTING YOUR PRICES E-DOWNLOAD

After you have assessed those three factors, there are still a few things to consider in how it is you are going to price your products or services. You change charge an hourly rate, a variable price, or a fixed rate. In most cases, these are all choices that will be made by each individual business owner. I encourage all business owners to research their market and test it out. If you have a product, and you can afford it, offer it for free for a short period of time and assess the demand. If you have a service or you are selling knowledge, see how interactive your target market is when you offer your product for free, then charge a smaller fee and see how that goes.

Raising your prices over time is okay, if your products and services are improving with times as well. It is important to make sure that you come up with a good place to start so that your customer’s don’t feel strong-armed if prices do rise. They need to feel like your product or service is worth it. The best way I have found to tackle raising your prices, it to be open and honest with your customers. If at some point, I am getting too many inquiries and I can handle them all for free, if I charge $5, Im sure my readers would understand.

#sellonline #onlinestore #website #profit

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