Have you ever wanted to start a business selling a product or service? One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup, the owner must generate enough revenue to not only cover the costs of running the business but also bring in a surplus, which is the business’s profit.
No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
Requirements
International Open Academy courses are designed for anyone with an interest in learning. No formal qualifications are required to study with us. Our courses are suitable if you want to learn new skills, start a new career, or if you’re already working in a particular industry and wish to upgrade your talents and enhance your resume.
Module 1: Considerations To Make When Pricing A Product
- Costs, Profits, and Pricing: How are they Connected?
- When to Should Set the Price Point
- When to Review the Price Point
- Value-Based Pricing
- The Relationship between Product and Price
Module 2: Pricing Your Product
- Market Research for Products
- Cost-Plus Pricing
- Demand Pricing
- Markup Pricing
- Profit Margin and Future Planning
Module 3: Pricing Your Service
- Market Research for Services
- Determining Hourly Rates
- Determining Contract Rates
- Perceived Value vs. Profit Margin
Module 4: Making Pricing Adjustments
- How to Analyze Sales Trends
- When to Make Adjustments to Price Points (and when not to)
- Promotions vs. Price Adjustments
- Increasing Price Graciously
Module 5: Continuing Practices For Price
- Ongoing Market Research
- Maintaining a Profit Analysis System
- Monitoring your Market’s Future
Who is this course for?
- Anyone who wants to start a business but would like more information about pricing
- Those who have already started their business, but feel that their pricing is not optimal
- Managers or leaders of small businesses
- People who are looking to increase their small business knowledge and skill set
- Anyone interested in all aspects of creating and successfully running a small business
Career path
Upon completion of this course, you can:
- Confidently price the services and goods in your business
- Focus on other aspects of your business, knowing that you have the correct skills to set prices
- Assist other businesses with their pricing strategies
- Share the benefits of your knowledge in a consultancy
You will be required to complete each lesson in full, and answer exams at the end of each course module. If your pass rate exceeds 55% on each exam then you are eligible to access a certificate of achievement or other accreditation options to recognize your achievement.
Most of our courses will earn you credits through Continuing Education (CE) / Continuing Professional Development (CPD). CE/CPD points are accepted and recognized by professional member bodies and academic institutions across the US and internationally.
All courses are accredited by the International Council for Online Educational Standards (www.icoes.org) and the The International Association of Private Career Colleges (www.iapcc.org). When successfully completing a course, students can choose to purchase an ICOES certificate that recognizes the achievement, from this third-party institution.
IOA Original
This course is an exclusive offering from the International Open Academy (IOA). IOA Originals are thoughtfully crafted and developed either in-house by IOA or with complete ownership of production and distribution rights.
Our team of experts has worked diligently to create, write, and produce this course, ensuring it provides learners with a distinctive opportunity to access premium content on a wide range of diverse topics.
Have you ever wanted to start a business selling a product or service? One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup, the owner must generate enough revenue to not only cover the costs of running the business but also bring in a surplus, which is the business’s profit.
No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
Requirements
International Open Academy courses are designed for anyone with an interest in learning. No formal qualifications are required to study with us. Our courses are suitable if you want to learn new skills, start a new career, or if you’re already working in a particular industry and wish to upgrade your talents and enhance your resume.
Module 1: Considerations To Make When Pricing A Product
- Costs, Profits, and Pricing: How are they Connected?
- When to Should Set the Price Point
- When to Review the Price Point
- Value-Based Pricing
- The Relationship between Product and Price
Module 2: Pricing Your Product
- Market Research for Products
- Cost-Plus Pricing
- Demand Pricing
- Markup Pricing
- Profit Margin and Future Planning
Module 3: Pricing Your Service
- Market Research for Services
- Determining Hourly Rates
- Determining Contract Rates
- Perceived Value vs. Profit Margin
Module 4: Making Pricing Adjustments
- How to Analyze Sales Trends
- When to Make Adjustments to Price Points (and when not to)
- Promotions vs. Price Adjustments
- Increasing Price Graciously
Module 5: Continuing Practices For Price
- Ongoing Market Research
- Maintaining a Profit Analysis System
- Monitoring your Market’s Future
Who is this course for?
- Anyone who wants to start a business but would like more information about pricing
- Those who have already started their business, but feel that their pricing is not optimal
- Managers or leaders of small businesses
- People who are looking to increase their small business knowledge and skill set
- Anyone interested in all aspects of creating and successfully running a small business
Career path
Upon completion of this course, you can:
- Confidently price the services and goods in your business
- Focus on other aspects of your business, knowing that you have the correct skills to set prices
- Assist other businesses with their pricing strategies
- Share the benefits of your knowledge in a consultancy
IOA Original
Expertise:
Our team of experts has worked diligently to create, write, and produce this course, ensuring it provides learners with a distinctive opportunity to access premium content on a wide range of diverse topics.
