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Small Business Start Ups: Price it Right



How Much to Charge?

This is where research is invaluable. You need to know how much others charge for the same service or product and you need to know exactly what they provide for this amount. You may be considering offering an added service or a better product and you should take this into consideration.

However, when your business is new and you haven't yet built a reputation you may need to offer your service or product for less that it's actually worth. You can always put your charges up once people know the quality you are offering and your business is running smoothly.

This is why you need to be sure that you can survive in those early months - with perhaps no salary or income. Your business needs to establish itself before you can take a salary!



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Be Flexible!

Review, review and review again. It is unlikely that you will get your pricing right on the first go. So assess the situation frequently.

Use your business plan to record what you have done and what you have charged. Calculate probable profits and don't forget to include your tax!

And then make the necessary adjustments. If you were charging too little then put your charges up. If you're just not getting any customers or clients then you may need to reduce your charges.

Flexibility is necessary to succeed.


Home
Know Your Market
Price it Right
The Internet is Your Best Friend
Risk Management
Get Started
Useful Links