4 Steps to Determine Your Selling Price.
How do you determine what price to charge for your products or service? When customers ask for a discount how do you determine how much discount to give? If you are the type that pays commission on sales, do you pay a commission on the revenue or on the profit? Not many SMEs can answer these questions confidently except for those that have a finance background or those that have received business management training. For most others, they go the way of “guesstimation” In this post, I want to share some tips on how to tackle this very critical but sometimes difficult matter of how to determine your cost price. Establishing your cost price is the starting point in setting your selling price whether for goods or services. We will look at the major components of your cost, how to identify them and how to use this information to determine your selling price. What are the costs? By costs, we are referring to all the money you spend to make and sel...