Pricing for Entrepreneurs – 10 Steps to boost your profits!
Your pricing is one of the key factors in whether your business will be a successor a failure.
Price too low, and you’ll go bust because you’ll run out of money. Price too high and you’ll go bust because you run out of customers.
But what does pricing too low actually mean?
Usually, it would mean setting your sales price at a lower value than the cost of actually producing your product. But sometimes, this can be a good strategy to bring you customers in who’ll spend lots of money with you in the future, generating lots of profits.
And what does pricing too high mean? Often, it’s not about the price itself – it’s about the value you deliver and the perception. For some people, their ideal holiday might be camping in the Lake District. For others, it would be a five-star all-inclusive in Hawaii. They’ll have wildly different prices, but are great value to their audiences.
In this guide, we’ll look at a number of strategies to get your price right.
You can use all of them, or some of them. Perhaps you’ll use none of them, but we wouldn’t recommend that!
It’s likely you’ll find some that work for your business and for what you are trying to achieve.
And, by combining some of them, we hope to help you increase your profits and make your business a huge success.
Take a read through our guide and let us know if you have any queries. Pricing is one of our favourite topics to talk about with our clients. We love to help them get it right and make their businesses a huge success.
How can we help?
If you would like any help with your pricing, please let us know. Not every strategy will work for every business, but we would be happy to have a chat and discuss what could work best for your business.
If you’d like to meet, please ring us on 0151 380 8080 or email us at gr****@jo******************.uk. We look forward to hearing from you.