1. Undervaluing what you’re selling.
Whether you’re selling a product or service, set the price at what it needs to be to make a worthwhile profit.
Cynthia Salim, the founder and CEO of Citizen’s Mark, a line of ethically-sourced professional blazers for women, set the starting price for her product at $425 after considering the labor and material costs for her line. “The price is what it needs to be,” Salim says. Patel also points out that “as your business evolves continue to adjust your price points.”