Setting prices has always been a challenge for all businesses but especially so for small businesses. The lack of resources and knowledge as it relates to competitors? prices plays an essential role in why small businesses find it challenging to set prices for their products and/or services.
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Three things should be taken into consideration when setting prices: production costs and/or time (for service-based businesses), competitors? prices and value proposition to the customer. If you do not have a grasp on the value your business adds to the lives of your customers, you are doing yourself and your business a disservice.
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