05 Dec Setting your rate
Don’t be lazy by setting your prices solely on the market, positioning your service or products somewhere around the middle, where they’re cheaper than some and more expensive than others.
Pricing is a fundamental part of your business model and strategy. Get it right and you’ll thrive. Get it wrong and you’ll struggle or possibly perish. Simply going for the middle will see you scrapping it out with the majority of your competition. Life will be hard.
It’s much better to deliberately position yourself in the marketplace in such a way that you set your price, rather than letting the market do it for you.
Most small business owners would do better by setting out their stall as an exclusive, high-priced boutique, selling high-end products with large margins, rather than cheap mass-produced products. For example, you’d have a better chance of being successful selling a small range of expensive handbags in an exclusive shop, than selling larger quantities of low-priced mass-produced bags.
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