Chapter 12The Four S’s: Strategy (Pricing)
A friend of mine, Sarah, started a new gluten-free cupcake business. Her friends and family love the taste of the cupcakes and now her church wants to order three dozen. She wanted to know how much she should charge her customers. I told Sarah that the short answer is “It depends.” I then went on to explain why it depends—which is what I’ll do later in this chapter. This area, pricing, by far is one of the biggest obstacles entrepreneurs face. Pricing is important because you will lose money on every sale if you price too low. If you price too high, you can lose potential sales in the process, especially if you’re a new business. It’s extremely difficult to succeed if you start a handbag company and ...
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