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How To Set Fair Prices In Your New Business

Loudpixel’s Allie Siarto discusses how to approach pricing strategy in two very different business models.

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Allie Siarto is the co-founder of Fare Oak, an online women’s clothing company that donates 5% of every sale toward scholarships to send kids to summer camp. 

 

Pricing strategy is one of the biggest challenges new entrepreneurs face, especially in a service-based business. But there are a few principles that can make it easier to set fair prices (and turn a profit), including:

  1. Know your industryaudience and persona.
  2. Understand what the market will bear.
  3. Have confidence in your abilities – and set prices accordingly.

 

Check out the video for details, and Allie’s take on how low you should go.

 

Photo & Video Credits

StartupCollective

Author : Young Entrepreneur Council

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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