How to Price Your Products as a New Business Owner
Setting the right price is vital for new business owners. Prices that are too high can scare away customers, while prices that are too low can lead to little profit and make your products seem less valuable. Getting your pricing right is crucial for your business's success.
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12/13/202516 min read
Pricing is one of the most critical yet challenging decisions new business owners face. Set prices too high, and you'll struggle to attract customers. Set them too low, and you'll work tirelessly without making a profit—or worse, signal that your products lack value. Getting pricing right can mean the difference between a thriving business and one that fails despite having great products.
What Is Product Pricing?
Product pricing is the process of determining how much customers will pay for your products or services. It's more than simple math—it's a strategic decision that reflects your value proposition, positions your brand in the market, communicates quality to customers, and ultimately determines your business's financial viability.
Effective pricing balances multiple competing factors: covering costs and generating profit, remaining competitive in your market, reflecting the value you deliver to customers, supporting your brand positioning, and achieving your business objectives. This complexity explains why pricing often feels overwhelming for new business owners.
Unlike established businesses with years of sales data and market knowledge, new business owners must make pricing decisions with limited information, unproven value propositions, and uncertain cost structures. This uncertainty makes pricing both more important and more difficult during the critical early stages of business development.
Why Pricing Matters So Much
Pricing impacts virtually every aspect of your business in ways that extend far beyond simple revenue calculations.
Directly Affects Profitability - Pricing is the most powerful profit lever at your disposal. Small pricing changes create disproportionate profit impacts. A 5% price increase, assuming no volume change, drops directly to the bottom line—often doubling or tripling profit margins for businesses operating on thin margins. No other business decision offers such immediate, powerful profit impact.
Shapes Customer Perception - Price sends powerful signals about quality, prestige, and value. Luxury brands charge premium prices partly because high prices signal exclusivity and quality. Budget brands use low prices to communicate value and accessibility. Your pricing positions you in customers' minds before they even try your product.
Determines Your Target Market - Pricing decisions define who your customers are. Premium pricing targets affluent customers willing to pay for quality or convenience. Economy pricing attracts price-sensitive buyers. Mid-tier pricing appeals to the mass market seeking a balance between quality and affordability. Your prices select your audience.
Influences Sales Volume - Price and volume have inverse relationships—lower prices typically drive higher volume, while higher prices reduce volume but increase per-unit profit. Finding the optimal balance point at which revenue and profit are maximized requires understanding your market's price sensitivity.
Affects Brand Positioning - Prices communicate where you fit in the competitive landscape. Are you the premium option, the budget alternative, or the middle-market choice? Once established, brand positioning is difficult and expensive to change, making initial pricing decisions particularly consequential.
Impacts Business Sustainability - Prices must generate sufficient profit to sustain operations, fund growth, and provide reasonable returns on investment. Pricing that doesn't achieve profitability creates businesses that work hard but fail financially—a standard trap for passionate entrepreneurs who undervalue their offerings.
Sets Expectations - Initial pricing establishes reference points for customers. Raising prices later often triggers resistance and complaints, even when justified. Starting too low creates future problems; starting appropriately positions you for sustainable growth.
Standard Pricing Approaches for New Businesses
Several established pricing methodologies help new business owners structure their pricing decisions.
Cost-Plus Pricing
Cost-plus pricing calculates total costs (materials, labor, overhead) and adds a markup percentage to achieve a target profit. If a product costs $20 to make and you want a 50% profit margin, you price it at $30.
Advantages:
Simple and straightforward to calculate
Ensures costs are covered, and profit is built in
Easy to explain and justify internally
Works well for manufacturing and traditional retail
Disadvantages:
Ignores what customers are willing to pay
Doesn't consider competitor pricing
May underprice high-value offerings
Can overprice in competitive markets
Encourages cost focus over value creation
Best For: Product-based businesses with clear cost structures, especially in less competitive markets where you have pricing power.
