Subscribe to Entrepreneur for $5
Subscribe

Priced for Profit

5 steps to help you set the right price for your product or service

By
This story appears in the May 2002 issue of Teen Startups.

At the recent YoungBiz Summit on Financial Literacy, Mark Victor Hansen, co-creator of the Chicken Soup for the Soul series, asked a crowd of young entrepreneurs to give their No. 1 reason for being in business. To be independent? To help their communities? How about to make a profit?

While there are lots of great reasons to be in business, Hansen emphasizes that if you want to stay in business, making a profit has got to be No. 1. That's all fine and well, you say. But how do you set prices so that your business makes a good profit?

Memorial Day Subscription Sale- Unlock this subscriber exclusive article and more for 20% off today.

Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.

Get a year subscription today for 20% off. Just use code SAVE20 at checkout.

Entrepreneur Editors' Picks