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Entrepreneur Series | Lesson 2: Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition. Gaining new customers opens the floodgates for the generations of revenue to pay the bills of the business. However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself. If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product or ...

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Where Can I Get An Unsecured Line Of Credit?

In the past five or six years, many Americans may feel like getting a line of credit parallels to being at a David Copperfield magic show, at one time, you could easily get free offers in the mail to consolidate your debt or gain access to easy capital, but the days of capturing an unsecured line of credit have all but vanished into thin air from our banking system. It’s hard enough to acquire new capital if you are a small business owner as you practically have to give your left arm or right eye, and personally guarantee everything you own just to get your hands on some much needed funds. Even worse, if you are an individual with a small amount of personal debt from $5,000 to $25,000, going straight down to your local bank to get these funds can be just near impossible. However, for both investors and debtors alike, every time there is a serious problem it ...

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Tip For Takeout Food?

Here you are stuck with yet another money dilemma.   It’s Sunday night and you’ve decided as a family to do the takeout food from a local restaurant.   Everyone has a smile on their face and now it’s just a ride to the Chinese food joint, pick up your delicious dishes, and catch your favorite TV show. You arrive at the restaurant and give them your phone number so they can call up your order.   The hostess rings up your check, takes your credit/debit card, and then slides across the receipt for you to sign with the gnarled up Bic pen that has been sitting in a container of rice.    The hostess glances down as you fill out your signature and you are hit with that line which reads TIP (or ADDITIONAL TIP).    You don’t want to feel like you’ve done something improper, so what is the right thing to do when you are faced with the decision to leave a ...

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When Are Companies Going To Learn To Just Shoot Straight?

I’m excited that 2012 is here and consumers are starting to realize that they can win the money battle when they know something is just flat out wrong with a new offering from their provider.    Large companies need to begin to realize that the consumer today is evolving.   They don’t mind paying a fair price for a good product or service.  Sometimes they will even pay a premium if the value is created for them.   However, what they won’t put up with anymore are these made up fees that are broadly titled like they are doing something good for the consumer when in reality it is just another tack on fee to add to the bottom line.    All companies need to understand that the consumer can handle that prices will go up.   They just want to know what it is without any gimmicks or tricks in a straight forward way.   Instead, we keep getting these insulting fees added to bills ...

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Entrepreneur Series – Lesson 2 – Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition.   Gaining new customers opens the floodgates for the generation of revenue to pay the bills of the business.   However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself.   If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product ...

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Can Anyone Make Change For A $100?

What is going on with the math skills in America? With more and more young people using ATM cards, debit cards, and credit cards to make their purchases, I am beginning to wonder if anyone can make change of a $100 bill anymore. A few disclaimers about $100 bills in general before I tell you why I ask this important question. Number one, what’s the deal with people who work in $8.00 an hour jobs that actually check the $100 bill to see if it is counterfeit. The FBI can’t figure this out with all of their sophisticated technology, but Doris at the hot dog stand at the airport is going to figure the case out by holding the bill up in the light and swiping it with a highlighter pen?  Second, do convenience stores really not accept $100 bills or it is just that nobody there can make change for a $100 bill as well?  Just checking. So . ...

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