Guide

Price your product or service

Introduction

The price you charge for your product or service is one of the most important business decisions you make. Setting a price that is too high or too low will - at best - limit your business growth. At worst, it could cause serious problems for your sales and cashflow.

If you're starting a business, carefully consider your pricing strategy before you start. Established businesses can improve their profitability through regular pricing reviews.

When setting your prices you must make sure that the price and sales levels you set will allow your business to be profitable. You must also take note of where your product or service stands when compared with your competition.

This guide shows you how to build a pricing strategy and how to work out your costs and pricing to make sure your business is profitable. It also looks at different pricing tactics and changing your prices.