Competitive Pricing
Competitive pricing sets prices based on what competitors charge for similar products. You might price slightly below competitors to gain market share, match their prices to avoid price competition, or price slightly above to signal superior quality.
Advantages:
Reduces pricing risk by following market norms
Easy to research and implement
Helps avoid being priced out of the market
Provides clear reference points
Disadvantages:
Ignores your unique costs and value proposition
Assumes competitors price correctly (they often don't)
Leads to commodity competition and margin erosion
Doesn't differentiate your offering
May not support your cost structure
Best For: Businesses entering established markets with clear competitive sets and relatively standardized products.
Value-Based Pricing
Value-based pricing sets prices based on the perceived value delivered to customers rather than costs or competition. If your product saves customers $1,000 in time or expenses, you might price it at $300-500, capturing a portion of the value created.
Advantages:
Maximizes profit potential
Focuses on customer benefits rather than costs
Supports premium positioning
Encourages innovation and differentiation
Aligns price with actual value delivered
Disadvantages:
Difficult to quantify value, especially for new businesses
Requires deep customer understanding
May be challenging to communicate and justify
Takes time to research properly
Customers may not perceive the value you identify
Best For: Innovative products, services with clear ROI, B2B offerings, and situations where you deliver measurable customer value.
Penetration Pricing
Penetration pricing sets initial prices low to gain market share quickly, with plans to raise prices once established. Think of streaming services offering introductory rates or software companies with aggressive launch pricing.
Advantages:
Accelerates customer acquisition
Builds market share quickly
Creates word-of-mouth momentum
Discourages competitors from entering
Generates early feedback and testimonials
Disadvantages:
May not cover full costs initially
Attracts price-sensitive customers unlikely to stay when prices rise
Difficult to raise prices later
Can signal low quality
May leave money on the table if customers would pay more
Requires capital to sustain losses during the penetration phase
Best For: Businesses with strong financial backing entering crowded markets where rapid scale creates competitive advantages.
Premium Pricing
Premium pricing sets prices significantly above competitors to signal superior quality, exclusivity, or prestige. Luxury brands, artisanal products, and specialized services often use this approach.
Advantages:
Maximizes per-unit profit margins
Creates quality and exclusivity perceptions
Attracts less price-sensitive customers
Builds strong brand positioning
Provides resources for superior customer experiences
Disadvantages:
Limits market size
Requires delivering genuinely superior value
Demands exceptional marketing and branding
New businesses may struggle to justify premium prices
Heavy scrutiny and high expectations from customers
Best For: Products with clear differentiation, luxury positioning, artisanal or handcrafted goods, and businesses targeting affluent demographics.
Freemium Pricing
Freemium pricing offers basic products or services at no cost while charging for premium features, advanced capabilities, or enhanced experiences. Software, apps, and digital services commonly use this model.
Advantages:
Eliminates barriers to customer acquisition
Enables rapid user base growth
Users experience value before paying
Creates network effects
Generates data and feedback from free users
Disadvantages:
Must support potentially large non-paying user bases
Conversion rates from free to paid are often low (typically 2-5%)
Requires significant scale to achieve profitability
Challenging to balance free versus paid features
Free users may never convert regardless of value
Best For: Digital products and services, especially those with low marginal costs per user and strong network effects.
Psychological Pricing
Psychological pricing uses pricing tactics based on how customers perceive prices. The most common example is charm pricing—ending prices in .99 or .95 (e.g., $19.99 instead of $20) to create the perception of lower prices.
Other Psychological Pricing Tactics:
Prestige pricing: Using round numbers ($100) for luxury products
Price anchoring: Showing a higher "original" price to make current prices seem like deals
Bundle pricing: Offering packages that seem more valuable than individual items
Decoy pricing: Offering three tiers where the middle option is strategically the best value
Advantages:
Leverages cognitive biases to influence purchasing decisions
Can increase conversion rates without changing actual value
Simple to implement
Backed by substantial research
Disadvantages:
Effects may be overstated or culturally dependent
Can seem manipulative if too obvious
May conflict with premium brand positioning
Customers are increasingly aware of these tactics
Best For: Consumer products, retail, e-commerce, and situations where small perception shifts drive purchasing decisions.
