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Guide to setting the right price

Learn how to price with these 4 tips
By Joyce Roque |

After finally pursuing the business idea you’ve always dreamed of and finding the right suppliers, the next important step for any entrepreneur is deciding on the pricing. This is a tricky step that could mean the difference between business boon or bust.

Price it too low and you risk diluting your brand. Price it too high and people will unlikely buy from you again. One should aim to hit the sweet spot between cost of goods and perceived value.

Overall, remember to be open to price adjustments as you grow your business and get to know your market better. Sometimes the best way to see if the price is right is to stay in touch with your customers by talking to them and studying their reactions to the product.

Here are the steps of pricing your products well.

Photos courtesy of stock.xchang

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