Memoirs of an Entrepreneur (Pricing)

 

Pricing is something that most of us take for granted. Am not sure if you really think about price apart from when there is a price increase. Have you ever wondered how people price goods and services and what should be the correct way of pricing your items. If you price too high you will loose customers and if you price too low then you will not make a profit so there is a place where you need to come too rightly to price items. As a christian there is also God's pespective on pricing. The book of levitcus is where God instructed the Isrealites on how to price items

26: 14  And if thou sell ought unto thy neighbour, or buyest ought of thy neighbour’s hand, ye shall not oppress one another: 

God is very clear he does not want us to oppress another brother by putting our price too high that they struggle to buy our item and if they do they forgo other necessecities that they need in life.

When you are pricing your good or service what is the first thing that comes to mind? I have seen so many people in this nation price their goods so high it is absolute day light robbery. What is your intention in pricing getting rich over night or gradual increasing your sales and growing your business. There is premium pricing but that comes with time and quality. It is best to start pricing your items right. I choose to look at my motive behind what I am doing. For example if you sell meri blouse then your aim would be to dress woman of PNG so they look beautiful then you work backward towards your price. 

With your motive in mind you look at the cost of the good/service then you add your mark up on pricing. Be resonable with your price are good range would be 10-20% above cost above all be honest in terms of its value and quality and price at an affordable level.