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In 2016 I was made homeless and just had the clothes on my back and some debts, then over the coming the years I learnt how to negotiate by debts and get the debts repaid.Then when Covid hit I decided to help family and vulnerable people that was struggling with making ends meet and burying their heads and not dealing with the situation.
This then developed in help business owners dealing with financial issues as not making the sales so making profit to be able funding the house to pay the bills and putting food.
Once I saw what is happening with business using profit to pay for the household cost, I could see that there is better for business to charge for their services and build a life and make a profit to invest into their future. So developed my own pricing system that now is helping business take back control.
Setting the right price ensures that your business can generate sufficient revenue. Your prices need to be high enough to cover the costs of producing and selling products or services as well as generate a profit. If prices are too low, you won’t be able to cover your costs and risk not being able to generate enough profit to stay in business. However, if your prices are too high, you risk losing customers to businesses that offer lower prices.
Correct pricing helps you gain a competitive edge in the market. To compete effectively, your prices need to be competitive with the prices of other businesses in your industry. If your prices are too low, customers may associate your products or services with lower quality or value. On the other hand, higher prices can create a perception of exclusivity or higher quality.
Do your research before you set your prices. It is important that you understand the market for your products or services.
Setting the right price ensures that customers perceive fairness and value in their purchase. If customers feel they are paying a reasonable price for the quality and benefits they receive, it enhances their satisfaction and increases the likelihood of repeat purchases and positive word-of-mouth referrals.
The correct pricing strategy allows your business to adapt to market changes and respond to competitive pressures. With a well-structured pricing model, you can make adjustments based on factors such as demand, supply, competition, and economic conditions, ensuring your business remains agile and resilient.
Pricing also plays a role in shaping your brand image and positioning. Premium pricing can position your business as a high-end or luxury brand, while lower prices may target cost-conscious customers. Correct pricing aligns with your brand identity and positioning strategy, reinforcing the desired perception in the market.
Correct pricing is essential for your business’s financial success, competitiveness, and sustainability. It impacts profitability, brand perception, customer satisfaction, and enables effective financial planning and decision-making.
Don’t be one of the 85% living pay-check to pay-check. By establishing the correct pricing, you can take your business to thriving, not surviving.
