One of the most important details for any business: Determining the prices for your products and services. In this video – filmed during a recent event sponsored by The UPS Store® and Entrepreneur – Marcus Lemonis, host of CNBC’s The Profit, explains the difference between what he calls the “Cost Plus” and “Market Minus” strategies.
Ultimately, you want to “understand where the market sells or delivers that service and find yourself somewhere at or below that,” Lemonis says. Sometimes that’s easier said than done. For more, check out the video above.