Step-by-Step Guide to Pricing Your Products
A structured approach helps new business owners develop effective pricing strategies.
Step 1: Calculate Your Costs Thoroughly
Before pricing anything, know exactly what it costs to deliver your product or service. Many new business owners underestimate their actual costs, leading to pricing that feels profitable but actually loses money.
Direct Costs (Variable Costs):
Raw materials and components
Manufacturing or production costs
Packaging and labeling
Shipping and fulfillment
Transaction fees (credit card processing, platform fees)
Direct labor (time spent making/delivering the product)
Indirect Costs (Fixed Costs):
Rent and utilities
Equipment and tools
Insurance
Marketing and advertising
Website and technology subscriptions
Professional services (accounting, legal)
Salaries for administrative staff
Depreciation of assets
Your Time: Don't forget to value your own time. New business owners often "forget" to pay themselves, creating unsustainable businesses. Calculate a reasonable hourly rate for your work and include it in costs.
Formula: Total cost per unit = (Direct costs per unit) + (Fixed costs / expected number of units sold)
Be realistic about volume. If you expect to sell 100 units per month, allocate fixed costs to 100 units, not the 1,000 you hope to sell eventually.
Step 2: Research Your Market
Understanding your market context prevents pricing disconnected from reality.
Study Competitors: Identify direct competitors offering similar products. Document their prices, what's included, quality levels, and positioning. Don't just look at prices—understand the complete value proposition. A competitor charging $50 may offer features or services that justify the premium over someone charging $30.
Identify Your Differentiation: What makes your offering different or better? Superior quality, better customer service, unique features, more convenient, environmentally friendly, or faster delivery? These differentiators justify pricing that diverges from competitors.
Understand Customer Willingness to Pay: This is challenging without existing customers, but you can:
Survey potential customers about acceptable price ranges
Study successful crowdfunding campaigns in your category
Analyze reviews of competitor products, noting price-related comments
Run small test listings at different price points
Interview target customers about their purchasing criteria
Assess Market Segments: Customer segments vary in price sensitivity. Affluent professionals might pay premium prices for convenience that price-sensitive students won't. Identify which segments you're targeting—their willingness to pay should influence your pricing.
Step 3: Determine Your Positioning
Where do you want to sit in the market? This strategic decision shapes pricing more than costs do.
Budget/Economy Positioning:
Lowest prices in the market
Appeals to price-sensitive customers
Requires high volume for profitability
Emphasizes value and affordability
Minimal frills and extras
Mid-Market Positioning:
Competitive pricing aligned with market norms
Balances quality and affordability
Appeals to mainstream consumers
Offers good value without premium costs
Largest potential market
Premium/Luxury Positioning:
Highest prices in the market
Appeals to quality and status-conscious customers
Lower volume but higher margins
Emphasizes exclusivity, quality, craftsmanship
Requires exceptional delivery
Your positioning must align with your actual offering. You can't charge premium prices for mediocre products, nor deliver exceptional quality at rock-bottom prices. Authenticity matters—customers quickly identify misalignments between pricing and value.
Step 4: Calculate Your Profit Targets
Pricing must generate sufficient profit to make your business worthwhile and sustainable.
Determine Required Profit Margin: What profit margin do you need? Industry standards vary widely:
Retail clothing: 50-60% margins
Restaurants: 5-10% net margins (60-70% food cost margins)
Software: 80-90% margins
Manufacturing: 20-30% margins
Services: 40-50% margins
Research typical margins in your industry, but remember you're entitled to a fair profit for the risk, investment, and effort you've made.
Consider Business Goals: Are you trying to:
Generate immediate income?
Build a scalable business requiring reinvestment?
Create a lifestyle business supporting your desired income?
Maximize long-term enterprise value?
Different goals require different profit levels and pricing strategies.
