Pricing your products and services can be a challenging proposition. You must price the product to be as profitable as possible, while not pricing yourself out of the market. It requires:
- Research to understand your competitors, their advantages and disadvantages
- A thorough and detailed knowledge of what it costs you to provide the product or service
- An understanding of your sales cycle (how quickly can you get your money back after you spend it) and much more.
The following insightful course offered by the Small Business Association is a great start on learning how to wisely price your product.