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8 The going rate in the business when I started
8 was $25 an hour. Since my computer was low• end, I set my price at $20. I calculated that if I
did an hour of billable work a day, I could cover
S my overhead. I knew with Fredʼs X-Press PrintE ing as my only customer, I would do more.
P
T
E
Consider The Competition
M
B
E Setting prices relative to the competition is a
R good place to start. But make certain that you
2 will cover your expenses. There are a lot of low
0 bidders out there who are courting bankruptcy.
1 Be careful not to copy them. Set your prices re4
alistically higher. Justify the difference with
quality and service. Then let others copy you.
You should charge as much as people are
willing to pay. Is it better to sell five for $20
each or ten for $10? Well, the cost of your in-
ventory for five will be
lower, but people will like
you better if you charge
$10. If each items costs
you $7, youʼre going to
make more selling fewer
for a higher price. However, if a customer
comes to your store for
that particular item and
youʼve run out, he or she may think that you
donʼt have much to offer and may never come
back. What should you do if purchasing 100 at
a time will only cost you $5 each?
Your prices must balance your need to attract
customers and your need to afford an ample inventory. Naturally, the type of item you sell will
help you decide both.
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