How much should I charge?
@artsyfartsygypsy (755)
Canada
July 17, 2010 10:01am CST
I looked it up on the internet adn I couldnt help but see all kinds of information that was justnot hlepful. In business how do you know what to set your price at? How doy ou measure your serices or products worth?
Specifically, Im opening an event palnning business that's already maiing some money but Im not sure what I should set my price at for my work. Any suggestions ior exoperiecne stories
2 responses
@joiele (49)
• Philippines
27 Jul 10
you should calculate all of your costs. labor, overhead, raw materials (if any) then add a profit margin. percentage of what do you want your profit should be. after that, do some market research. look for competitors and see what's their price. you can also check the quality of their product compared to yours. then be logical about it. ask yourself if you are the consumer, what would you prefer? if you can't be logical about it, ask a trusted someone to help you. its also good to start at a low price, w/ very minimum profit margin at first since your product is not yet popular. after that, you can start climbing your price. hope i helped...
@diamania (7011)
• Netherlands
17 Jul 10
Calculate all your costs, think about a fair profit margin and set the price. If people aren't happy about the price and you see that in your statistics you lower the price. It's basic economy but there's no real surefire way to calculate the best price unless you do market research.