A lot of startups treat pricing strategies as a math problem. Too often, it’s left at the very end of the product launch. As a result, 18% of new businesses failed in 2018 because of pricing or cost issues. Pricing is both an art and a science. It should be a combination of creativity and analytic thinking.
Entrepreneurs should take the time to build out a through pricing plan. Price too high, and you can stall your business right out of the gate. Price too low, and you may begin with unexpected sales volume which could hurt you in the longer term. As an entrepreneur, your challenge is to figure out what you need to charge.Continue reading
Launching a small business startup isn’t easy and the statistics reflect that many businesses quickly fail. Big ideas are often the launching point for a new business but success is the result of good execution, not just good ideas. The risks are high which is why having a strategy in place from the beginning is so important. Continue reading