Setting the wrong price
It is fair to say that the most important decision you will make as a business owner is how to price a product. The pricing model you select impacts almost every aspect of your business, including your customers.
So, do not make the mistake of basing your prices solely on what your competitors charge! When deciding how much to charge, it is critical to research the costs for each of your products thoroughly. Also, keep track of actual costs as you go to make any necessary adjustments.
