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Pricing Your Product or Service
How much are you going to charge your customers for your product or service? Getting your pricing right could double your profits at a stroke.
Many start-up businesses work out a cost figure for each product and add a modest mark-up - known as cost-plus pricing. While this method is common, it is not the only way to arrive at a price. Invest serious thought into your pricing methodology at an early stage - it can pay big dividends later.
Pricing is based on three critical points:
- What your product or service will be worth to your customers - its value.
- What it costs you to produce your product or provide your service.
- The price your competitors charge.
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