The number one mistake entrepreneurs make with their products and services is pricing too low. In my experience, I have only ever seen a handful of businesses that overpriced their products. The trend I see time and time again in the Muslim small business world is undervaluing products and services.
Let’s stop doing this!
The price of your product is a signal to the customer. It signals the quality of the product, how desirable it is, and overall, what value the customer will place on it.
Here is a basic list of things you must take into consideration when pricing your product:
- cost of materials
- cost of labour (yes, even if you are the maker)
- your desired profit
Watch my video below on how to price your products and services. I’ve also answered questions from viewers and included a case study that we complete together.