Join Whitney Johnson for an in-depth discussion in this video Setting prices, part of Entrepreneurship Foundations.
- In order to have a successful business, it's important…to determine the right price for your product.…Price too high, and your business stalls before it starts.…Price too low, volume may be high…right up until you go belly-up.…To get the price right, here are several considerations.…Ask your target customers what they pay…for a similar product or service.…Do they buy online or prefer to buy at the store?…Do they like a la carte or all-in-one pricing?…What price ranges don't require outside approval,…a manager if you're selling to a business or B2B,…significant other if you're selling to individuals or B2C.…
Use this as a starting point.…The next step is to benchmark against competitors.…If your product is better than the competition,…demonstrate it and charge more.…Conversely, if your product has fewer features,…acknowledge it and justify a lower price.…Next, err on the side of pricing too high.…You can always lower your prices.…But once you have published prices,…it's a lot more difficult to raise them.…More often than you'd expect, entrepreneurs price…
- Finding your idea/problem to solve
- Finding your first customer
- Writing a business plan
- Deciding on a legal structure
- Building a team of employees and advisors
- Marketing your business
- Building a website
- Minding cash
- Managing stress
- Funding growth
- Balancing entrepreneurship and life
Skill Level Appropriate for all
Financial Literacy: Reading Financial Reportswith Rudolph Rosenberg1h 25m Appropriate for all
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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