How much should I sell that for?

You have decided you are going to start your own business. You have a product or service in mind and now struggle with the question with high/ low should you set your prices. There are a couple of methods most business people use to set prices namely:

  1. Market pricing: look at the market to see how much similar products are being sold and price your product accordingly.
  2. Cost plus pricing: compute your total cost of acquiring the product and do a markup of total cost
  3. Bait pricing: price your product so low or freely give it a way to create a market

The blogs to follow will discuss the plus and minuses of using each of these pricing models.

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