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This Wednesday I will be giving all of my Chyc Entrepreneurs a FREEBIE! This Wednesday I will be giving away a free reply of last week's CEO Conference Call about the importance of pricing your inventory correctly! But first I have a little homework for you.
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?
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