Doing Your Detective Work
There are other ways to find out what the competition is charging besides asking them.
Q: I am planning to go into
a business that has competitors in my town. But they won't give
me their prices because they know I am a potential competitor. How
can I find out what to charge?
A: Depending on your industry, there may be a trade association or a Web site that collects and publishes pricing data. For example, if you're a computer consultant, visit www.realrates.com; if you do editing, desktop publishing or Web site design, www.brennerbooks.com has a database of prices for desktop professionals. Often, industry reports are national or state averages and may not be applicable to your clientele. But at least they will give you a ballpark idea.
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!