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Three criteria for deciding how much to charge
Education, experience and efficiency
You’ve finally figured out what you want to offer and sell, and it comes to that final question. How much should you charge?
When you have a product, you do a bit of research, looking in shops and online, to see what other people are charging. You then adjust this a little, as you figure out where you want to position yourself. You take into account all the other costs that you’ve already paid during production.
At this point you might be blown away at how much or how little profit you’re going to make. In any case, generally speaking, people have an easier time when it comes to charging for a product.
On the other hand, you might have a service, and as an annex we could also put bespoke products since they are often more labour intensive and thus your service. The main shift now is that they’re not only paying for material goods, but your time.
This is where the problem starts — how do you value your own time? Here we look at three factors you should take into consideration before making a decision.
Value of Education
The majority of us go to primary and secondary school. Depending on where we live, around 50% of the population also head to…
