Pricing - A Cautionary Tale
Ahhhh...the smell of money. As intoxicating and seductive as a gorgeous natural perfume....but....your business skills have to match your blending skills, and your PR skills may also be called upon if you're caught with your pants down, and your bottom line down even further due to bad planning. Pricing your product is a tricky business, and you have to take many current and future variables into account: Materials Labor R&D Loss Rent & Overhead Advertising Website Contract Manufacturing Employees FICA, taxes etc., etc. So many homegrown businesses start to fail when they start to grow because the owner didn't factor all of the above, plus some I've forgotten to list because I'm jotting this message down in between many errands today, so, basically, their success kills the business. Many of us won't reveal how we arrive at our price point. It's just too complicated, too personal. If you're really serious, and you wish for your business to grow beyon