Account for Growth Needs: Prices must generate enough profit to reinvest in inventory, marketing, product development, and hiring. Businesses that extract every dollar as owner income can't grow. Build growth capital into your pricing.
Step 5: Test and Validate
Don't commit to pricing without testing assumptions.
Start Small: If possible, test pricing with small volumes before full launch. Sell at craft fairs, local markets, or through limited online offerings to gauge customer response to your pricing.
Try Different Price Points: Test multiple prices if your platform allows. A/B testing on websites can reveal how price changes affect conversion rates. What you lose in per-unit profit at lower prices might be offset by higher volume, or vice versa.
Gather Feedback: Ask early customers whether they found prices fair, too high, or surprisingly low. "Too low" responses suggest you're leaving money on the table. "High but worth it" indicates successful value communication.
Monitor Key Metrics:
Conversion rate (what percentage of visitors buy?)
Average order value
Customer acquisition cost
Repeat purchase rate
Customer feedback and complaints
These metrics reveal whether pricing aligns with customer perceptions.
Step 6: Set Your Prices Strategically
With research and testing complete, establish your pricing structure.
Price Architecture: Will you offer:
Single prices (one price for everyone)
Tiered pricing (good, better, best options)
Volume discounts (lower per-unit prices for larger quantities)
Subscription pricing (recurring payments for ongoing access)
Dynamic pricing (prices vary based on demand, timing, or customer)
Consider Price Endings:
.99 or .95 endings suggest value and deals
.00 endings suggest quality and prestige
Odd numbers (.97, .87) can suggest steep discounts
Build in Flexibility: Avoid painting yourself into corners with rigid pricing. Consider:
Periodic promotions without devaluing regular prices
Loyalty programs reward repeat customers
Seasonal pricing variations
Early-bird or launch pricing
Communicate Value, Not Just Price: How you present prices matters. Instead of simply stating "$49," explain what that includes: "Complete starter kit with everything you need - $49." Help customers understand what they're getting for their money.
Step 7: Implement and Monitor
Launch your pricing and pay close attention to results.
Watch Sales Volume: Are you selling at expected rates? Higher volume than expected might indicate underpricing (you could increase prices). Lower volume suggests overpricing, poor value communication, or other issues.
Monitor Profitability: Are you achieving target profit margins? If not, why? Higher costs than expected? Discounting too frequently? Lower volumes spreading fixed costs over fewer units?
Track Customer Feedback: What do customers say about pricing? Comments like "worth every penny" or "investment paid for itself" validate pricing—complaints about "overpriced" or "not worth the money" signal problems.
Analyze Competitive Responses: How do competitors react to your pricing? If they immediately match or undercut you, prepare for price competition. If they ignore you, you might be too small to matter or priced appropriately for a different segment.
Be Willing to Adjust: Pricing isn't set in stone. Many successful businesses adjust prices multiple times during the early stages as they learn about costs, customers, and markets. Adjust based on data, not panic.
Standard Pricing Mistakes New Business Owners Make
Learning from common mistakes helps you avoid them.
Underpricing to Compete
Many new business owners set prices too low, believing they must undercut competitors to win customers. This strategy rarely works long-term. You attract price-sensitive customers who'll leave for anyone cheaper, you don't generate sustainable profit, and you signal low quality or desperation.
Reality: Customers often don't buy from the cheapest option—they buy from businesses they trust that offer appropriate value. A modest premium over the most affordable competitor usually increases perceived quality without significantly reducing sales.
Forgetting to Include All Costs
New business owners frequently overlook costs, including their own time, marketing expenses, payment processing fees, packaging and shipping materials, and platform commissions. Pricing based on incomplete cost calculations guarantees losses.
Reality: Document every expense, even small ones. They add up quickly. Include a buffer for unexpected costs—they're inevitable.
Pricing Based Only on Costs
Cost-plus pricing seems safe but ignores market realities. Your costs don't determine what customers will pay—value does. If competitors deliver similar value more efficiently and at a lower price, your higher costs are your problem, not a justification for higher prices.
