Of all of the skills necessary to start and grow any embroidery business, the one that most people have trouble with is establishing equitable pricing for their services. Here are a few tips to help:
- Build a price sheet to establish credibility in your pricing. Customers are less likely to negotiate with published prices than those quoted verbally off the top of your head.
- Deliver the price with confidence.
- Offer options, not just one price. Offering a less expensive product or suggesting using fewer stitches or a smaller design are all ways of reducing the cost of an item without cutting into your profit margin.
- You can use discounts to attract first-time buyers, but selling at cost is only effective if used on a short-term basis only.
Pricing does not have to be a difficult process. It may take a little bit of time to calculate your costs, but the process is not difficult. Once your prices have been established, constantly check to see that you are using the most proficient and effective tools and methods to do your work. This will contribute to lower prices and higher profit margins.
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