Business Basics

Price Your Products

Folks start a business for many reasons….income….create something new/better….or a different lifestyle.

The dilemma for some of these folks….is that they have a minimal understanding of business basis.

We live a short ways from two successful shopping areas….succesful in the fact that there are few storefront vacancies. In one of the centers….with nice specialty stores…a new bakery opened within the past few months….not large….but a good addition to this center. Upon entering recently….looking for a late morning treat….and after examining the items….there were no prices. One had to ask!…this was not an ultra high-end bakery or store….where if you had to ask you couldn’t afford it.

The owner was in back and came up to the counter….I asked the price….and for this particular item  was twice the price as elsewhere.

Here’s the lesson: Before stating any business, particularly retail….learn how to merchandise….and even more so how to market. In this case with a new bakery….samples….better prices….invite the customer to buy. With this owner….no further comment….turn around and go to back….after being interrupted by the customer.

Note: It’s not only small folks that don’t mark prices….large retailers do the same.

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