How do I set price levels?
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The price of a service or item is based on three basic production costs: direct materials, labor and overhead (the share of facilities, utilities, taxes, insurance, security and other general operating costs of the business attributable to the product or service – for example, if one product accounts for 10 percent of your business, 10 percent of your overhead is assigned to it). After these costs are determined (the break-even cost) you factor in the profit desired. Because pricing can be a complicated process and you must remain competitive as well as profitable, you may wish to seek help from an expert.