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Pricing your product or service (5)
Rags to riches
It is no exaggeration to say that changing
your approach to pricing could double your potential profits at a stroke.
Most start-up businesses use cost-plus pricing. They work out a cost figure
for each product and add a modest margin. Then they slave away, year after
year, unaware of the opportunities they may be missing. It can pay big
dividends to put a little thought into your pricing.
The three basic questions you must ask yourself are, in order of importance:
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