Scrapbooking Supply Finds at Garage Sales

Ever the princess of frugal, I am always on the look out for good bargains and deals at garage sales, that I can actually use. I avoid purchasing anything if I don’t have an immediate use for it, or I cannot see the long term benefit of buying it. Recently I have attended many garage sales with scrapbooking supplies, and have been very fortunate to pick up some awesome deals on things I will most definitely use. That seems not only frugal to me, but a fun find as well. I got pretty lucky on the first weekend we attempted … Continue reading

Competitive Pricing: Are You Offering Comparable Products and Services?

Earlier today, I wrote an article about how to research your competition and compare various pricing structures. It is important to keep in mind that when you are looking at what other businesses in your industry are up to, that you truthfully consider what products and services you are offering and whether they are comparable. If you are going to charge comparable prices, you really need to be offering comparable services. For example, if you offer housecleaning and maid services, look at your competitors—not just at their prices but the value of the service that a consumer gets for the … Continue reading

Researching Competitive Pricing

As small business owners, we know intellectually that we need to set our prices in such a manner as to be competitive with other businesses in our industry and area, but figuring out how to go about that can be another matter. The first step in establishing competitive pricing for your products or services is to do some research to find out what is going on in your market. Initially, you need to define what your market is and who your competitors actually are. In this day and age, that can definitely go beyond geography. For example, if you are … Continue reading

Too Big of a Price Increase

Price increases can be an extremely touchy subject in many businesses—small or otherwise. While they are inevitable and you will likely have to wrestle with how and when and what to do regarding a price raise at some point or another, figuring out how best to go about it can be tough. One thing to be extremely careful of, however, is too large of a leap or too big of a price increase. I have recently been working with an organization that raised prices on a certain service by 150% in the course of one month. Something that had cost … Continue reading

Sliding-Scale Fees and Prices

There are different ways to organize and deal with pricing in your home business and one of those ways is to consider offering fees or prices on a “sliding-scale” basis. This means that you set the price range, and depending on the individual’s resources and ability to pay, they may pay the low-end price or, potentially, the high-end one. There seem to be some businesses and industries that are better-suited for sliding-scale fees than others. I have noticed that some therapists and counselors use this type of payment structure and I recently signed up for dance classes with a dance … Continue reading

Can You Justify a High Price?

There are various ways of going about pricing—you can go with a bargain rate to try to attract buyers who are looking to save money, or you could consider offering a high quality product or service and charging accordingly. The general rule for charging a high price, however, is that you need to be able to justify the pricing. Pricing and the market can be interesting—people are willing to pay higher prices for all sorts of reasons. They will pay more for a popular brand, or for prestige, and they are also generally willing to pay more for a higher … Continue reading

Should You Charge More for Last Minute or Past a Deadline?

Increasingly it seems, everything is done last minute. People tend to treat deadlines as though they were a “suggestion” and not the last date for making a payment, a purchase, or filling out an application. Some businesses choose to just let all this last minute business slide and make accommodations, while others are finding that it is necessary and reasonable to charge fee for things that come in late. You may notice that if you attend a conference or purchase tickets to something, there is often a “price break” if you order or apply early. Of course, this is to … Continue reading

Do You Know the Competitors’ Prices?

Pricing can be one of the big challenges in any business. For many of us who are just starting out with our home-based businesses, this can be one of the areas where we feel the most discomfort—have we set competitive prices? Are they reasonable? Will our prospective customers pay that much? AND, once we do set our prices, we may not remember that we do need to constantly re-evaluate and make sure that our prices stay effective and competitive. A good place to start is to keep an eye on what our competitors’ prices actually are. So, how can you … Continue reading

Can You Justify Your Prices?

I have written before about the process of figuring out what your pricing should be in your home business—including how tough it can be to sort out exactly whether to charge by the hour, the project, or some other way. One thing that will come up, especially if you have set your prices on the higher end of the scale, is whether or not you can justify the prices you are charging. When I write of “justifying” your pricing—I do not mean defending the prices you have set for the products or services you offer in your home business. I … Continue reading

Are You Giving Away Too Much For Free?

Many of us give away samples, or offer free consultations or other cost-free offers to entice and motivate our clients or customers. This can be an incredibly effective way to market our products or services. But, how do we know if we are giving away too much? Perhaps we are offering things for free that are actually hurting our bottom line and we should cut back or curb our free giveaways for the benefit of our business? Of course, looking at your profit and loss statements or overall budget is one way to at least get a handle on how … Continue reading