Pricing is Everything!

If you have started a business on your own you will appreciate the time you have to invest in coming out with pricing of your goods or services especially if yours is the first of its kind in the market. According to Afsheen, (2018) pricing, a service can be trickier than pricing a product. Getting it right means valuing your time and expertise and accurately weighing up customer perceptions and market dynamics.

It may come in handy when you’re pricing a good rather than a service. With a product or a good, you can easily calculate your direct and overhead cost and then add your profit margin right away. But. . . . What would you be costing when it comes to service? Your time? Your expertise? Let’s just say you are a barber, a photographer, a plumber, an electrician or a graphic designer. You cannot charge the client for the machines you used in delivering the service. Right. You used those devices to render the services and it is the result you will price not the equipment used.

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