Business Mindset

a blog featured image entitled Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the day – is still a business. You need to make money out of it. Otherwise, it’ll be hard to stay afloat. So before even investing a good amount of money on marketing and branding activities, you first need to focus on pricing your services right. Are There Laws About Service Pricing? Yes, there are. There are regulatory laws that aim to standardise the price of goods in the market. And, believe it or not, it’s a much graver offence to “under-price” than to overprice. The term used is Predatory Pricing. It refers to selling goods at a loss to disrupt the status quo in the market, leading other businesses to ruin. The Competition and Markets Authority or CMA largely regulates market competition in the United Kingdom. They protect consumers and businesses from possibly fraudulent and unfair market practices by conducting market investigations to reduce or prevent any breach in anti-competitive laws. Then again, this often pertains to tangible goods. So, how about services? Service-based businesses, on the other hand, have a bit more leeway when it comes to pricing. Online companies, especially, have a lot of grey areas because many B2B industries are relatively new and therefore, there isn’t much historical market data to go around to be used as a reference for pricing purposes. Some service ideas are so new that there are only a handful of competitors in the market. If you belong to this kind of industry, one that’s really new it’s confusing, there are still some ways to determine the right price for your services. By right, I mean a price that’s fair to both you and the customer – a price which you can profit from. With that said, we can essentially break down the “pricing process” to four steps: Determine Who Your Customers Are Study The Competition Self-Evaluate The Value Your Services Bring To Consumers Listen To Feedback A Penny For Your Thoughts With all that said, you have to think about how you can make your business “profit-first.” Actually, there’s a really great book written around it that you can check out. If you’re too preoccupied with more pressing matters that it’s hard to find the time to read, just let me know. I’m a Profit-First Certified Chartered Accountant and I’d be happy to give you some advice when it comes to pricing your product.

How To Price Your Services To Make A Profit? : Service Pricing

Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause, and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the …

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Startup Marketing Guide: Some Important Things To Have For Your Business!

Do you want to start an online marketing business but don’t know where to start? Are you having trouble managing it? Well, you have come to the right place as I am about to show you some things that would greatly help you grow your business, as well as help you manage it!   In …

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When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

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Should I Register For Vat?

For substantial business decisions, most entrepreneurs have to rethink the idea a thousand times before coming to a choice. The same goes for the resolution of registering your establishment for value-added tax. As your sales start to grow, it is ideal to begin contemplating if VAT registration will benefit your business. In the last 12 …

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What is a Long-term Liability?

A long-term liability is a company’s financial obligation that is not due within the next 12 months or the current operating cycle (if it is more than 12 months). It is also known as long-term debts or noncurrent liabilities. Businesses need to generate funds as capital to cover their various activities, expenses, and investments. Loans …

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What Is A Current Asset?

The Wealth Lab is back again! Every businessperson or entrepreneur started his or her enterprise with certain foundations in place. Nobody ever created a business from scratch. Everyone started with something such as capital (loan or savings), creative idea, skillset, and motivation, no matter how small. These things are what we call business assets. Generally, …

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What Is An Intangible Asset?

Assets may vary with convertibility, physical manifestation, and duration, but all of them are equally essential to an enterprise’s success. They play a vital role in the everyday operation and existence of both a start-up and an industry giant in the world of business. Whatever asset your business harbours, hold on to that and try …

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10 Steps in Becoming an Influential Leader

Over the years, management has changed from ultra-authoritative to a more collaborative style, emphasizing influence. However, nobody becomes an influential leader overnight. To carve influence, you have to put in a substantive amount of time spent learning, re-learning, and even unlearning leadership practices.   The Oxford dictionary defines influence as “the capacity to have an …

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How Are Share Dividends Paid?

Aside from the net and gross profit, investors of large companies look for another calculated metric before putting their money into a company—the dividend yield. The dividend yield lets investors know how much they will receive per year concerning their original investment. A higher yield shows how financially competitive a company is relative to its …

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10 Tips for Establishing a Successful Online Business

There’s no better time than now to start an online business. As we know it, life has now adapted to this new normal of social distancing and staying indoors. With the Coronavirus crisis affecting the whole world, human behaviour has drastically changed towards an online presence instead of a physical one. E-commerce websites are fast …

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