In this video, Jacqueline shares her experience in setting the price for a product or service. Setting the price is an important decision you make as an entrepreneur. When you determine the price it is important to put yourself in the consumer. What would they have left for your product or service. Be flexible in the initial phase of setting the price.
If you find that the prices you are using are too high, you can consider lowering the price. Is there a lot of demand for your product or service or does the price not cover all your costs? Then you can consider increasing the price.
When there is growth within the company, you quickly have to deal with personnel. Examine the price again. Does the price you charge cover all personnel costs? How many hours does the staff work and what is the hourly rate of the staff? Once you have answered these questions, you can set the price again.
When a new price has been set, you can sell the contract price to the consumer. In this case, the cost price, the hourly price and the sales price must be clearly stated on a quotation or website. A tender is a procedure where a client asks the supplier to provide a quote for a delivery, service or work. This allows you as an entrepreneur to think differently about the price. This depends on the weighting factor within a tender. The focus can be on quality, professionalism or experience. The price can be a decisive factor. This can make all the difference whether or not you get that important deal.