Pricing—something to think about

What am I going to do with my pricing?

Textile screen printing is a competitive market, particularly in the bigger centers. One view is, as Beth Buelow puts it in her book The Introvert Entrepreneur: “There is truth to the idea that if your prices aren’t low enough, people won’t buy.”

However, then she goes on to point out: “But that’s not the only truth. There’s also the possibility that:

  • If your prices are too low, people will devalue your product; can what you have to offer be good if it’s that cheap?
  • If you start low and train clients or customers to expect low prices it’ll be difficult to raise them later.
  • If you start higher, you can always offer discounts later.
  • You’re starting with low prices because you have doubts about your value. If you doubt it, others will as well.
  • You can find a mid-range of price points that stretch both you and your customer in a positive way.”

How much thought have you given to your pricing in your particular market? And are you pricing to reward yourself adequately for the effort you have to put into your shop and the risks you have to take?