Entrepreneurs with Heart
Pricing for Profit: Unveiling the Hidden Costs of Running a Business
In this episode, Sydney and Adria delve into the how-to of setting prices for your products or services. They share tips on what to include when developing your pricing, calculating a fair profit margin, and communicating price increases to your customers. Sydney gets vulnerable and shares when she realizes that she has been undercharging for certain products. It's a candid conversation every business owner should tune into!
- Calculating direct and indirect costs
- Understanding market value and perceived value
- Determining a fair profit margin
- Communicating price increases effectively
- Balancing cost considerations with customer expectations
- Discovering the impact of undercharging on profits
- Exploring options for outsourcing and cost reduction
- Realizing the value of time in determining prices
- Discussing strategies for finding more affordable materials
- Highlighting the importance of knowing your worth in pricing
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