Pricing Basics for Small Business 

A series of price tags. Represents setting prices for your products or services.
Author: Kody Wirth

Kody Wirth

Kody Wirth

1 min. read

Updated May 10, 2024

Pricing products or services can be difficult. 

You can’t just pick a price out of thin air and hope it will lead to profitability.

To do it right, you must understand your costs, customers, competitors, and goals.

But how do those translate to setting a price? This guide will show you.

What you need to know about pricing

Make pricing easy by knowing the basics.

Pricing is just part of the equation

Finalizing your pricing strategy is one of the last steps you need to take before it’s time to document everything about your business. Along with your pricing, you should have landed on a solid business idea, validated it, conducted market research, and decided on your business model.

If you’ve completed those steps, take what you learned and turn it into a plan for running your business. You’re ready to write a business plan

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Content Author: Kody Wirth

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.