Pricing,Your,Service,Product,a business, insurance Pricing Your Service or Product: Things To Ponder Pa
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Terrific students attend the classes I teach. They askprofound questions that "stretch" my knowledge andresources. When I teach a building a business foundationowner class, I'm usually asked, "How does someone price aproduct or service?" During a recent class, I promised towrite down what's in my head and send it to the students.And because of them, you now have it, too. In order tokeep things simple, I'll use "services" to mean bothservices and products in the list below.1. Locate a trade association, organization or networkinggroup whose specialty is your service. If none exists, findan association with a similar product. In general,associations can tell you the high-low and average pricescharged by members. You can find some organizations listedin an article I wrote called "Network To Success". Find thelink at http://www.coachmaria.com/articles/ If you're acoach, visit these coaching resourceshttp://www.coachmaria.com/business/coaching.html and virtualassistants can start athttp://www.coachmaria.com/business/virtual.html2. Trade/Business Journals and newspapers contain articlesthat may include prices. At least once a year, I see anarticle about my industry online or in a periodical thatcontains industry fees.3. Ask your CPA for some ideas; after all, they deal withbusiness owners finances all the time.4. There are many career and employee guides that provideindustry or job related prices. You can view my favoriteresource, Occupational Handbook; online athttp://www.bls.gov/oco/home.htm Youll also find this bookat your Library's career resources area. Also check theLabor Department and Employment Security Commission forresources and brochures that can assist you. 5. Obtain thecost of raw materials and supplies necessaryfor your product. Surely you want to charge more than it'scosting you for the items!6. Many business owners place a pricing structure on theirwebsites. Using the industry name, plus the word "rate" or"fees", you can find those sites on the Internet.7. Determine your hourly rate. What is your time worth?8. Call similar businesses, outside your local area, fortheir prices. If you're not their competition, you have abetter chance to be told the score.9. Visit stores that sell the product you're interested inselling to determine their pricing system.10. Ask everyone you know "if" and "what" they will pay for"x".11. Use your Ideal Client Profile (ICP)http://www.coachmaria.com/ebooks/business2.html) to createdifferent pricing packages. The packages can differ inlength of time, products, and/or services. This way, youcan offer a variety of affordable pricing plans. Manybusiness owners who provide a service offer packages... fromcoaches, to web designers to virtual assistants.
Pricing,Your,Service,Product,a