Reality: Costs set your minimum viable price (below which you lose money), but market value sets your maximum achievable price. Successful pricing operates between these boundaries.
Failing to Communicate Value
Setting appropriate prices without explaining value leaves customers confused or resistant. If you charge $100 for something competitors charge $50 for, customers need to understand why your offering justifies the premium.
Reality: Invest as much energy in value communication as in pricing calculation. Help customers understand why your offering is worth the price through product descriptions, benefit explanations, testimonials, and demonstrations.
Being Afraid to Raise Prices
New business owners often fear that raising prices will drive away customers. This fear leads to years of underpricing, making it impossible to grow profitably.
Reality: Well-communicated price increases usually retain 80-90% of customers, especially if you've delivered value consistently. The profit gained from higher prices per remaining customer often exceeds the profit lost from departed customers. Customers who leave over modest increases probably weren't loyal anyway.
Competing on Price Alone
Trying to be the cheapest is a race to the bottom that only the most efficient, largest-scale operators can win. For small, new businesses, price competition is typically a losing strategy.
Reality: Compete on value: quality, service, uniqueness, convenience, experience, or community. Build a business that customers choose for reasons beyond price, and profitability becomes sustainable.
Inconsistent Pricing
Frequent sales, constantly changing prices, or arbitrary discounting train customers to wait for deals rather than buying at regular prices. It also confuses customers about your actual value.
Reality: Establish transparent, consistent pricing. If you use promotions, make them strategic and limited rather than perpetual. Customers should perceive your regular prices as fair, with occasional bonuses, not inflated prices they should never pay.
Ignoring Psychological Pricing Principles
Small pricing presentation details significantly impact customer perception and conversion rates. Ignoring these principles leaves money on the table.
Reality: Use charm pricing (.99, .95) for value-oriented products, round numbers for prestige products, strategic price anchoring, and clear tiered structures. These tactics are simple but effective.
Advanced Pricing Strategies
As your business matures, consider more sophisticated pricing approaches.
Price Anchoring
Present a higher-priced option first to make other prices seem more reasonable. A $500 "premium" package makes a $200 "standard" package seem affordable by comparison, even if you primarily sell the standard package.
Decoy Pricing
Offer three tiers strategically designed to guide customers to the middle option:
Basic: $10 (minimal features)
Standard: $20 (great features, best value)
Premium: $30 (marginally better than standard)
The premium option exists essentially to make the standard option appear to be the wise choice.
Bundle Pricing
Sell multiple products together at lower prices than buying them separately. Bundling increases average order value, moves slower inventory, and creates value perception. A $50 bundle of items that cost $70 separately feels like a deal even if your profit margins are similar.
Dynamic Pricing
Adjust prices based on demand, inventory levels, customer segments, or timing. Airlines and hotels have perfected this—you might use simpler versions, such as time-limited promotions or inventory-clearing sales.
Loss Leader Pricing
Price certain products at or below cost to attract customers and profit from additional purchases. Grocery stores use this constantly—discounted milk brings customers who buy many other items. New businesses should use this carefully, as losses without subsequent profits are just losses.
Price Discrimination
Charge different customers different prices based on their willingness to pay: student discounts, senior discounts, geographic pricing, or negotiated B2B contracts. This maximizes revenue by capturing more of each customer segment's maximum willingness to pay.
Subscription Pricing
Convert one-time purchases into recurring revenue through subscriptions. Customers pay monthly or annually for continuous access, product replenishment, or ongoing services. Subscriptions improve cash flow predictability and customer lifetime value.
Pricing for Different Business Types
Different business models require different pricing considerations.
Product-Based Businesses
Calculate costs carefully, including materials, production, packaging, shipping, and storage. Research competitor pricing extensively. Consider cost-plus pricing with market validation. Use psychological pricing tactics. Build in sufficient margins for wholesale if you'll sell through retailers (typically a 50% wholesale discount off the retail price).
