“How much?” can be a loaded question when you are a small business owner–especially if you are just starting out and unsure of what to charge. We know that question is inevitable in any good conversation about your product or service; it’s only natural! The potential client wants to be sure your product or service fits within their budget, and you want to be sure you are getting paid fairly for the work you will be doing.
But just how does a small business owner go about setting their prices? Glad you asked! I’d like to share just a few items for you to consider. These are obviously not all of the factors, but they will get you started on the journey to creating a pricing strategy that’s good for your business, and good for your clients! Here are a few things you’ll want to consider:
- How much are your costs to run the business?
- Who is your competition, and how many of them are in your area?
- What’s the value of your product or service to your potential client?
- What income do you require per year?
- How much experience do you have with your particular product or service?
Now, as I stated earlier, these are only a few of the many factors that go into pricing. But we have to start somewhere, and these questions will help you get started. Before you know it, you’ll be on the path to getting that pricing structure set! And if you should need some help, please head over to the Contact page and send me your info so we can talk about your business and how I can help you succeed!