Price is right

As an entrepreneur, pricing is important to the success of your business. We have to attract our target market with quality products and affordable prices. "Affordable" is different for different people, so you have to meet them all in the middle. Research your market and determine what companies you want to compete with and be honest with yourself and decide if you can first match in quality before determining your price.

Celebrities can charge extra for their name, plus the money they invest in the product and the marketing of that product. Small businesses have to consider the same aspects minus your name of course. Charging extra for your name is a goal. However, how much did you invest in the product? Packaging? Matketing? Shipping? Travel and your time? Yes, I said time because time is money and the goal is to pay yourself so you don't have to depend on someone else to do it.

Charge your worth, but be realistic about what that value is. If you over charge you can lose customers. If you under charge you lose profit and go out of business. For those that still work a full time job this won't have as much effect but if you are a full-time entrepreneur this can send you back to the full-time job you worked so hard to transition out of.

Once you determine the price, stand firm and find the right customers. Please read this last part with a reflective heart, employers and employees are valuable to the economy. Determine which one you truly are, just because you see a lot of people starting businesses doesn' t mean you should too. Above all things, be happy with whatever you do.

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