It's a question that new business owners or hope-to-be business owners have been asking since the beginning of time.
"How do I know what to charge for my product or my service?"
The short answer is this: You Don't Know.
At least, I didn't know when I started my business.
I wasn't sure what my custom dining tables were worth.
But here's the other short answer: The Market Will Tell You Soon Enough.
Let me explain...
So I was getting my hair cut the other day at the barber shop and I was visiting with the barber about his day-to-day life and of course, his business.
I found it really interesting how the barber continued to grow his business, and it should happen the same way for new business owners as well.
Check this out...
When the barber first starts cutting hair, he isn't very well known, he isn't an absolute expert in his craft, so how does he set his pricing?
Why? Because cheap will help get people through the door when they don't know anything else about...
So you've decided that you're ready to pick your handmade product and build it.
You're taking the "entrepreneurial leap." You're making the change. Taking the risk. In hopes to change your life and the life of your family.
This can be a scary time, I'm not going to sugar coat it.
But it can also be one of the most exhilarating times of your life.
But... How do you even know what type of product you want to sell?
Let me walk you through the thoughts you need to think, when you're thinking about making a product to sell. (I dare you to say that 3 times as fast as you can.)
If you don't do yoga or wear leggings, don't sell yoga pants. If you don't know anything about something, don't start trying to build/make it and sell it just because you heard someone say you could make a lot of money doing it.
NEWS FLASH: you can make a lot of money doing ANYTHING...