Putting a price on your business
Once you’ve decided on a business plan; what your product is going to be and which market you are going to target, the next thing to do before taking the product to the marketplace is to decide on a retail price which will enable you to make a profit. Now not having had much experience of business, this being my first venture into the world of fellow entrepreneurs, this was probably one of the more testing decisions for me and especially with the product being a small commodity it seems to make it more difficult. I thought the only way to work it out was literally to price up all of my individual ingredients and then find a price which was reasonable for the consumer but enough for me to take something away. I’ll have to see how my costs go down with the punters.
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