498 – Pricing Fundamentals for Small Business

How to price your product or service. Henry Lopez shares the fundamentals of pricing your products or services to operate a profitable small business.

Show notes page: https://www.thehowofbusiness.com/498-pricing-fundamentals/

Downloads available on the show notes page:

• Pricing Fundamentals for Small Business Owners
• Priceless BizNotes

How do you price your product or service to find that balance between what your target market will pay and what you need to charge to make a profit?

On this episode of The How of Business podcast for small business owners, Henry Lopez shares his approach to pricing and what he has learned from other experts about pricing for small business products and services.

Pricing Markup Calculation - 6 Steps:

1. Calculate Indirect Expenses (Overhead).
2. Calculate Cost of Goods Sold (COGS) or Cost of Sales.
3. Set Target Selling Price.
4. Calculate Break-Even Point.
5. Determine Markup.
6. Adjust Selling Price.

Henry Lopez is the host of The How of Business podcast – helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs. Find the best podcast, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com