How To Price Your Product/Service One of the biggest mistakes entrepreneurs make is pricing their products or services based on guesswork or gut feeling. And that’s how they either price themselves out of the market or undervalue their offer. Here’s how to do it right: 1️⃣ Research the Market Rate Before setting your price, find out what others in your industry are charging. Why? Because: 📌 If your price is too high without added value, customers will choose your competitors. 📌 If your price is too low, people may assume your offer is low quality. 📌 Knowing the market rate helps you position yourself competitively, whether you want to match, undercut, or premium-price your offer. 2️⃣ Factor in Your Costs & Profit Margin Don’t just charge based on what others are doing, calculate your costs and ensure you’re making a profit. A business that doesn’t make profit is just a charity in disguise! 3️⃣ Consider Your Unique Value Proposition What makes you different? If you offer better quality, faster delivery, extra perks, or exclusive expertise, you can charge more and people will pay! 📌 Pro Tip: The right price isn’t just what you think is fair; it’s what the market is willing to pay while keeping you profitable. - Victory Markson