5 pricing mistakes and how to avoid them

Pricing your products and services can be challenging at the best of times – and it’s easy to make mistakes along the way. The good news is that with careful planning, research and the right pricing strategy in place, you could feel more confident with your pricing decisions.

One of the SBDC’s experienced business advisers, Steve McLaren, has seen businesses make some easy-to-avoid mistakes when it comes to pricing, and he has these tips to share.

Mistake #1: Thinking only about cost, not value

According to Steve, it’s important to determine prices that are neither too low or too high. You need to consider the costs for your own business – but there’s much more to it.

Read More: https://www.smallbusiness.wa.gov.au/blog/5-pricing-mistakes-and-how-avoid-them