How to know if your prices are fair?

My simple price setting guide.

Photo by ANIRUDH on Unsplash

Deciding how much to charge for your products or services is one of the trickiest parts of owning a business.

It’s easy to get caught up in wanting to make a ton of money right out of the gate, and it’s important that you’re paid fairly for your time and expertise. But remember you’re competing with other businesses that offer the same products and services, so stay similar and competitive.

If you’re charging way more than your competitors, your target audience will go with the less expensive option 98% of the time.

In order to make sure your prices are right where they should be, you need to do a competitive analysis.

If you’re a local business, look at other businesses offering the same product or service and go check them out. Visit their store or try out their service. What do you get for the money? Is it better, or maybe not quite up to what you’re offering? Then it’s simple if your service is better charge more and then use the “extras” you offer to expla…