Are Your Rates Right? Step-by-step Guide To Setting Your Prices
One of the most difficult things to establish when youre setting up any kind of service business is how much to charge for your time. Get this right and you should have plenty of customers and a business that pays you well. Get this wrong and your new business may never get off the ground.
If your prices are too high, your customers will go elsewhere – but, if your prices are too low you could end up working all hours for months on end simply to break even. Or worse still, to lose money!
One of the most frequent mistakes made by new businesses of all types is to think that people are only motivated by price in the buying decision. Consequently, a common initial approach is to find out what others in the same line of work are charging and undercut them dont fall into this trap.
Give the matter a bit more thought, after all, this is to be your livelihood and its essential that youre paid a proper and decent amount for your time and expertise with the proviso that both you and your customers feel you are giving value for money.
The following method may not be the simplest...
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