Service-Based Businesses
Value your time appropriately—many service providers undercharge for expertise. Consider value-based pricing focused on outcomes delivered. Package services into clear tiers rather than relying solely on hourly rates. Build in profit beyond your labor (successful service businesses generate profit, not just pay your hourly wage).
Digital Products
With minimal marginal costs, pricing can focus almost entirely on value rather than costs. Consider freemium models, tiered pricing, or one-time purchases with optional upgrades. Test prices extensively—digital products allow easy A/B testing.
Subscription Businesses
Price for long-term retention, not just acquisition. Monthly pricing should deliver clear ongoing value. Annual pricing typically offers 15-25% discounts to encourage commitment—balance the generosity of free trials against conversion likelihood.
B2B Businesses
Prices are often negotiable and based on contract size, relationship length, and customization level. Focus on ROI and value delivered. Be prepared to justify pricing with data. Build in room for negotiation without starting so high that you price yourself out.
The Psychology of Pricing
Understanding how customers perceive prices improves pricing decisions.
Reference Prices
Customers evaluate prices against reference points: similar products, previous prices they've paid, or their expectations. These references matter more than absolute prices. A $100 product may seem expensive compared to $50 competitors, but it is affordable if similar products cost $200.
Price-Quality Heuristic
Many customers use price as a proxy for quality, primarily when they can't assess quality directly. Higher prices signal higher quality—sometimes accurately, sometimes not. This is why deeply discounting can backfire, signaling low quality.
The Pain of Paying
Customers experience psychological pain when making payments, particularly for upfront fees. This explains the appeal of installment plans, subscriptions, and "free shipping" (even when costs are built into product prices). Reducing payment pain increases willingness to buy.
Fairness Perceptions
Customers care deeply about fairness. Offering identical products at different prices to different customers (without clear justification, such as student status) feels unfair and creates resentment. Transparent, consistent pricing builds trust.
Prestige and Status
For some products, high prices add value by signaling exclusivity and status. Luxury goods wouldn't be luxury goods at budget prices. The high price itself delivers value by communicating prestige.
When and How to Raise Prices
Eventually, most businesses need to raise prices.
Good Reasons to Raise Prices:
Costs have increased significantly
Your value delivery has improved
You're underpriced relative to competitors
Current prices don't support sustainable profitability
You want to shift to higher-value customer segments
How to Raise Prices Successfully:
Communicate changes in advance (30-60 days for existing customers)
Explain the reasoning honestly
Emphasize improved value or rising costs, not arbitrary decisions
Grandfather loyal customers at old prices temporarily as a goodwill gesture
Introduce new features or improvements alongside price increases
Make increases moderate (10-20%) rather than dramatic
Maintain confidence—apologetic price increase communications undermine themselves
Reality: Most businesses lose fewer customers from price increases than feared. Customers who value your offerings accept reasonable increases. Those who leave over small increases often weren't profitable relationships anyway.
The Reality of Pricing
There's no perfect pricing formula that works for every business. Pricing requires balancing art and science, combining rigorous cost analysis with market intuition, customer psychology, and competitive strategy.
New business owners should expect pricing to feel uncomfortable initially. You'll second-guess yourself, worry you're too high or too low, and compare yourself constantly to competitors. This discomfort is normal—everyone experiences it.
The key is to start with informed pricing based on costs, market research, and positioning strategy, then gather data relentlessly and adjust based on results, not fear. Pricing should evolve as you learn about your customers, refine operations, and develop your competitive position.
Remember that premium pricing requires premium delivery. You can't charge luxury prices for mediocre quality. But you also shouldn't charge budget prices for exceptional offerings—that's leaving money on the table and undervaluing your work.
Successful pricing comes from a deep understanding of the value you create, the customers you serve, and your position in your market. Invest time in getting pricing right—it's too important to guess or copy competitors' pricing arbitrarily.
Your prices tell a story about your business. Make sure it's the story you want to tell.
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