I look at two things
when I price products.
The first is
the current market price.
The second is
my costs to produce
the product.
When I first start
my business building,
I am usually
a one-woman business.
I’m producing the product.
It is tempting to price
my labor costs at zero.
Do NOT do this!
Why?
Because your time
is worth something
and
pricing it at zero
means you’ll never grow
your business
past a one woman shop.
You are limiting your business.
I cost my time,
at the minimum,
at the living wage
for my city.
Thankfully,
there are plenty
of resources
to tell us the living wage.
Why a living wage
and not minimum wage?
Because
the possible negative press
over paying less
isn’t worth the savings.
Ensure your pricing
can cover
employees making a living wage.